Commercial construction is usually an indicator of the changing economic conditions. Construction projects are both an improvement in the economy as well as a way to improve the overall economy of an region. Find out more about the subject.
This type of construction helps both public sector Construction Altesse organizations as well as private businesses. The new, modern schools that are built in areas which are experiencing a shift in population give students the chance to study in the most modern facilities. New office buildings create jobs to the area and the upward climb continues. These buildings not only provide benefits to the people who use them as well, but the process is a good way to give workers a work schedule for months, and the costs of the construction venture directly impact the local economy.
It is believed that the United States is second in the world when it comes to this type of construction, no matter where the corporation responsible for the building is located. Around 10% of all commercial construction takes place in the US and New York is the city with the most commercial construction currently in operation – $8.5 billion (that’s billion with a B) for 2013. The majority of the work was for residential structures. After New York were Houston and Dallas. These two cities spent a combined $10 billion to finance commercial projects.One of the major developments that is affecting commercial construction has been green construction. The experts from the Environmental Protection Agency expect that in 2017 up to 48% of the new construction will be done with green construction materials. If we put it in terms of financials it could be as much as $145 billion dollars.
By 2018 84% of residential construction companies will include at least a small portion of their construction projects categorized as green. To gain an understanding of the effect this could have on the general economy, you should consider that residential construction projects account for as much as 5percent of the Gross Domestic Product of the US. As more and more businesses are incorporating green buildings into their plans, it could result in 18% of their GDP could be built on green construction.
Big commercial office buildings are also becoming eco-friendly, too. LEED certification is now the main standard and builders are up to 41% green in 2012. How fast is this increasing? Consider that only 2% of commercial construction, non-residential projects were green in 2005. It’s no surprise that states such as Hawaii and California are leading the way in LEED projects.
It’s not only the US that is interested in green construction. LEED certifications around the world are becoming more popular. A study published earlier this year showed that as high as nearly 69,000 LEED projects are underway worldwide in 150 different countries.
The construction industry is as vital to the world economy as it has ever been. The growth in the number of projects that have been completed over the last few years suggest an improvement from the global recession of 2008/09 and the soft recovery that followed. With more green initiatives being proposed than ever before, commercial construction projects are also expected to be kinder to the planet that means everyone will be benefited in the future.