Economic development of the construction industry as a basis for sustainable development of the country

Abstract

This article examines the main trends in the construction industry as one of the most important economic sectors. Construction makes a significant contribution to the economic potential of the country it forms tangible assets and is an integral part of the wealth of the nation. We examined the resulting indicators of the industry in conjunction with macroeconomic indicators. The studies were carried out using statistics from the World Bank, the countries of the European Union and the Russian Federation in the period from 2000 to 2020. The study set out to compare the indicators affecting construction activities, investment, incomes and other sectors. In parallel we looked at the factors affecting the volume of completed construction works by means of correlation analysis to identify symbiotic relationships between the selected data. The main goal of the study is to identify the factors affecting the performance of the industry and confirm by use of quantitative analysis.

Keywords

• economic development
• sustainable development
• construction development
• construction industry
• housing construction
• correlation analysis