The Second Oil and Construction Boom

As worldwide markets recovered from the 2008 mortgage crisis, oil prices saw significant growth Consequently, as the oil prices rose from 2010,7 Baku saw a construction boom, as observed from the graph. Most of the skyscrapers were built in this period Moreover, financing of most of the star architect projects were approved during this period The period of fast growth can be observed from 2010 to 2014. In 2014 world saw a rapid decrease in oil so, the construction sector has entered a relative stagnation period. However, as can be seen from both GDP and the Value of construction graph of 2020, the sector has relatively recovered, and the value of construction works in Baku differs greatly from any other region.

https://www.stat.gov.az/source/system_nat_accounts/en/010en.xls