The Green Home Market Is Expected To Increase Five-Fold by 2016
It seems now more than ever, going green is important to consumers, which makes the building products industry a prime market to target. As a building products CMO, you are likely focused on this growing trend, but the key statistics from McGraw-Hill Construction give us even more of a reason to strive to reach the next level of eco-friendly products.
The study showed much anticipation for green building products over the next few years. It seems, homebuyers are going green for not only higher quality products, but also reduced energy costs. With the price to ‘go green’ declining, it is predicted the green home market is expected to grow from 17% in 2011 up to 38% in 2016 – a 21% increase in five years.
With homebuyers and homeowners wanting what’s best for the environment, it’s no surprise that a lot of builders and remodelers are starting to gear products towards green marketing, but should we all jump on the green building products’ bandwagon?
I think green marketing is the way to go with the green home market increasing and the benefits of going green being positive. 46% of builders and remodelers are finding it a competitive advantage to market themselves as green while 71% of green building firms report it easier to market in a down economy.
McGraw-Hill Construction Statistics
In addition, I think builders, and us alike, know consumers will pay more for green homes. The study shows by 2016 green builders and remodelers show much anticipation:
- Builders expect to be dedicated to more than 90% of green building projects
- 33% of builders predict to be dedicated to green work
- 22% of remodelers speculate to be dedicated to green work, triple the 8% in 2011
With the green home market expected to increase five fold in the next few years, it’s essential to look into your strategic initiatives and ensure ‘green’ is a part of your plan.
To read more: Green Homes to Grow Five Fold