Innovative approaches to building design and construction as a result of recent new green building standards in the BC Step Code could result in 1,700 new jobs in local manufacturing and construction and $3.3 billion in new market opportunities from now until 2032.
A new Green Building Market Forecast by the Vancouver Economic Commission highlights the new economic opportunities that could arise if local businesses take advantage and act early in this quickly developing market across the Pacific Northwest and throughout North America.
Furthermore, it is anticipated that demand for low-performance materials, particularly windows, will begin to falter after 2022. As a result, manufacturers and suppliers need to be aware of the significant market changes to grow business locally and capitalize on global trade.
“We’ve been trying to encourage curtain wall and fenestration manufacturers from Europe making Passive House-certified units to bring their products to Canada, and they are looking for hard data and market information on which way the market is going,” said Cillian Collins, a senior architect with Perkins+Will.
“This report provides concrete market data, which can be very useful for them and other manufacturers, architects, municipalities, and developers.”
Demand for high-performance systems such as heat pumps and heat recovery ventilators will increase.
The global market for green building products is expected to rise to as much as $350 billion by 2020.
Currently, one-in-15 Vancouverites are employed in the green economy, while 30% of local businesses deliver products or services that help to restore or preserve the environment.
Between 2010 and 2016, the city saw an increase of 7,689 green building jobs, represent a significant uptick of 53%.
According to the municipal government, local residents save an average of $12 million per year due to reductions in carbon emissions from stronger building codes.