Green homes made up 17% of the U.S. residential construction market, equating to $17 billion, according to a new report from McGraw-Hill Construction.
In its report, entitled ‘New and Remodeled Green Homes: Transforming the Residential Market,’ McGraw-Hill Construction forecasts the green housing market share to rise 29% to 38% by 2016. The report determines that two of the key factors driving this market growth are the fact that green homes are seen as having higher quality and that they save consumers money.
The report – which was produced by McGraw-Hill Construction in conjunction with the National Association of Home Builders and Waste Management – found that approximately two-thirds of builders and remodeler respondents said customers requested green homes or remodeling projects in order to lower their energy use or save money, more than twice any other factor.
‘In the current residential market, there is an enormous need to differentiate your homes for consumers,’ says Harvey Bernstein, vice president of industry insights and alliances at McGraw-Hill Construction. ‘When builders are able to offer homes that not only are green, but also offer the combination of higher quality and better value, they have a major competitive edge over those building traditional homes.’