Commercial construction is usually an indicator of the changing economic conditions. Construction projects are both an improvement in the economy as well as an opportunity to boost the economics of an region. Learn more about the subject.
This kind of construction can benefit both public sector organizations as well as private companies. New schools that are large in regions that are undergoing a change of population offer students the chance to study in the most modern facilities. Office buildings that are new bring Construction Altesse jobs to the region and the upward trend continues. The buildings do not only provide benefits to the people who use them however, the process of building provides workers with a steady job for a long period of time, and the costs of the construction process directly benefit economic development in the area.
It is believed that the United States is second in the world for construction projects, no matter where the business that is building the structure is located. Up to 10% of all commercial construction is done in the US and New York is the city that has the highest amount of commercial construction in progress in the city. $8.5 billion (that’s billion with a letter B) as of 2013. The majority of the work was residential construction. The next cities to follow New York were Houston and Dallas. The two cities spent $10 billion in 2013 for commercial projects.One of the most significant developments for commercial building is the green approach to building. The experts from the Environmental Protection Agency expect that in 2017 up to 48% of all new construction will be constructed using green construction materials. In terms of financials it could be up to 145 billion dollars.
In 2018 84% of residential construction firms plan to at least a portion of their construction projects categorized as green. To understand the impact this will have on the overall economy, think about the fact that residential construction projects account for around 5percent of the GDP of the US. As more and more companies include green construction in the plans of their companies, this could result in 18.5% of the GDP could be built on green construction.
Commercial office buildings of all sizes are also going green. LEED certification is now the standard for construction and construction companies are going at 41% eco-friendly in 2012. How fast is this increasing? Take into consideration that only 2percent of residential construction and commercial, initiatives were certified as green by the year 2005. It’s not surprising that states such as Hawaii as well as California are leading the way with LEED projects.
It’s not only the US which is interested in green construction, however. LEED certifications across the globe are becoming more widespread. A study published earlier this year revealed that up to six thousand LEED projects are currently underway across 150 countries.
Construction is as crucial to the world economy as it’s ever been. The rise in these projects over the past few years indicate an improvement after the global recession of 2008-09 and the slow recovery that was followed. With more green projects being planned than before, commercial construction projects will be more sustainable for the earth and everyone will benefit in the years to come.