The green home market is headed towards a five-fold increase by 2016, reports a new study from McGraw-Hill Construction. Green homes accounted for 17 percent of the residential construction market in 2011, valued at $17 billion. By 2016, green homes are expected to comprise between 29 and 38 percent of the market – a value of $87 – $114 billion.
Even bigger increases are expected in the green home remodelling sector, as 34 percent of those in the field anticipate doing mostly green work in 2016, an increase of 150 percent.
The latest numbers reveal that that the green housing market will see continued increases despite the waning US economy, which has recently put a damper on new home construction across the country. Declining home construction has even led many home builders to incorporate house remodelling in their businesses. 60 percent of home builders that also do remodelling reported that the current economy has increased their renovation work.
Why is the green building sector doing so well?
Well, for starters, home owners are increasingly embracing environmental values. They want to reduce their carbon footprints and divert less waste to landfills. Purchasing a green home or embarking on green retrofits allows them to reduce their environmental impacts.
But in addition, many home owners are realizing that green homes have benefits far beyond their environmental sustainability. As energy prices continue to increase, green homes provide an effective way to reduce energy bills due to their higher building performance.
Finally, the cost associated with green homes has dropped substantially, thus making them more attractive to the average homeowner.
If you are a homeowner, could you see a time when you might consider a green retrofit of your own home?
Image CC licensed by Jeremy Levine