Key Facts About the Commercial Construction Industry
When you look around in any major city in the country, you will notice a variety of commercial construction projects under development. A new office building here, a renovated shopping center over there, and a variety of other commercial establishments in between. It’s not just a sign of a healthy economy, but a growing business climate too. Here are four key facts about the commercial construction industry that you may not know.
Commercial Construction Powers the Economy
The construction industry is a vital economic indicator. When the economy slows, the construction industry is often the first to feel the pinch before it spreads out to other sectors. And when there is a strong demand for new construction, it is a sign that the economy is heading in the right direction. Right now, we’re in the middle of a building boom with commercial (non-residential) construction spending expected to continue an upward trend, at least through 2020. According to the American Institute of Architects (AIA), commercial construction spending is forecast to increase an average of 6.4% in 2019, and 3.3% in 2020. It is good news for businesses across the commercial sector that want to take advantage of the strong economy to develop new commercial projects or renovate existing properties.
Drives Business Success
Whether you own a hotel, restaurant, health club, or any other business, commercial construction is a key driver of success. Savvy business owners consult with a general commercial contractor to update or expand their establishment that will not only appeal to existing clientele but will also attract new customers as well. Many existing businesses will renovate their current office space to accommodate additional employees and equipment that will drive more business.
Net Zero Energy Buildings
Green building is more than a trend. It is part of a comprehensive approach to construction using sustainable materials, renewable energies, and reducing waste at job sites. For the past decade, business owners have been incorporating energy efficiency into construction design to reduce the carbon footprint. Today, business owners are taking it even further with Net Zero Energy Buildings. The concept behind net-zero energy is that the building will produce the energy it needs using renewable sources without having to rely on non-renewable energy resources.
Washington, DC is in the LEED for Sustainable Development
In 2017, The U.S. Green Building Council recognized Washington, DC, as the world’s first city to receive the LEED for Cities Platinum. LEED (Leadership in Energy and Environmental Design) Platinum is a significant achievement that is awarded based on a city’s accomplishments for meeting sustainability performance for human and environmental health. The event was hosted at Dunbar High School, which is the nation’s highest-rated LEED-certified school. There are more than 150 LEED-certified buildings in the district, and the D.C. government uses renewable energy to supply 100 percent of its energy needs.
