A recent report in Mortgage
News Daily has found builders who had experience with building green
homes were likely to have been better equipped to deal with the recession.
This is based on a new study on green home building and
energy efficiency which found builders with this type of experience were more
likely to have remained in business compared to builders without this type of
knowledge.
Last year the number of green homes constructed in the
residential market accounted for 23%, and between now and 2016 this market
share is anticipated to grow to between 26% and 33%. These figures mean the
value of the green home construction business will have doubled over just three
years, expanding from $36 billion in 2013 to reach between $83 billion and $105
billion in 2016. These figures are based on the McGraw Hill
Construction forecast for residential construction as the
publisher recently released the Green Home Builders and Remodelers Study.
McGraw Hill Construction has found green construction is
growing as the economy continues to improve, as communities begin to
incorporate green principles into local building codes and regulations. Green
products are increasingly becoming more affordable and more available. In
addition the market is being pushed forward by rising energy costs and educated
consumers who are actively looking for a home with green features.
According to the study more than half of builders and
remodelers found it easier to market green homes, compared with just 40% in
2008 and 46% in 2012. Some 68% of builders have found customers are willing to
pay more for green construction, with nearly a quarter reporting customers will
pay in excess of 5% for these features. It’s the same story for remodelers, as
the 55% of their customers will pay more than 5% for homes with energy saving
advantages.
Last year 16% of builders were dedicated to green
construction, and more than 90% of their projects were green. Another 20% of
builders were motivated to include green features with between 61% and 90% of
their projects being green. By next year this figure is expected to have
increased with 20% of builders exclusively working on green buildings, while
nearly a quarter will be working on projects that are between 61% and 90%
green. Green meriting remodeling is also expected to continue growing. At the
moment 16% of remodelers report that more
