VEC’s Green Building Market Forecast (2019–2032) | Vancouver Economic Commission | Green Buildings

VEC forecasts $3.3B demand for greener buildings in Metro Vancouver

Logo for VEC forecasts $3.3B demand for greener buildings in Metro Vancouver

The BC Energy Step Code could deliver up to 1,700 jobs
as local manufacturing & construction industries pivot towards sustainability

March 7, 2019 – Vancouver, B.C. – Today, the Vancouver Economic Commission (VEC) launched the Green Building Market Forecast, a report quantifying the potential economic impact of the BC Energy Step Code (ESC) in Metro Vancouver. The study identified a $3.3 billion market opportunity resulting from materials and manufacturing for newly constructed buildings to meet the energy requirements of the ESC between 2019–2032.

“Climate change is the most pressing issue facing the world today, and ambitious policies create huge new market opportunities,” says VEC CEO Catherine Warren. “With our engineering and construction know-how, the Vancouver region is ideally positioned to develop its local manufacturing sector to serve the green building industry.” The global market for green building products is estimated to rise as high as $350 billion a year by 2020.

The economic impact of the ESC includes the potential to create 925 well-paying, sustainable manufacturing jobs throughout B.C., and at least 770 ongoing installation jobs in Metro Vancouver. The report also states that B.C. and Vancouver businesses should act now to take advantage of markets with similar climates and advanced green building codes, including those in the Cascadia megaregion, and throughout North America.

The ESC provides a predictable pathway for market transformation towards net-zero energy ready buildings. The steps were developed over two years through a consensus-building process, supported by energy modelling and analysis. The VEC built on this analysis to forecast the market demand for building products and technologies. The resulting report was tool was developed in consultation with a wide range of real estate and construction industry experts, with modelling provided by Delphi Group and funding from Discovery Foundation and BC Housing.

VEC’s report is critical reading for anyone in the construction, development or manufacturing industries looking to understand and take advantage of upcoming trends in B.C.’s building sector. In it you will find concrete data and analysis to help manufacturers and suppliers transition knowledge, equipment and investments and take advantage of growing demand for building products. Improving B.C.’s capabilities in this way will also improve access to – and affordability of – high performance products by creating more resilient and efficient local supply chains and reducing transportation costs.

VEC projects that demand for low-performance products – especially windows – evaporates after 2022. Manufacturers and suppliers must be aware of these significant market changes as soon as possible to grow business locally and capitalize on global trade. Conversely, demand for high performance systems will increase, including mechanical equipment such as heat pumps and heat recovery ventilators.

The report may be read in its entirety on the VEC website.
 

Quotes:

Doug Smith, Sustainability Director, City of Vancouver:

“We are committed to making Vancouver homes and buildings healthier, greener and more efficient through our Zero Emissions Building Plan and green building targets and actions. In 2013, the World Green Building Council honoured Vancouver by announcing that we have the greenest building policies of anywhere in the world, and since then we have continued to show leadership, innovate, build local skills and increase energy efficiency in buildings. The new VEC report highlights the benefits of our actions, not only because it is good for the environment, but because it helps create local, good-paying jobs.”

David Harper, CEO, Discovery Foundation:

“The Discovery Foundation is delighted to have partnered with the Vancouver Economic Commission to produce this ground-breaking report on the impact of green building regulations. In the Lower Mainland alone there is a multibillion-dollar economic opportunity for green building technologies and the potential to add one thousand well-paid, high skill jobs. And the cost-savings from more efficient buildings will build on our existing initiatives and pay dividends for many years to come, while helping us achieve our climate and sustainability goals.

We work to foster a vibrant, sustainable, diverse and inclusive technology sector in BC and support initiatives that will help us become a global leader in green and clean technologies. Businesses need data to make evidence-based decisions and this report provides robust market data that will benefit manufacturers, architects, developers, and municipalities alike. We look forward to seeing the continuing growth of the green building sector in BC in the years to come.”

Cillian Collins, Senior Architect, Perkins+Will:

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. This report provides concrete market data, which can be very useful for them and other manufacturers, architects, municipalities, and developers.”

Simon Feddema, President, Grundfos Canada:

“Grundfos is always looking for fact-based data to determine if our assumptions and market plans are indeed meeting demand as well as making a difference in what can be done.  The VEC’s report not only provides that, but challenges all of us in rethinking how we can better meet the needs of the customer and the environment we live in, while providing economically sound solutions.”

Michael Bousfield, Technical Director, Cascadia Windows & Doors:

“Cascadia is pleased to be an innovator and manufacturer of products that enable buildings to be more energy conserving than ever before. VEC’s report further validates the need for this expertise, and that our industry’s supply chain is ready to advance to the highest step code levels.”

David Ramslie, Vice President, Sustainability, Concert Properties:

Concert properties has a commitment to lowering our emissions and consistently improving the performance of our buildings. We are taking a strategic approach to this and having research like this helps us plan our investments and the evolution of our product offering.”

 

Quick Facts:

  • One in 15 Vancouverites currently works in the green economy, while 30 percent of local businesses deliver products or services that help to restore or preserve the environment.
  • VEC’s green jobs research update found that Vancouver has added 7,689 green building jobs from 2010-2016 – a 53 percent increase.
  • The City of Vancouver found that Vancouver citizens save an average of $12 million a year due to reductions in carbon emissions from stronger building codes
  • In 2013, the World Green Building Council named Vancouver as having the best green building policy in the world.
  • According to the Canada Green Building Council (CaGBC), Canada’s green building industry produced an annual $23.45 billion in GDP and 297,890 jobs in 2014.

 

Additional Resources:

  • The full report is titled Green Building Market Forecast: Measuring the Impact of the BC Energy Step Code and may be accessed here.
  • You can learn more about the BC Energy Step Code here.

 

About the Vancouver Economic Commission

The Vancouver Economic Commission (VEC) is the economic development agency for the city’s businesses, investors and citizens. It works to strengthen Vancouver’s economic future by supporting local companies, attracting foreign investment and promoting international trade in Canada’s most diverse, fastest-growing and low-carbon economy. VEC collaborates with other trade, businesses and government organizations to position Vancouver as a global destination for innovative, creative, and sustainable business.


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