Strategic map as a tool for increasing the investment attractiveness of the regional construction sector: Case of the Murmansk region

Abstract

A review of studies found that investments in construction have a multiple macroeconomic effect; therefore, these flows must be stimulated. However the study revealed that investments in construction in the Far North regions of Russian Federation including Murmansk region have suffered a decrease over a 20-year period, which has a negative impact on the infrastructure and the logistic system. Thus the goal of the research was to develop a strategic map for the sector's development in order to increase its investment attractiveness. The paper suggests improving the investment attractiveness on the basis of the concept of a set of regional indicators, which is easily visualized by strategic maps. The proposed strategic map for construction sector of Murmansk region consists of four components: training, development and innovation; industry and entrepreneurship; society and market; regional finances and contains the key indicators characterizing each of the components. These components and corresponding indicators allow for regional authorities formulating the strategy of the sector development and monitoring the results of the strategy implementation.