Economy, Domestic Economy

Construction Sector Accounts for 12% of Jobs

Construction Sector Accounts for 12% of JobsConstruction Sector Accounts for 12% of Jobs

The construction sector is the most economical employment generator in Iran, accounting for 12% of the existing jobs, head of Iran Chamber of Cooperatives (ICC), Bahman Jalali said at the opening ceremony of the 11th International Civil Engineering and Building Exhibition (CEBEX 2015) on Kish Island on Tuesday.

He highlighted the pivotal role of the housing sector in the national economy, noting that the sector accounts for about 30% of Iran’s gross domestic product (GDP), IRNA reported.

The housing market has seen an average annual growth of 24% over the past 23 years, said the ICC head, observing that no other capital market has experienced similar growth.

He emphasized the importance of investing in the construction sector, adding that more than 60% of investments in the construction sector have so far been made by the private sector.

He pointed that at least 900,000 new houses are required to be built every year to cater to the demands of first-time home buyers, adding: “Considering the accumulated housing demand from previous years and the existing dilapidated houses which need to be replaced, the total demand stands at about 1.2 million new houses per year.”

Noting that 25% of the cooperatives are involved in the construction sector, he said the ICC is responsible for supporting the sector by organizing various exhibitions and introducing modern technologies and equipment in the sector.

CEBEX 2015 is being held in Kish International Exhibition Center until May 29. As many as 111 Iranian companies and representatives from 18 foreign companies are participating in the event.