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This article defines the concept of economic growth focusing on construction industry’s needs in St. Petersburg. Authors analyse a broad range of conditions that impact competitiveness of this industrial sector. In addition to that, the article defines criteria for economic growth and sustainable development in relation to construction sector of St. Petersburg. Furthermore, authors provide a significant number of practical recommendations to ensure the rapid industry’s economic growth, including suggestions regarding scientific and technological basis, impact of institutional reforms on national economy, corporate measures and measures related to environment

The Concept of Economic Growth of the Construction Industry in St. Petersburg