DEVELOPMENT OF RUSSIA'S CONSTRUCTION INDUSTRY IN THE CONTEXT OF GLOBALIZATION

As an economic branch, construction is a major contributor to the formation of key fixed assets for all branches of a country's economy. Capital construction industry produces industrial facilities as well as non-production assets that are commissioned and accepted under established formal procedures and, as they become fully operational, are transformed into tangible fixed assets (Minstroy of Russia, 2015; Borisova et al., 2016). It is obvious that construction plays an important role in the economy, especially in a developing one, where the need for creating new real estate objects is significant (Zou et al., 2007; PMR Industry Report, 2016; Vertakova, Y. et al., 2015; Polozhentseva, Yu., 2016; Terzi & Cavalieri, 2004). The construction sector is a complex interconnected system that encompasses the following types of entities: building contractors and specialized construction companies, producers of construction supplies and transportation aids, survey, research and design organizations, educational institutions, raw and construction materials exchanges, engineering, consulting, managerial and other firms and other formations focusing on the construction industry, including industry governance bodies and industry non-governmental organizations (Birbkov, 2012). Either directly or indirectly, enterprises from over seventy branches of the national economy are involved in the sphere of capital construction, ensuring supplies of metal and steelwork, concrete, timber, construction tools and specialized vehicles, as well as fuel and energy resources, to construction sites. One of the most prominent processes characteristic of the current situation in Russia's construction industry is fierce competition among owners of capital who are essentially interchangeable, occurring at all stages of construction. It should also be noted that globalization affects construction inasmuch as it does other branches of the economy (Neumann, 2015; Volkova & Plotnikov, 2016; Grechenyuk et al., 2016; Beno, 2016; Cuhlova & Kotikova, 2016). This article looks at the prospects and roadblocks on the way of the development of Russia's construction industry, which is currently plagued with internal contradictions and administrative barriers, in the context of globalization.