The future of green building looks bright
With all the negative news lately about the housing industry, it’s easy to forget that certain sectors of the home-building business are actually strong. And no part of the business now is as strong as is green building.
Green building — or environmentally friendly construction — requires builders to install energy efficient appliances and windows, use local construction materials whenever possible, rely on low-VOC paints, use natural bamboo flooring and use a host of other natural, low-impact materials to build their homes and condos.
A growing number of consumers are requesting that their homes be built in as environmentally friendly a way as possible. That, in turn, is inspiring contractors to pursue green-building methods. Sure, they’re not doing it only to be nice guys. They want a piece of all that business from environmentally minded clients. But the end result is the same: We’re seeing a growing number of homes being built every year using green building methods.
A new study by McGraw Hill reports that the value of green building construction could jump by an amazing 300 percent — hitting as much as $140 billion — by 2013. That’s quite a big jump for a relatively short period of time. The McGraw Hill report Green Outlook 2009 says that the value of green building construction has jumped by a factor of five from 2005 to 2008, increasing from $10 billion to an estimated range of $36 billion to $49 billion.
This is important information for anyone planning to build a new home. This economy, and, of course, this struggling housing market, isn’t exactly conducive to biulding a new residence. But if you are planning a new home, you would be wise to include as many enviromentally friendly features in it as possible. You’ll enjoy them, and, in the long run, energy efficient appliances and windows eventually pay for themselves in lower utility bills. But, even more important, they will make your home more desirable to potential buyers when it’s time to sell.
This down market will only last so long. It’s inevitable that the housing market will rebound from its current slump eventually, perhaps in early 2010. But even then, it’s doubtful that we’ll return to the days when every house on the market seemed to attract multiple offers. Those days are gone. In the new housing market, every advantage counts. And a green-built home is a definite advantage, one that will appeal to an ever-growing number of potential buyers.
