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Commercial construction is often an arbiter of changing economic conditions. Construction projects signify both an improvement in the economy and a way to improve the economy of a given area. Read on to find out more interesting facts about it.
This type of construction helps both public sector agencies and private companies. Great new schools in areas where people are moving give students the opportunity to learn in state-of-the-art facilities. New office buildings bring jobs to the area and the upward spiral continues. The buildings not only benefit the users, but the construction process itself provides workers with a solid job for several months, and the costs of the construction project go directly into the local economy.
The United States ranks second in the world in terms of this construction, regardless of where the building company is based. Up to 10% of all commercial construction takes place in the US, and New York is the city with the most ongoing commercial construction: $8.5 billion (that’s a billion with a B) in 2013 Much of the construction was for residential buildings. . After New York were Houston and Dallas. Those two cities spent $10 billion in 2013 on commercial projects.
One of the biggest trends in commercial construction is green building. Experts from the Environmental Protection Agency expect that by 2017 up to 48% of new buildings will be made with green building materials. To put it in financial terms, it could mean as much as $145 billion dollars.
By 2018, 84% of residential construction companies plan to have at least some of their construction projects classified as green. To get an idea of the kind of impact this has on the broader economy, consider that residential projects total up to 5% of the current US gross domestic product as more and more companies add green building to the mainstream. his plans, it could mean that up to 18% of GDP will be based on green building.
Large commercial office buildings are also going green. LEED certification is becoming the mainstream standard, with builders up to 41% greener as of 2012. How fast is this growing? Keep in mind that only 2% of commercial, non-residential, construction projects were green in 2005. It’s no surprise that states like Hawaii and California lead the way in LEED projects.
However, it is not just the United States that is interested in green building. LEED certifications around the world are becoming more common. A study published earlier this year showed that as many as 69,000 LEED projects are taking place globally in 150 different countries.
This construction is as important to the world economy as it ever has been, and the increases in this type of project in recent years indicate a positive turnaround after the global recession of 2008-09 and the smooth recovery that followed. With more green projects planned than ever before, commercial construction projects will also be kinder to the planet, meaning everyone will benefit for years to come.