Homeowners will give green to get green, according to a new report from the McGraw Hill Construction on green residential construction that shows an increase in the amount of money single and multifamily builders say consumers will pay for a green home.
Homeowners will give green to get green, according to a new report from the McGraw Hill Construction on green residential construction that shows an increase in the amount of money single and multifamily builders say consumers will pay for a green home.
The Dodge Construction Market Forecast says nearly three-quarters of residential builders say consumers will pay more for green homes, a rise of almost 15 percent since the report was last published in 2011.
And analysts expect the market to continue to recognize the value of green building in the future.
"Greater consumer interest in green homes has contributed to the ongoing growth, leading us to anticipate that by 2016, the green single family housing market alone will represent approximately 26 percent to 33 percent of the market, translating to an $80 billion to $101 billion opportunity based on current forecasts," said Harvey Bernstein, vice president, Industry Insights and Alliances for McGraw Hill Construction, in a statement.
The report found that 62 percent of single-family home firms build a green project 15 percent of the time, and predicts 84 percent of firms to conduct this level of green activity by 2018.
The most striking shift, the report says, is the number of firms dedicated to doing more than 90 percent of their projects green-19 percent, which is expected to double in 2018.
"This new study demonstrates phenomenal growth in green building, with more builders engaging in sustainable building practices than ever before," said Kevin Kelly, National Association of Home Builders chairman.