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Construction orders rose in 2021 for 3rd year amid economic recovery

All News 13:44 August 30, 2022

SEJONG, Aug. 30 (Yonhap) -- Construction orders clinched by South Korean builders rose for the third straight year in 2021 as the global economy recovered from the fallout of the pandemic, data showed Tuesday.

Local builders secured a combined 315 trillion won (US$233.6 billion) worth of construction orders last year, up 9.7 percent from the previous year, according to the data from compiled by Statistics Korea.

Such orders have risen since 2019, when the corresponding reading inched up 0.4 percent on-year.

The increase came as construction projects increased, driven by revenue from higher oil prices and economic stimulus measures, according to the statistics agency.

Of the total, builders inked domestic orders worth 279 trillion won last year, up 8.2 percent from a year before.

The value of overseas orders jumped 22.8 percent on-year to 36 trillion won, the data showed.

Meanwhile, the value of construction projects completed by local builders rebounded last year after it fell for the first time in 10 years in 2020.

Local builders completed a combined 308 trillion won worth of construction projects last year, up 6.5 percent from a year earlier.

It marked the first time that the value of such construction projects exceeded the 300 trillion-won mark.

The 2021 reading also was the fastest on-year gain since a 16.5 percent increase in 2008.

This image, provided by Yonhap News TV, shows a construction site. (Yonhap)

sooyeon@yna.co.kr
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