Negative synergy of the COVID-19 pandemic in housing construction on the example of the Irkutsk region

Grushina O.V.¹, Krasnoshtanova T.A.¹
¹ Байкальский государственный университет, Russia

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Journal paper

Russian Journal of Housing Research ^{(РИНЦ, ВАК)}
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Volume 8, Number 1 (January-March 2021)

Citation:

Indexed in Russian Science Citation Index: https://elibrary.ru/item.asp?id=45970878
Cited: 9 by 07.12.2023

Abstract:
The COVID-19 pandemic and measures to combat it have put their stamp on all sectors of economic activity. The negative effect affected those activities that were stopped by the quarantine and had a special dependence on foreign labour. These industries include primarily the construction industry, including housing. To assess the degree of negative impact and loss of this industry is an actual task today, the solution of which was the purpose of this article. A synergistic approach to identify the joint effects that give a total negative result in the operation of the system was used. Negative synergies have usually previously been used to measure internal corporate change at the expense of internal resources. In this case, the first active year of project finance in housing construction was supplemented by a pandemic. As a result, the external negative synergy of two unrelated events systematically affected a number of characteristics of the housing cluster subjects' activities, primarily developers. The authors of the article identify and systematize all the effects that occurred in the housing industry according to the typification of the negative synergy characteristics, and also measure their quantitative impact in terms of increasing various groups of costs, terms, prices and reducing the total supply of housing.

Keywords: project finance, housing construction, housing supply and demand, escrow accounts, COVID-19 pandemics

JEL-classification: R21, R31, L74

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