Green Building construction starts were up 50% from 2008 to 2010 and represents 25% of all new construction activity in 2010 according to the McGraw-Hill Construction report, Green Outlook 2011: Green Trends Driving Growth.
Green building is the bright spot in today’s tough economy, with a third of all new nonresidential construction being green, a $54 billion market. In the next five years nonresidential green building activity is expected to triple, to about $120 to $145 billion in new construction. Health care, education and office green construction are the strong sectors, due in part to the fact that bigger projects are more likely to go green. 71% of all projects valued over $50 million this year have mentioned the U.S. Green Building Council’sLEED specifications.
The 32 page “Green Outlook 2011” report provides insights into key trends in the green building scene. Building owners have noticed many business benefits in green building such as:-
- Reduction in operating costs of 13.6% on average for new buildings and 8.5% for retrofits;
- Increase in building values of 10.9% for new buildings and 6.8% for retrofits; and
- Increase in return on investment (ROI) of 9.9% for new buildings and 19.2% for retrofits.
The 2011 Construction Outlook, another McGraw-Hill Construction report, is predicting an overall increase in U.S. construction starts for 2011 of 8% to $445.5 billion and this follows a predicted 2% decline for 2010. Details forecasts for the residential and commercial building sectors are:
- Single family housing in 2011 will climb 27% in dollars, corresponding to a 25% increase in the number of units to 565,000 (McGraw-Hill Construction basis).
- Multifamily housing will rise 24% in dollars and 23% in units, continuing to move gradually upward.
- Commercial buildings will increase 16%, following a three-year decline, which dropped contracting 62% in dollar terms. The levels of activity expected for stores, warehouses, offices and hotels in 2011 will still be quite weak by historical standards
Model Building Code 30% More Energy Efficient
Members of the International Code Council (ICC) approved changes in October 2010 to the International Energy Conservation Code (IECC) and will be available for jurisdictions to adopt in April 2011, when the 2012 IECC is published. With these changes the predicted energy efficiency of homes and commercial buildings should be by 30 percent over the ASHRAE Standard 90.1-2004. To see more of this article please click here.
David Popoff is a license Realtor in Connecticut with William Raveis office in Darien. David is an acreddited LEED Green Associate (LEED GA) by the United States Green Build Council (USGBC) and a Certified Green Professional (CGP) of National Association of Home Builders (NAHB) .
- Member of the Connecticut Association of Realtor’s, CAR.
- Member of the National Association of Realtor’s, NAR.
- Member of the Connecticut chapter (CTGBC).
- Associate member of the HBRA-Fairfield County, Ct. .
- Contact David Popoff for all your real estate needs in Darien, New Canaan, Rowayton and other parts of Connecticut.
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~ David A. Popoff ~ Licensed Connecticut Realtor ~ LEED GA accredited ~ Cell (203) 228-0646 ~