Green Home Market Expected to Grow
The latest trend in the residential building market is going “green.” Last week McGraw-Hill Construction revealed that 17% of residential single-family home building in 2011 was due to eco-friendly homes and upgrades, up from just 2% in 2005. Rates on the West Coast, North Midwest, and New England have experienced even stronger growth in the green home market.
McGraw-Hill Construction is projecting that this number is anticipated to continue to rise in the next five years with over 30% of “green” home building being forecasted for 2016. That translates to a large fiscal commitment and opportunity in an otherwise sagging construction business.
Beyond 2016, one third of builders believe over 90% of their projects will be “green.” Home buyers are seeking earth-friendly features in homes for sale, so home sellers and remodelers should take note of these statistics. The green home market is important.
Renovation work has also experienced an increase in “green” remodeling. Builders report that “green” home remodels are expected to rise in the next five years, according to the recent McGraw-Hill study done in conjunction with Waste Management and the National Association of Home Builders.
The benefits of a green home to buyers and sellers are obvious. Home sellers with “green” features are able to market these features to a prospective buyer. Increased consumer awareness has home buyers asking about “green” features in a home. Home buyers and home owners also realize that these “green” features also have a financial benefit, costing less money to operate a home’s utilities. Reduced waste can be another benefit of “green” construction. Environmental consciousness and awareness has made “green” building an important topic in today’s lifestyle discussions.
To get more information on the results of the Green Home Builders and Remodelers Study, go here: 2011/2012 Green Home Builders and Remodelers Survey Results Fact Sheet.
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(all data current as of 3/24/2017)
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