Homeowners remodel their properties for a number of different reasons. A recent study found that the vast majority of homeowners (78%) remodeled to improve the look and feel of their space, to make the space more functional (54%), to increase home value (52%), and to upgrade features or appliances (47%). However, a new study has found that things are likely going to get a lot more green in the future.
According to the study by Dodge Data and Analytics, in partnership with the National Association of Home Builders (NAHB) and Ply Gem Industries, more than half of home builders and remodeling companies expect to be making at least 60% of new homes and renovations green by 2020.
The study surveyed 232 home builders and remodelers from across the nation, and found that more than half (54%) of home builders are making at least 16% of their new homes green, and more than one-third (39%) of remodelers report that at least 16% of their projects are green, too.
By 2020, more than four out of five (81%) of home builders will be building that many green homes, with more than half (51%) making at least 60% of their construction projects green. Green renovations will also make up about 16% of about three-quarters (74%) of remodelers’ projects by 2020, as well.
“Builders and remodelers have long recognized that green is the future of home building,” said Tom Woods, the NAHB Chairman. “Since we first began partnering on this study with Dodge Data and Analytics in 2006, we’ve seen that commitment grow. The study’s recent findings reinforce this continued growth, with new homeowner feedback showing a desire and expectation that new homes be high-performing, particularly when it comes to energy conservation. Most builders recognize that they need to be at least conversant in green to stay competitive.”
Although sustainable building does cost more, industry experts were optimistic as key demographics already lean green. Interestingly enough, consumers who are 55 and older are actually the most important group driving the current green market. What’s more, consumers are associating going green with healthier homes, which is leading to even higher potential for growth.