Here's some shocking news in a down real estate economy: the green home building market could triple by 2012, or in just three and a half years.
The study that revealed that this part of the market is moving beyond anything expected was released at the National Association of Home Builders (NAHB) Green Building Conference. It was conducted by McGraw-Hill Construction and focused on changes in green building activity between 2001 and 2007.
The green building market is definitely on the rise. For example, it is estimated to comprise between $12 and $20 billion of the entire new construction market, or six to ten percent. By 2012, this amount will double or triple to 12-20 percent, or $40-$70 billion. One surprise the survey showed was that when it comes to building green, quality is now as important as pricing. The choice of green construction is not simply about affordability, it's about the ways it will impact a home buyers quality of life. In other words, going green is quickly becoming a "lifestyle" choice as well as a commitment to sustainability.
Where does this leave us in these recessionary times? As the famous bank robber Willie Sutton once said when asked why he robbed so many banks: "Because that's where the money is."
In other words, if you're a builder and plan to stay one, it’s probably time to start following the green or get left far behind.
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