Revolution Lighting Technologies Targets U.S. Multifamily Housing Sector

Revolution Lighting Technologies (NASDAQ:RVLT) has announced its continued emphasis on the U.S. multifamily housing sector, which continues to show strong growth.
According to the press release:

Revolution Lighting’s division, Value Lighting, continues to expand its footprint in response, focusing on providing lighting for multifamily projects, including the continued adoption of LED lighting technologies.
In 2015, there were more than 306,000 multifamily units completed across the U.S., the most since 1989, and a level of supply that is expected to remain elevated through 2016 and beyond. The abundance of new multifamily projects creates a major opportunity for Revolution Lighting to provide its industry leading LED technologies to developers and management groups seeking new ways to reduce operating expenses. Lighting and utilities account for up to 26% of multi-family building’s energy use; installation of LED lighting solutions could reduce lighting energy consumption by up to 85%. Combined with state and utility incentive programs to reduce initial installation costs, LED lighting has never been more attractive.
Growing competition among developers and property owners today continues to benefit LED lighting as they seek new ways to attract potential renters and buyers with greater focus toward environmental awareness and healthier living. Growing trends among new multifamily construction include the increased adoption of “green” construction standards, including the use of LED lighting, as new findings suggest a strong correlation between sustainable development and tenant satisfaction.
Revolution Lighting will continue to support these new trends among multifamily development, pursuing lighting opportunities, such as a recent LED project secured by its division, Value Lighting. The $1M contract with Billingsley Construction provided LED lighting solutions for a 699-unit multifamily complex, consisting of apartments and town-homes, located in The Colony, Texas.

Click here to read the full press release.