Ukraine's construction industry to become economic growth engine: PM

10:50, 09 November 2012
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Ukraine's construction industry will become a growth engine to boost the economic development of the country, Prime Minister Mykola Azarov said Thursday, Xinhua.

"An increase in construction will promote the development of domestic production," Azarov said during a visit to a construction complex here.

Azarov emphasized the economic importance of the building industry, saying that one job in construction supports up to 10 jobs in related fields.

Sustainable development of construction protects against the negative impact of the global economic crisis and reduces the cost of housing for the population, Azarov said.

The government initialed a number of state programs to encourage construction, Azarov said, citing an affordable housing initiative, under which the state pays 30 percent of the cost of new apartments, and an inexpensive lending plan.

The production value of the construction industry fell by 8 percent in annual terms in the first eight months of the current year to 35.7 billion U.S. dollars due to the lack of big infrastructure projects.

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