Powerhouse tornadoes and hurricanes the last few years have raised the public’s awareness of resilient construction like never before. Concrete is in an envious position to capture a good share of that residential business.
Already, 63% of the nation’s counties lie in resilient areas, mainly along the coasts and in the nation’s interior. And 245.5 million people, or 77% of the U.S. population, live in these areas. That will only increase in the future, said Hanley Wood Chief Economist Jonathan Smoke, a speaker at the Concrete Homes Luncheon & Forum. The topic was Building to a Higher Standard: Resilience in Residential Construction.
“The vast majority of the demand for future homes in the next five years will fall more in resilient areas, than in non-resilient area,” he said. “It’s an indicator that the residential market can afford to build the resiliency into the codes that the Portland Cement Association (PCA) is working so hard to support.”
The median age of homes in resilient areas is six years older than in non-resilient areas. “Those areas tend to be the richest in terms of income,” Smoke said. “And the net worth of individuals who live there and their homes values are higher.”
Finally, 14 of the top 20 largest and fastest-growing housing markets in the U.S. are in resilient areas. “There is no doubt resiliency is important,” Smoke said. “It is important to all of us in this business. It’s been proven that stronger codes result in higher-valued homes. That benefits us all in the long term.”
The Concrete Homes Luncheon & Forum was sponsored by Metrostudy, a Hanley Wood Media Inc. company, and the PCA. You can see a slide show of the full presentation here
and view a video of Smoke’s summary here.