The need for Green Buildings has been recognized on a global scale, having multiple factors of motivation led by the moral obligation to do what is right. Builders are beginning to adopt an environmentally friendly outlook on construction, as the tangible benefits gained seem to supersede the higher initial building costs. According to a study completed by natural leadership conducted with over 1,000 participants across 69 countries, the amount of Green Buildings continues to double every three years worldwide; and that study includes a vast representation of builders not involved with the Green Council.
With Green Buildings trends including methods and supplies worldwide, Hunt Mortgage Group has found it imperative to acknowledge these growing trends, specifically in the United States in order to best assist you in financing your “green” construction project.
Growth Areas of Green Building
Though there is an increase in the volume of green buildings worldwide; the amount of growth and the type of trends vary. The highest building boom is expected in developing countries including Mexico, Brazil, Colombia, Saudi Arabia, South Africa, Chile and India. In the U.S. and other mature markets such as the U.K., Poland and Germany, the industry is expecting continuous and moderate growth. According to the US Green Building Council, green construction will directly contribute to 1.1 million jobs and $75.6 billion in wages in the United States by 2018.
Motivation for Green Building
It is imperative for all countries to go green because of the vast opportunities available in this profitable market. A recently published study by World Green Building Trends 2016 SmartMarket Report shows that approximately 81% of Americans found the primary motivation of green construction in the United States is the decrease in operating costs. Additionally, the need to fulfill increasing client demand for green projects serves as a main reason for growth.
Social and Environmental Impacts of Going Green
The USGBC reported that buildings contribute to approximately 41% of the total energy consumption in the United States, greatly outweighing industrial (30%) and transportation (29%). The need to implement and encourage sustainable business classes has been a crucial social benefit of Green construction. With the reduction of waste, energy and water; builders are confident in going green due to the socially responsible efforts that are encouraged through the use of clean production practices.
Green Building Projects
The top sectors for growth in green building in America involve new commercial construction, new institutional construction, as well as retrofit of existing buildings. In the United States, the top area going green lies in new institutional green projects including hospitals, schools and public buildings. Retrofit falls second in popularity followed by new commercial construction including offices, retail and hotels. The possibilities for Green Buildings are vast and Hunt Mortgage Group provides financing loan options for all types of green projects.
Green Building Obstacles
While Green Buildings offer a great amount of benefits and various options to get started, there are identified challenges holding builders back from converting over. Green projects are subject to the social stigma as being high-end jobs, with a higher perceived opening cost, serving as a major setback to the growth of green buildings. Although the more expensive upfront cost of green construction may seem intimidating, the value and cost efficiency provided afterwards will be much greater. According to the USGBC, LEED buildings report almost 20% lower maintenance costs than typical commercial buildings, and green building retrofit projects typically decrease operation costs by almost 10% in just one year.
LEED (Leadership in Energy and Environmental Design) standards developed by the United States Green Building Council are easy to use, with a checklist of criteria that judges the “greenness” of a building, and these types of buildings are becoming more mainstream. Hunt Mortgage Group Loans are available to help construction companies with all Green Building financing needs. With Hunt’s various financing options, we can assure an easier financial transition if choosing to go green. For more information, contact the experts at Hunt Mortgage Group today.