 Nov. 24, 2008 - The return on investment for green constructions has jumped 50% in three years as building values rise and operating costs tumble, according to a new survey of the commercial building sector.
"McGraw Hill Constructions’ SmartMarket Report" finds operating costs 60% lower than in 2005 and the perceived value of green building among architects, engineering firms, contractors, and owners up 45% over the last three years. Seventy-seven percent of respondents expect revenues to grow as a result of green building.
"Clearly, companies have been seeing green buildings pay off. In every area of business performance, the entire industry - including owners - is reporting benefits. This speaks to green buildings being equated with good business as well as responsible social practices," says Harvey M. Bernstein, vice president of Industry Analytics, Alliances and Strategic Initiatives at McGraw-Hill Construction. "The market has exploded. It is exciting to watch the green building transformation and the ways it has surpassed expectations in just three years."
Here are some other key findings of the report:
- The largest share of green building work in 2013 will be from the education sector.
- Nearly two-thirds of the industry report that publicity is a major reason for going green.
- Green building products are becoming more common in use, and new products are also emerging to serve this growing market.
- There are still significant branding opportunities for industry-specific products. Mechanical products still have the strongest brand recognition among green products, followed by green plumbing, and building automation systems.
A separate McGraw-Hill Construction report released last week, predicts that the green building industry could triple to as much as $140 billion by 2013.
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