Industry News

‘Green building’ market to triple in next 5 years

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The environmentally conscientious "green building" market is expected to reach $10 billion to $20 billion over the next five years, according to a report released today by McGraw-Hill Construction. Green building comprised approximately 2 percent of nonresidential construction starts in 2004, valued at $3.3 billion, the report found. By 2010, the green building market is expected to be 5-10 percent of nonresidential construction starts (excluding nonbuilding construction), amounting to $10 billion to $20 billion. More than 70 percent of a representative sample of architects, engineers, contractors and building owners anticipate sales growth from green building, the report also found. And 60 percent of architects, engineers and contractors are specifying and installing green-building products in their construction projects. Operating costs of green buildings are expected to be between 8 percent and 9 percent lower than other buildings, and green buildings are expected to have inc...