Reduction in value of construction work in Russia

2010-05-17

There was an 8.1% year-on-year reduction in the value of work carried out in the construction industry in Russia between January and March 2010, according to the Russian Federal Statistics Service (Rosstat).

In the first quarter of 2010 construction projects completed in the country were worth RUB 590.7bn in total, a reduction of 8.1% in comparison with Q1 2009.
In March 2010, construction work was worth RUB 244.2bn, reflecting a 5.1% year-on-year reduction, but there was a 40.9% nominal increase in a month-on-month comparison.
Between January and March 42,424 buildings, taking up 13,559,000 m², were commissioned in total in the country. Of these 95.1% (40,355) were residential and took up 11,505,600 m². There were 2,069 non-residential buildings which took up an area of 2,053,400 m². Of these 732 were commercial premises which took up 639,800 m².
Signed construction work contracts and other construction orders with clients for the future delivery of services by large and medium-sized construction companies in March were worth RUB 257.5bn, in comparison with RUB 342.0bn in March last year. Companies were assured of work for three months in March 2010.
Overall, between January and March 2010, signed contracts were worth RUB 723.6bn, in contrast to RUB 980.5bn during the equivalent period of 2009.