A new report provides a good temperature reading on the impact of sustainable standards in the construction industry. The total amount of building construction certified as meeting some form of green standard was nearly $70 billion worldwide in 2011, according to a report by industrial and energy market research publisher SBI Energy.
SBI Energy forecasts that the global green construction market will reach almost $150 billion by 2016, and $294 billion by 2021. Non-residential buildings recorded the major share in the green market at $51 billion in 2011, but green homes currently represent the fastest-growing segment of sustainable construction. The market value of homes that received LEED certification jumped from $39 million in 2007 to $17.15 billion in 2011.
Regulatory instruments, governmental initiatives, and financial support mechanisms, together with growing consumer awareness and expectations, all put pressure on construction market participants to adopt more green practices in 2011, SBI Energy notes. The role of buildings in energy efficiency policy is expected to grow in the next few years, both at the national level and globally, the firm says. Investments in improved energy efficiency of buildings could generate an additional 2 million to 3.5 million green jobs in Europe and the U.S. alone.
NOTE:This information is the opinion of the author/blogger and not the official position of IAPMO.