Green Building Market Projects To Triple by 2013

Boston, MA, Nov. 18, 2008--The U.S. green building market could triple to $96-$140 billion by 2013, according to a report by McGraw-Hill Construction.

The value of green building construction starts was up five-fold from 2005 to 2008 (from $10 billion to $36-$49 billion), and is accelerating, the report said.

McGraw-Hill Construction's Green Outlook 2009 estimates the value of the U.S. green building market over the next five years based on data found in the McGraw-Hill Construction Network.

"Green growth is phenomenal across the globe," said Harvey M. Bernstein, vice president of industry analytics for 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."

Green building is the bright spot in an otherwise tough economy. U.S. Green Building Council members report green building to be less affected by the down market compared to non-green building, and homebuyers are willing to pay more for a green home.

Perceived economic benefits are driving green building, including higher revenues, lower lifecycle costs, and lower operating costs, but builders and buyers are also motivated by health benefits, new government regulation, and pressure from global competition.

"Green building creates green jobs that save energy and money," commented Rick Fedrizzi, CEO and founding chairman of the U.S. Green Building Council.

McGraw-Hill Construction attributes green building's rapid expansion to growing public awareness, an increase in government regulations, and recognition of bottom-line advantages.