The worsening economic situation and further weakening of the ruble may make the Russian market less attractive for migrant builders. The consequences may manifest themselves in two or three months, warns the head of the National Association of Builders (NOSTROI) Anton Glushkov, quoted by RIA Novosti.
The Russian ruble became one of the three weakest world currencies in the summer. On August 11, the dollar and the euro reached the maximums since March last year, exceeding the marks of 99 and 109 rubles, respectively. Under these conditions, the Bank of Russia decided not to buy foreign currency under the budget rule from August to the end of the year. In this way, the regulator will try to reduce the volatility of the financial market.
Over the past two years, the main suppliers of labor resources for the Russian construction sector – Tajikistan, Uzbekistan and Kyrgyzstan – have begun to focus on other markets, including the Middle East, where there is also active construction. If the salaries of migrant construction workers at Russian sites do not grow, they will leave for other countries, experts believe.
The construction industry in Russia is already experiencing a shortage of personnel. By February 2023, the market lacked 200,000 workers, as well as 90,000 people in the housing and utilities sector. The labor shortage is becoming critical: in November 2022 it reached the level of 12-15%, caused by partial mobilization and war in general.
The worsening situation with labor shortage was also stated by the Central Bank. A survey of enterprises, conducted by the regulator, showed that the problem is acute in agriculture, services, manufacturing and motor trade. The supply of workers in the second quarter reached the local minimum since the first quarter of 2020. The market lacks both qualified specialists and workers with low qualifications.