Uzbekistan's construction industry has showcased growth with completed works amounting to approximately UZS 6.7 trillion ($534 mn) in January 2024. Preliminary data from the Statistics Agency reveals a 24.5% surge compared to the same period in 2023, signaling a buoyant momentum in the sector.
The Statistics Agency's report underscores the vitality of the construction sector as a key contributor to Uzbekistan's economic development. The completion of projects worth billions of soums within a single month is a testament to the government's commitment to infrastructure development and fostering a conducive environment for investment.
As of January 1, 2024, Uzbekistan boasted 34,629 enterprises and organizations actively engaged in construction activities across the nation. The capital city, Tashkent boasted 7,408 construction enterprises, accounting for approximately 21.4% of the total construction entities in the republic. This concentration of construction enterprises in Tashkent underscores the city's pivotal role as a hub for economic activity and development initiatives.
The surge in construction activities reflects the government's strategic initiatives to stimulate economic growth, enhance infrastructure, and attract domestic and foreign investments. Uzbekistan has been actively pursuing reforms to streamline bureaucratic processes, improve regulatory frameworks, and create a conducive business environment to spur investment in various sectors, including construction.
The steady growth in construction aligns with Uzbekistan's broader economic diversification agenda, aiming to reduce dependence on traditional sectors and foster innovation-driven growth across multiple industries. The government's programs, such as the Comprehensive Development Strategy, prioritize infrastructure development, urban renewal, and housing projects to meet the evolving needs of the population and propel the nation toward sustainable development.
In Uzbekistan, the construction industry holds a significant position as a priority sector within the national economy. It is recognized as one of the leading sectors, consistently demonstrating stable growth annually.
Efforts to bolster construction volumes primarily focus on enhancing affordability through cost-reduction measures. This involves the utilization of modern, high-quality building materials and products with reduced energy consumption during production, alongside advancements such as robotics and innovative construction methods aimed at reducing material usage while improving assembly efficiency. These measures are expected to have a positive impact on the overall cost-effectiveness of the final construction projects.
The surge in the building materials industry can be attributed to significant capital investments within medium-term state programs aimed at modernizing the economy. A substantial portion of these building materials is produced by enterprises under the "Uzqurilishmateriallari" Joint Stock Company. Presently, the company oversees more than 120 enterprises producing over 100 types of building materials. This robust industrial infrastructure underscores Uzbekistan's commitment to fostering a self-sufficient and thriving construction industry capable of meeting the nation's developmental needs.
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