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Iraq Residential Building (Design & Construction) Industry Analysis
Iraq's construction industry has undergone significant changes in recent years due to political instability and the rise of the Islamic State of Iraq and Syria (ISIS). However, with the defeat of ISIS and increased stability in the country, the construction industry is starting to see a revival.
The new residential building construction projects industry is a key player in Iraq's economy, providing employment opportunities and contributing to economic growth. The demand for new residential buildings is expected to increase due to the country's growing population and urbanization. According to the World Bank, Iraq's urban population is expected to grow from 34% in 2015 to 51% by 2050, creating a significant demand for new housing.
The Iraqi government has launched several initiatives to boost the construction industry, including the "One Million Housing Units" project, which aims to build one million housing units by 2022. This project is expected to provide employment opportunities and boost economic growth.
The construction industry in Iraq has faced several challenges, including a shortage of skilled labor and a lack of investment in infrastructure. Additionally, corruption and bureaucratic obstacles have hindered the growth of the industry.
Despite these challenges, the outlook for the new residential building construction projects industry in Iraq is positive. The government's initiatives to boost the industry, along with the country's growing population and urbanization, create a strong demand for new housing. The industry is expected to see growth in the coming years, creating employment opportunities and contributing to economic development.
In conclusion, the new residential building construction projects industry in Iraq is a vital part of the country's economy, providing employment opportunities and contributing to economic growth. Despite the challenges faced by the industry, the outlook for growth is positive, with the government's initiatives and the country's growing population and urbanization driving demand for new housing.
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