A house or other like structure is constructed out or ribbed concrete panels. In the outer walls a single ribbed panel is used with a thick overlying layer of insulation followed by a facade covering. Windows are double-paned and are installed in a concrete frame which is formed as part of the outside wall. The interior walls and floors have two ribbed panels facing one another, thus forming interpositional spaces between the ribs. By careful arrangement and interlocking of the ribbed panels, circulation of air is made possible through air circuits formed by the interpositional spaces, thus allowing for ventilation and, if the air is heated or cooled, enabling the interior walls to act as heat exchange surfaces.