Remodeling and construction of single-family homes to make them more green continues to grow as more attention is placed on the benefits of going green for energy efficiency savings and better indoor quality, a new study shows.
In the construction market, the green home market share has grown to 17 percent in 2011. That percentage is expected to rise to 29 percent to 38 percent by 2016, according to a new report by McGraw-Hill Construction, “SmartMarket Report: New and Remodeled Green Homes: Transforming the Residential Market.”
According to the report, the two key forces driving the green growth: Green homes are often viewed as higher quality and can potentially save consumers money on utility costs.
"In the current residential market, there is an enormous need to differentiate your homes for consumers," says Harvey Bernstein, vice president of Industry Insights and Alliances at McGraw-Hill Construction. "When builders are able to offer homes that not only are green but also offer the combination of higher quality and better value, they have a major competitive edge over those building traditional homes."
In the past, builders have cited higher upfront costs as a roadblock to building green. However, the survey found that a much lower percentage of builders view that as an obstacle now than in 2008.
The report was produced by McGraw-Hill Construction, in conjunction with the National Association of Home Builders and Waste Management.