Business News Asia
The South Korean Bureau of Statistics said today (Aug. 30) that construction orders in South Korea rose 9.7%, reflecting economic recovery from the COVID-19 pandemic.
According to the report, construction contracts worth 315 trillion won ($234.3 billion) were issued to South Korean construction companies worldwide in 2021, up 9.7% from the previous year.
Domestic construction orders rose 8.2% to 279 trillion won ($207 billion), while overseas construction orders increased 22.8% to 36 trillion won ($26.8 billion).
In the local market, demand has increased in both civil engineering and building construction, while foreign demand from the Middle East and Europe has increased.
Construction projects completed by South Korean construction companies worldwide rose to 308 trillion won ($229 billion) in 2021, up 6.5% from the previous year. With an increase of 16.5%, this was the fastest annual growth since 2008.