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 increased values of 7.5 percent, according to the report.
“Green building is a tremendous growth area in design, construction, and building products and McGraw-Hill Construction is dedicated to take an active role in fostering its development in terms of editorial coverage, information services and working closely with key industry groups,” said Norbert W. Young, president of McGraw-Hill Construction.
The report was released at the U.S. Green Building Council Greenbuild conference in Atlanta, and offers recommendations and suggestions about business opportunity areas.
The report is part of McGraw-Hill Construction’s effort to take a leadership position in the green-building movement. Other company initiatives include the launch of a new online green construction resource center, “GreenSource,” at http://www.greensource.construction.com/; the integration of USGBC’s Leadership in Energy and Environmental Design registered projects into project data; and custom green building research through the company’s architect panel and research group.
The company also plans to launch a new publication focused on green building design and construction in 2006, among other initiatives.
McGraw-Hill Construction, part of The McGraw-Hill Cos., offers product information, industry news, trends and resources to the design and construction industry.
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