Huge Growth in Retrofit Buildings Predicted: $10-15 Billion Dollar Market by 2014

The market for green buildings is exploding and the lion’s share of the opportunity exists in retrofits, not new buildings. McGraw-Hill Construction’s latest SmartMarket Report, Green Building Retrofit & Renovation: Rapidly Expanding Market Opportunities Through Existing Buildings, was released at the Green Retrofit Conference in New York recently. The report finds that new buildings represent only 2.5% of the US building market, while retrofitting provides an enormous market opportunity for green builders, owners and building product manufacturers.Currently, green building comprises 5-9% of the retrofit and renovation market activity by value. This equates to a $2-4 billion marketplace for major projects. By 2014, that share is projected to increase by 20-30%, creating a $10-15 billion market for major retrofit projects in only five years.