Commercial construction often mediates changes in economic conditions. Construction projects mean both an increase in the economy and an opportunity to improve the economy of a region. Read on to know more interesting facts about Commercial construction.
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This type of construction helps public bodies and private companies. A large new school in an area where people are moving allows students to study in state-of-the-art facilities. New office buildings created jobs this quarter and the upward spiral continues.
Not only do buildings benefit consumers, but the construction process itself lands workers in solid jobs in a matter of months, and construction project costs go straight into the local economy. Australia is second in the world for this construction, regardless of where the building company is based.
Most construction involves residential buildings. Green building is one of the biggest trends in commercial construction. Experts from the Environmental Protection Agency estimate that by 2017 up to 48% of new buildings will be made of environmentally friendly building materials. Financially, that could mean up to $145 billion.
In 2018, 84% of housing companies plan to classify at least part of their construction projects as green. To get an idea of how this affects the broader economy, consider that housing projects account for up to 5% of the current US gross domestic product. As more and more companies incorporate green buildings into their plans, it could mean that up to 18% of GDP will be based on green buildings.