By The Real Estate Roundtable – WASHINGTON, D.C. — More than 114,000 new jobs, many which would come from the hard-hit construction industry, would be created through the Better Buildings Initiative, a White House plan to make existing commercial and multifamily buildings more energy efficient, according to a new analysis released today by The Real Estate Roundtable, the U.S. Green Building Council, and the Natural Resources Defense Council. This key initiative, announced by President Obama in February, combines financial and other incentives to improve energy efficiency in the nation’s commercial and multifamily buildings stock.
“Lending is still difficult to come by in many markets, so financial incentives like these proposed by the White House will leverage private investment to help propel our cities and suburbs forward into a new energy economy,” said Roundtable President and CEO Jeffrey DeBoer
The biggest job driver in the White House’s Better Buildings Initiative, which accounts for more than 77,000 of the new jobs, is a redesigned tax deduction for energy efficiency upgrades of buildings. The joint analysis also shows how the initiative would have a rippling effect throughout the economy to generate more manufacturing, production, and service jobs – and demonstrating how public funds can leverage significant private investments to expand the benefits to the economy.
“This Obama Initiative works for our economy in two important ways: it helps create tens of thousands of good-paying jobs while making us more energy efficient,” said The Roundtable’s CEO and President, Jeffrey DeBoer. “Unemployment in the construction sector continues to hover above 16 percent. Lending is still difficult to come by in many markets, so financial incentives like these proposed by the White House will leverage private investment to help propel our cities and suburbs forward into a new energy economy.”
“The Better Buildings Initiative will achieve multiple benefits with an amplifying effect – first and foremost, the initiative will create green jobs,” said Roger Platt, Senior Vice President of Global Policy & Law with the U.S. Green Building Council. “This program will also lower energy consumption, reduce our nation’s dependence on foreign oil and allow America to retain its competitive edge in the international marketplace as a leader in constructing, retrofitting and operating high-performing buildings.”
“The Better Buildings Initiative helps fill the country’s need for targeted programs with well-defined jobs creation goals,” said Ashok Gupta, senior energy economist with the Natural Resources Defense Council. “This plan will help bring lenders into the retrofit market to provide financing for commercial building efficiency projects. Improving buildings’ energy performance reduces harmful pollution associated with energy production while reducing bills for consumers and making businesses more competitive.”
The PERI Analysis regarding the White House’s Better Buildings Initiative.
The Natural Resources Defense Council (NRDC), The Real Estate Roundtable (RER), and the U.S. Green Building Council (USGBC), retained the Political Economy Research Institute (PERI) of the University of Massachusetts at Amherst to conduct the analysis.
For more information on the PERI analysis and its figures on jobs creation from the White House’s Better Buildings Initiative, please see The Roundtable ontacts above, or also contact:
About The Real Estate Roundtable
The Real Estate Roundtable brings together leaders of the nation’s publicly-held and privately owned real estate ownership, development, lending and management firms with the leaders of national real estate trade associations to jointly address key national policy issues relating to real estate and the overall economy. Participating trade associations represent more than 1.5 million people involved in virtually every aspect of the real estate business.
About U.S. Green Building Council (USGBC)
The U.S. Green Building Council is committed to a prosperous and sustainable future for our nation
through cost-efficient and energy-saving green buildings. With a community comprising 79 local affiliates, nearly 16,000 member organizations, and more than 166,000 LEED Professional Credential holders, USGBC is the driving force of an industry that is projected to contribute $554 billion to the U.S. GDP from 2009-2013. For more information, visit www.usgbc.org.
About The Natural Resources Defense Council (NRDC)
NRDC is an international nonprofit environmental organization with more than 1.3 million members and online activists. Since 1970, our lawyers, scientists, and other environmental specialists have worked to protect the world’s natural resources, public health, and the environment. NRDC has offices in New York City, Washington, D.C., Los Angeles, San Francisco, Chicago, Livingston, Montana, and Beijing. Visit us at www.nrdc.org.
Source: The Real Estate Roundtable