Four years after the economic downturn, the construction industry is still recovering. In April 2012, construction unemployment was14.5%, compared to the national unemployment rate of 8.1%.
One glimmer of light stems from new opportunities in renovations and retrofitting of existing buildings to improve energy efficiency and extend service life. Many corporations are holding off spending on new development until the economy recovers. Instead, those companies are renovating existing buildings to make them more energy-efficient and driving new growth in the construction industry as a result.
A recent study by Deutsch Bank talks about the potential impact of this trend: “In the United States alone, more than $279 billion could be invested across the residential, commercial, and institutional market segments. This investment could yield more than $1 trillion of energy savings over 10 years, equivalent to savings of approximately 30% of the annual electricity spend in the United States.” The report also suggested that the investment would yield “more than 3.3 million cumulative job years of employment.” This employment would be across all sectors, at all skill levels and throughout the country.
The strategic reuse of modular buildings is at the heart of this renovation trend. The ability to renovate and relocate buildings extends service life, creates jobs, and is perhaps the best example of sustainable building. Many are buying used or refurbished modular buildings and putting them to work in new ways to avoid comparatively expensive new construction.
Some examples of modifications to modular buildings that make them more energy efficient and extend service life include: replacing worn parts, upgrading to high R-value insulation, upgrading to high-efficiency HVAC, installing energy-efficient LED or fluorescent motion-sensor lighting, and adding dual-pane windows.
ModSpace has its own modular renovation program that produces certified used and certified remanufactured buildings that, for many, offer far greater value compared to building new.
Have you recently started an energy-efficient retrofit? Let us know in the comments below.
