Commercial construction is frequently an indicator of changes in economic conditions. Construction projects mean both an improvement in the economy as well as an opportunity to boost the economics of an region. Check out the following article to find out more interesting facts about it.
This kind of construction is beneficial to government agencies as much as private firms. New schools that are large in regions where people are moving give students the opportunity to be educated in top-of-the-line facilities. New office buildings create jobs to the region and the upward trajectory continues. These buildings not only serve the clients, but the building process itself gives workers a solid job for a long period of time, and the costs of the construction venture are directly absorbed into your local economy.
It is believed that the United States is second in the Construction Altesse world for construction projects, no matter where the company which is responsible for the construction is located. As much as 10% of commercial construction occurs in the US as well. New York is the city that has the highest amount of commercial construction going on with a total of $8.5 billion (that’s billion with a B) during 2013. The majority of the work was for residential buildings. In the wake of New York were Houston and Dallas. These two cities spent a combined $10 billion to finance commercial projects.One of the major developments of commercial construction projects is the green approach to building. The experts from the Environmental Protection Agency expect that by 2017 , nearly 48% of all new construction will be done with green construction materials. If we put it in economic terms it could be up to $145 billion dollars.
In 2018 84% of all residential construction companies will at least a portion of their construction projects categorized as green. For a better understanding of the effect this will have on the overall economy, think about the fact that residential projects comprise at least five percent of the GNP of US. As more and more companies are incorporating green buildings into projects, this could mean that as much as 18.5% of the GDP will be based around green construction.
Large commercial office buildings are also becoming eco-friendly, too. LEED certification is becoming the norm, and builders are reaching 41% green as of 2012. How fast is this expanding? Take into consideration that only 2% of residential construction and commercial projects were green in 2005. It’s not surprising that states such as Hawaii and California are leading the way with LEED projects.
It’s not just the US which is interested in green construction however. LEED certifications throughout the world are becoming more widespread. A study that was released earlier this year found that as high as up to 69,000 LEED projects are currently underway worldwide in 150 different countries.
Construction is as crucial to the world economy as it’s ever been. The growth in the number of projects that have been completed over the past few years indicate an improvement after the global recession of 2008-09 and the slow recovery that followed. With more green projects being planned than before, commercial construction projects are also expected to be more sustainable for the earth, meaning everyone will benefit for years to come.