Construction industry in Russia sees long-awaited upsurge

The Russian construction sector finally posted some healthy growth figures in the second half of the year. In July, a 17.6% increase was posted, reminiscent of the pre-crisis growths, and this was followed by a 12.4% increase in the value of construction works in August.
In the first half of 2011 the overall picture of the construction industry in Russia was mixed. Whilst construction companies’ financial results deteriorated, in surveys conducted by the Federal Statistics Service the companies’ managers voiced their expectations of increased profits in the future. The managers also expected the number of workers in the industry to grow whereas in the first months of the current year employment levels in construction actually fell. Although the value of construction contracts signed was higher than in 2010, this did not translate into growth in the value of construction works carried out.

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