Light at the end of tunnel for the Russian construction industry - November 2009

The construction industry in Russia has been hit hard by the global economic downturn. The slowdown on the domestic construction market began in 2008 and has intensified in 2009. The majority of construction projects have been suspended and virtually no new residential or commercial property projects have been started. For the first time this decade, the value of construction works will have shrunk – by over 15% in comparison with 2008. Despite this though, it seems that the worst of the storm has passed and market stability should return in 2010, with the promise of growth in 2011.