Green Building Could Triple by 2013
The #1 question for many is: Will green building continue to see explosive growth over the next several years – recession or not? In New York City, by at least one key metric, leading developers and builders are moving ahead full throttle on plans to obtain green certification for both commercial and residential projects.
“I would say green building as a general matter is recession-proof,” said Russell Unger, president of the U.S. Green Building Council of New York.
While Mr. Unger’s optimism is clearly subject to a healthy debate, many of the recent studies do suggest robust growth for the green sector over the next 4 to 5 years. Most notably, McGraw-Hill Construction published a “2009 Green Outlook Report” on November 19th - suggesting that the green building market should continue to see explosive growth. According to the findings of the report, the value of green building construction starts was up five fold from 2005 to 2008, with values increasing from $10 billion to $36-$49 billion. Looking ahead, the report estimates that construction starts could triple over the next five years and reach $96-$140 billion. McGraw-Hill attributes green building’s rapid expansion to: 1) growing public awareness, 2) an increase in government regulations, and 3) recognition of bottom-line advantages.
“Green growth is phenomenal across the globe,” said Harvey M. Bernstein, Vice President of Industry Analytics, Alliances and Strategic Initiatives, McGraw-Hill Construction. “The business opportunities afforded by green building, even in the midst of a global economic crisis, are real and recognized by industry players. Furthermore, green building has great potential to help tackle unemployment through green jobs, and can address other societal issues, such as creating healthier places where we live and work.”
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