Russia’s construction industry remains one of the key catalysts of economic growth in Russia. The industry is expected to grow further in the years to come as the government aims to undertake multi-billion-dollar investments in order to modernize and expand the country’s infrastructure. Alongside these government projects are private funded projects by organizations looking to profit from the many opportunities arising through the modernization of the country.
The Russian Ministry of Construction has released the draft Strategy for Developing the Construction Industry in Russia by 2030, which could lead to significant changes in the Russian building industry and the building and finishing materials and equipment market.
The strategy Developed by leading experts from a range of professional and governmental institutions, aims to promote the use of innovative materials and simplify the approval process for their use.
Vladimir Yakushev, Russian Minister of Construction and Housing and Communal Services, announced at the Time for Change residential real estate conference on 21 October, that multi-unit housing of about 44-46 million square meter is set to be commissioned by the end of 2019. Similar housing and non-residential projects are on the way projecting the demand till 2030.
Though Russia's construction industry has been severely affected by disruption caused by the COVID-19 pandemic, the industry will recover, however the industry will strongly recover with effect of the investments and developments projects for 2021-30 decade and expects an average annual growth of 2.6% between 2021-2024.