Report: Residential 'green' building worth billions

By 2010, the value of the residential green building marketplace is expected to boost its market share from $7.4 billion last year to between $19 billion and $38 billion, and from 2 percent to between 5 percent and 10 percent of residential construction activity.

“Green home building is not a fad, but a trend, and one that is increasing at rapid rates,” said Harvey Bernstein, vice president of Industry Analytics and Alliances for McGraw-Hill Construction. “The data we recently collected indicates builders will reach the tipping point by early next year, where more builders will be producing green homes compared to those not.”

While green home building – which applies innovative and environmentally sensitive construction techniques and products to reduce energy and water consumption and improve residential comfort and safety — is on the rise, there are still obstacles to face.

Starting costs and the lack of interest by consumers to pay additional costs for a green home are perceived as barriers by 82 percent and 79 percent of firms surveyed, respectively. A smaller roadblock is the perception of green building as a fad and not something here to stay, the report said.[[In-content Ad]]