Last year an estimated 40 – 48% of new commercial construction was green construction, according to the Green Building Council, which translated to a $120-145 billion opportunity.
This year the market is responding to these cost savings and environmental benefits at a dramatic rate. According to a Dodge Data & Analytics World Green Building Trends 2016 SmartMarket Report, the global green building sector continues to double every three years, with survey respondents from 70 countries reporting 60 % of their projects will be green by 2018.
With approximately 61% of all construction projects being retrofits, commercial building owners and managers will invest an estimated $960 billion between now and 2023 on greening their existing buildings.
According to the U.S. Green Building Council, major priority areas include energy efficient heating and cooling, ventilation, windows, lighting and plumbing fixtures.
Green Building Why Go Green?
Why? Green buildings use less energy and fewer resources. The return on investment is measurable, resulting in an average reduction in operating costs of 9-13% annually and an increase in asset valuation of about 4%. This translates to an average 19.2 % improvement on ROI, according to USGBC.
Not only are green retrofit investments justified economically, they are increasingly becoming mandatory as government regulations tighten on property owners. The 179d tax credit for certain items used in green construction expired last year but there are three bills in Congress to extend the tax credit.
To read more please click on these links:
Benefits of Green Building, USGBC
Green Trends in Construction, RYVIT
If you’re doing a green retrofit of an existing commercial building or space, Fleming Complete is an excellent contractor choice in Phoenix and throughout Arizona. Please call us at 480.237.0765 or email us at email@example.com.