The Multi-Family housing construction is on the rise, the demand has made the multi-family housing, condominiums, and apartment building the largest share of construction in decades. In 2014 more than 45% of construction started in the United States was multi-family housing, but with the ‘Green’ and environmentally friendly buildings are growing at a rapid speed.
According to the National Association of Home Builders latest study, “54% of firms building new Multi-Family projects report that they are doing more than 15% of their projects green. There is also expected, with 79% reporting the same level of activity anticipated in 2018,” The study finds the market for both new construction and remodeling of multi-family homes are recognizing the value of green buildings and more than 68% of the consumers who will live in multi-family housing will pay more for homes that are built green.
The study also looks at what sparks the activity for green buildings. “The new study demonstrates phenomenal growth in green buildings, with more builders engaging in sustainable building practices than ever before”, according to Kevin Kelly Chairman of the National Association of Home Builders, “While growth in green in the single family market is driven more by high quality and customer demand, the multi-family market is more driven by cost factors such as the availability of government or utility incentives, as well as enhancing their competitive position and corporate image. All are compelling reasons for industry to engage with this continuously growing market.”
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