NEW YORK — A new report from research and publishing firm McGraw-Hill Construction predicts the market for nonresidential green building retrofits is set to soar and represents a better opportunity for designers and builders than new construction, according to earth2tech. The market for such retrofit projects, which include activities like installing energy-saving lighting, mechanical and electrical systems, will grow to $10.1 billion to $15.1 billion by 2014 from just $2.1 billion to $3.7 billion this year, according to the report. Put another way, green buildings will comprise a 20-30% share of the U.S. retrofit and renovation market in five years, up from its 5-9% stake today.
A project is considered “green” in this report if it employs multiple practices, products and processes covering a minimum of three out of five aspects of green building – energy, water or resource efficiency, improved indoor environmental quality and responsible site management. The sectors with the largest green retrofit opportunity are education and office, representing about 50% of all retrofit activity, with the biggest growth expected in retail.
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