Market Size of South Korea Construction Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.05 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South Korea Construction Market Analysis
The size of the South Korea construction market is USD 130 billion in the current year and is anticipated to register a CAGR of over 4.05% during the forecast period
- COVID-19 had a significant impact on the construction industry in South Korea, with supply chain issues, a halt to planning and inspection timelines, and new measures to ensure worker health and safety.
- Following a 1.4% decline in 2020, the South Korean construction industry contracted by 1.4% in 2021. The downward revision was due to increased COVID-19 infection rates, a drop in construction output in the first three quarters of 2021, and disruptions in construction activity.
- The construction industry's value add decreased by 0.9% year on year (Y-o-Y) in real terms in the third quarter of 2021, according to the Korean Statistical Information Service (KOSIS), following a decline of 3.4% in the second quarter and growth of 3.2% in the first.
- In February 2021, the government announced that it would build 830,000 houses across the country over the next four years, with 323,000 in Seoul and 293,000 in nearby Gyeonggi Province and Incheon.
- In 2022, the industry recovered, growing by 4.1%, due to significant spending outlined in the proposed budget for 2022 and the implementation of planned energy projects.
