The volume of construction in Ukraine remains half the pre-war level

The volume of completed construction works in Ukraine last year increased by 15.5% y/y – to UAH 204.7 bln. There is a slowdown in growth dynamics (2023 – 25% y/y.) due to leveling of low base of comparison of 2022, when due to full-scale military operations the volume of construction work decreased by 65% in annual terms.

By individual segment, the increase in construction work last year was as follows:

  • residential construction – by 7.6% y/y, up to UAH 26.6 bln;
  • non-residential construction – growth by 26.2% y/y, up to UAH 57.7 bln;
  • engineering constructions – growth by 12.5% y/y, up to UAH 120.4 bln.

According to GMK Center estimates, the volume of the construction market in dollar equivalent in 2024 increased by 14.6% y/y. – to $5.1 bln. However, this is 45.2% lower than in pre-war 2021 ($9.3 bln). One should keep in mind that these figures do not take into account dollar inflation.

In the engineering construction segment, social infrastructure facilities, bridges, roads, communications, power lines, etc. destroyed due to the Russian military aggression are being restored. Last year’s trend was a slowdown in the dynamics of infrastructure construction compared to 2023, when it grew by 33% at once. One of the factors behind the decrease in the volume of infrastructure works was the problems with the allocation of government funding for programs to create protective structures for power facilities.

Non-residential construction showed the highest dynamics among all market segments. Last year the construction of industrial buildings and warehouses, as well as hotels developed quite actively. Thus, commissioning of industrial buildings and warehouses in 2024 increased by 16% compared to 2023 – up to 987 thousand square meters. m. This is only 12% lower than in 2023. This is only 12% lower than in pre-war 2021.

According to the results of 2024, the total area of commissioned housing in Ukraine increased by 32% – up to 9.8 million square meters. m. In turn, the area of non-residential premises accepted last year increased by 15% – up to 2.7 million square meters. m.

In 2024, the share of new construction in the total volume of completed construction works amounted to 41.1%, repair – 32.6%, reconstruction and technical re-equipment – 26.3%.

The growth in the volume of works to restore destroyed engineering, transportation and social infrastructure facilities has led to an increase in demand for steel of construction grade. Consumption of rebar grew by 5% last year, galvanized rolled products – by 32%, beams, channels and angles – by 20%. According to Metinvest-SMC, total steel consumption in Ukraine will grow by 10% to 3 mln tons by the end of 2024.

Electricity prices in Europe fell significantly in May thanks to renewable energy

In the EU, average monthly wholesale day-ahead prices continued to fall in May in most…

Wednesday June 4, 2025

Poland exported a record 2.8 million tons of scrap in 2024

The Polish ferrous scrap market has been undergoing significant changes and growth in recent years.…

Monday June 2, 2025

Tariff war: the first major agreement and the EU’s push

In May, the United States agreed to a “tariff truce” with China for 90 days.…

Wednesday May 28, 2025

Ukrainian iron ore industry: results of 2024 and prospects for 2025

The iron ore industry remains one of the key sectors of the Ukrainian economy, providing…

Tuesday May 20, 2025

48 countries have already restricted scrap exports

Restricting scrap exports is becoming a popular policy tool considering limited scrap availability and increasing…

Monday April 28, 2025

Tariff war: Trump’s new plans and the world’s reaction

The 90-day pause on “reciprocal” tariffs announced by US President Donald Trump on April 9…

Saturday April 26, 2025