Headlines have continued to decry this historic correction in the first quarter of 2009. But despite the foreboding coverage, green building has proved sustainable in more than one sense. Firms and consumers are embracing the trend and proving that the economic downturn will not discourage the practice.
In fact, quite the opposite appears to be happening. According to Turner Construction’s 2008 Green Building Barometer, 75% of commercial real estate executives said that credit market conditions would not stop them from constructing green buildings. Citing reduced energy costs, higher building values and lower overall operating costs, the respondents suggest that the current economic doldrums will not take the wind out of green building’s sail.
Green building is holding up in other ways as well. According to the 2008 Green Survey: Existing Buildings, more than 80% of commercial building owners allocated funds to green initiatives in 2008, and 45% plan to increase their sustainability funding in 2009, despite the economy. These results highlight the proliferation of sustainable efforts and the importance they will play in future building projects.
Additionally, the American Recovery and Reinvestment Act of 2009, passed just a few weeks ago, has already started putting construction workers back to work. With money for home weatherization, green federal facilities, energy efficiency grants and green building job training programs, construction executives have been given even more reasons to pursue green building.
Look for green building to be the hottest trend in construction again this year and shine through otherwise disappointing headlines.
Turner’s 2008 Green Building Barometer was a survey of 754 commercial real estate executives.
The 2008 Green Survey: Existing Buildings was jointly funded by Incisive media’s Real Estate Forum, GlobeSt.com, the Building Owners and Managers Association (BOMA) International and the U.S. Green Building Council (USGBC).