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Green Building Is "Good"
According to FMI’s 2008 U.S. Construction Overview, construction industry
stakeholders are increasingly recognizing green building capabilities as “good” -
and being a necessary part of a firm’s best practices. Green building is
no longer a niche sector, and three major trends are pushing green building to
the forefront of the construction industry.
FMI’s 2008 U.S. Construction Overview, published annually since 1977,
offers a comprehensive report on vital construction trends. It also forecasts
the growth
or decline in each market segment and geographic region, noting both short-term
and long-term considerations.
According to the Overview, green nonresidential construction put in place
was $13.4 billion in 2006, and by 2008 $21.2 billion of all new nonresidential
construction will employ the use of green building principles. The growth in
green construction
has created a shift in perception among owners and the architectural and engineering
communities. Construction industry stakeholders have embraced the green movement
and sustainable design for its energy savings, worker productivity increases
and positive public perception, the report states.
In 2008, the three largest segments for nonresidential construction green
building - office, education and health care - will account for more than 80
percent
of total nonresidential green construction. Other segments such as lodging
and commercial
are also experiencing green construction growth, with a 20 percent gain expected
from 2007 to 2008.
Three major trends are pushing green building to the forefront of the construction
industry’s consciousness: 1) an unprecedented level of government initiatives;
2) heightened residential demand for green construction; and 3) improvements
in sustainable materials.
• Government Initiatives. As the largest owner and operator of buildings,
the U.S. government has the ability to exert tremendous influence over the construction
industry and to put in place policies, rules and regulations designed to drive
private sector investment in construction toward a predetermined end. In the
first five months of 2007, over 100 green building bills were introduced at
the
state level. Many states have adopted sustainability requirements for all of
their new government-funded construction projects. Governments have also implemented
economic incentives in the form of tax rebates and credits, density bonuses
and other policies such as expedited permitting and approval for green projects.
•
Residential Demand. The heightened level of interest in sustainability within
the residential construction sector has contributed to green construction’s
movement into the mainstream. While demand for traditional residential construction
is slowing down, the green housing and materials markets are expanding. Homeowners
are increasing their investment in sustainable housing due to improved economic
paybacks resulting from high energy prices and their growing sensitivity to
environmental concerns. According to the Overview, the National Association
of Home Builders
Green Building Conference in April 2007 revealed that green building and remodeling
is experiencing a level of demand that exceeds the current supply of qualified
firms.
• Green materials. Green materials and building products are becoming more
popular due to the upward trend in the green construction market. Consumers are
becoming
more knowledgeable about their health and the environment and are now questioning
the volatile organic compounds (VOCs) in their carpet, paint and wood. They
are making a conscious effort to identify what building materials are healthier,
more energy efficient and economically sensible. As the demand grows for green
products and materials, the cost is mitigated. Today, many manufacturers are
making green products, which leads to more competition and better pricing.
In
addition, distribution outlets for green materials are improving.
“
Green building will continue to grow. It is not a question of whether your firm
should invest in understanding the green sustainable trend and how to produce
sustainable projects, it’s how much should you invest and how fast,” said
Rick Dutmer, consulting group manager for FMI. “Developing a strategy
now to assess the capabilities of your firm, and create actions to take advantage
of the sustainable opportunities is fundamental.”
For more information about FMI’s 2008 U.S. Construction Overview, please
contact Candace Robertson at FMI Corporation at 919-785-9359 or crobertson@fminet.com.
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