I'll start with the opening slide of the PowerPoint. I want to introduce you to a new technology for buildings for a sustainable future. We'll be looking here at an innovative Canadian technology that's been developed in Moose Jaw, Saskatchewan. It's disruptive to the building industry. It has substantially lower CO2 emissions—in the order of 80%—and significantly lower construction costs, resulting in those lower costs being reinvested in the building technology to produce higher quality, disaster-resilient buildings for approximately the same cost as conventional alternatives.
I know that your committee is interested in the economic development opportunities involved. We have assessed those as being approximately, as we commercialize the technology, 0.3% to 3% of Canada's total GDP growth. That would be between 1% and 10% of the U.S. market. The worldwide market would be 10 times that.
We're looking at Canadian benefits being 0.3% to 3% reduction in buildings emissions against the total building emissions of the sector, and a 1% to 15% impact on productivity improvement relative to GDP growth. We think there are substantial economic benefits to the introduction and commercialization of the technology.
The markets that we've looked at, the global construction industry will grow to a $10-trillion industry. The U.S. market is over $1 trillion, and the Canadian market is over $100 billion, perhaps $170 billion.
The residential sector is progressing at about $5 billion a month. You will see in chart 1 that the multi-family dwellings are coming up from, in millions of dollars, around 3,000 to 4,000. We're looking at the commercial industry being about $2.5 billion per month. That's the Canadian sector.
The GHG emissions in Canada that we're looking at in the building sector are about 12% of total emissions. There are approximately 98 megatons of CO2. In the U.S. it's closer to 39% because of the coal-based energy supply in the U.S.
I want to introduce you to the technology. It's a whole building solution. The whole building solution is based upon a patented material called Buildcrete. It's a proprietary, ultra-lightweight concrete mix with superior insulation of expanded polystyrene foam as the core between the two panels of concrete. It can be used for foundations, floors, walls and roofs. The entire structure is made of the one simple design. The panels come with exterior and interior finishing done in the factory and with windows, doors and selected services pre-installed.
The whole building solution is more thermally efficient. It's airtight for thermal efficiency and reduction of outside odours. There's proven superior sound-dampening, and it's disaster resilient, impervious to fire, water ingression, insect infestation, moisture, mould and mildew—which is particularly important—and is resistant to earthquakes and hurricanes. It makes a much stronger building.
The benefits to builders and developers are quite significant. We've found that the builders and developers we're approaching are eagerly signing up. We expect the technology to be driven by the market, and the builders and developers seem anxious to get there.