Krasnodar, 8 September – Yug Times. Last week, Krasnodar hosted the fifth summer real estate yacht summit titled, "Development in the Age of Changes: Realities, Transformations and Prospects". The event was organised by the Yug Times Business Communications Agency with the support of the regional Civic Chamber and the Legislative Assembly of the Krasnodar region. The panel discussion was attended by public activists, government and business sectors. 

Today, the construction industry is a driver of the Russian economy that pulls up such related industries as metallurgy, transport, energy, machine-building, and – in case of our region – tourism. At the same time, everything that developers do today will determine the appearance of the region's settlements and resorts for at least the next fifty years. Natalia Kostenko, a deputy of the State Duma, in her welcoming speech emphasised that chaotic development exacerbates a number of problems that persist in the life of the region. 

“The success of the construction industry, unfortunately, turns into problems in the regional economy and social sphere, including the implementation of the wastes reform,” said Natalia Kostenko. “It is important to maintain the balance in the erection of new facilities, so that the construction of residential property in tourist areas does not interfere with the development of the health resort industry and the economy on the whole.” 

The development of the construction sector largely relies on the region's social and economic development strategy. The Ministry of Economy of Krasnodar Krai is the institution that accumulates and brings strategic decisions to practical implementation. Its head, Aleksei Yurtaev, noted that sustainable demand for residential property depends on the pace of economic growth. Alexei Yurtaev highlighted several factors of economic growth, including: reducing the gap in the labour market, increasing labour productivity, extending the investments and expanding the sources of their financing, developing competition, and implementation of the sustainable economic development and social stability plans. One of the most acute problems for the Krasnodar region's economy is shortage of labour. 

“Today, according to expert estimates, the gap in the labour market reaches 190,000 persons. These are vacancies that are necessary to ensure stable growth rates of 3% and higher in real terms," explained Minister of Economy. “From 2016 to 2022, the region’s active population grew by 150,000. That is, even if we realise in six years everything we did before, the region will still be undergoing staff shortage of 40,000 persons.”

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