Think the trend of businesses making green office renovations is just a passing fad? Not according to the latest issue of EL Insights, which reports that the U.S. green building market value will balloon from $71.1 billion now to $173 billion by 2015. Commercial green building is expected to grow by 18.1% annually during the same time period from $35.6 billion to $81.8 billion. In this case, green building is defined as building with resource use and employee productivity in mind.
The explosive projected growth can be attributed both to a growing recognition of green building’s potential cost-savings as well as incentives from the government (i.e. the multi-million dollar Sustainable Communities Challenge Planning Grant program and the Sustainable Communities Regional Planning Grant program). Green renovation will also comprise a significant portion of future green building, thanks in no small part to government projects like then Recovery through Retrofit initiative, which offers $80 billion energy and environmental retrofits for federal buildings.
The growth in green building will lead to a number of changes in the larger building market, according to EL Insights: Construction workers will increasingly seek out green training programs, companies will spend more cash on green building technology (GE is already doing with its ecomagination initiative), and homes touting green building features will do better on the real estate market. All of this will result in cost savings for building and home owners, who will reap the benefits of lower energy and heating bills.