Did you know that giving your home an energy upgrade could be advantageous to the recovery of our nation’s economy?
Jobs in residential construction fell by 38% between 2006 and 2010. Construction-related jobs, including construction-related manufacturing jobs, experienced a similar decline. The short-term outlook for new construction remains grim.
Individuals with construction experience can acquire the skills needed to retrofit existing homes relatively quickly and easily, thereby redirecting their careers down a path with a very bright future. A study by the Center for American Progress estimates that retrofitting just 40 percent of the residential and commercial building stock in the United States would create 625,000 continuous full-time jobs over a decade. This also would spark $500 billion in new investments and propagate as much as $64 billion a year in cost savings for U.S. ratepayers.
Retrofitting jobs are local and for obvious reasons, can never be outsourced overseas. What’s more, the retrofit industry has the potential to create jobs in virtually every city and town throughout the U.S.
Additional economic impacts are as follows:
- As fossil fuel resources become scarce, energy efficiency is an increasingly important factor in reducing our nation’s energy demands and therefore, our vulnerability to fluctuations in energy prices.
- The need for energy efficiency will continue to grow, spurring improvements in technology that help increase innovation and market competitiveness.
- Retrofits can enhance the value of your home by permanently reducing energy costs.
In short, retrofitting for energy efficiency creates new jobs and business opportunities, protects consumer funds and fortifies electricity markets. Here in the Cape Fear region, we are especially well-positioned to take advantage of these opportunities, because North Carolina is among the top ten states for energy efficiency markets.