NEW YORK, June 5, 2014 /PRNewswire/ -- Residential construction is a key engine behind economic growth in the United States. According to McGraw Hill Construction's Dodge Construction Market Forecast, single and multifamily housing projects account for about 45% of the value of all construction projects started in the United States in 2014. With that market forecasted to grow rapidly in coming years, the green activity and drivers in the market are critical. The new SmartMarket Report of the single and multifamily builder and remodeler community released today by McGraw Hill Construction ( http://www.construction.com) contains this critical intelligence.
The report, " Green Multifamily & Single Family Homes: Growth in a Recovering Market," surveys builder and remodeler members of the National Association of Home Builders and reveals the evolution of green building for single family homes from boom to bust to recovery through comparisons with previous studies from 2006 to 2011, and includes new data on multifamily housing to provide a comprehensive review of the sector.
According to the latest study:
- 62% of firms building new single family homes report that they are doing more than 15% of their projects green. By 2018, 84% of them expect this level of green activity.
- 54% of firms building new multifamily projects report that they are doing more than 15% of their projects green. There is also growth expected, with 79% reporting the same level of activity anticipated by 2018.
- In the single family market, the most striking shift is in those firms dedicated to green building (doing more than 90% of their projects green). That percentage is already at 19%, and by 2018 it is expected to double (to 38%).
The study finds that builders and remodelers in both the single family and multifamily sectors report that the market is recognizing the value of green: 73% of single family builders (up from 61% since the last report) and 68% of multifamily builders say consumers will pay more for green homes.