Strategic Priorities of Developing Local Construction Markets in Russia’s Central Chernozem Regions

Abstract

Local markets boost domestic production, encourage regional businesses, improve the local economy, and structure the local economy. They are responsible for property relations, interregional economic links, and distribution of goods and services, which is especially relevant under the current foreign sanctions. This article describes a number of socio-economic indicators that affect local markets in general and construction products in particular. The study sample included local markets for construction products in Belgorod, Voronezh, Kursk, Lipetsk, and Tambov, i.e., the major cities in the Chernozem macroregion, also known as the Black Earth Region. Using the theory and methodology of strategizing, the authors analyzed data from the Federal State Statistics Service and revealed that construction work increased per capita in 2017–2021, which indicates a dynamic development of the local markets. The local markets in Belgorod, Voronezh, Lipetsk, and Kursk specialize in construction products and services. Their main strategic priorities include a prospective expansion of the range and quality of goods in order to meet the demand and satisfy the local communities and business. These local markets strive to overcome infrastructural constraints and increase the availability and quality of market infrastructure in different sectors. They level interregional differentiation, accelerate sustainable socio-economic development, and achieve local provision security. The research results contribute to urban and regional strategizing, as well as the construction industry.