Korea’s Construction Sector Shows Strong Growth in 2022

The preliminary results of Korea’s 2022 construction industry survey reveal significant growth in various key metrics, indicating a robust performance of the sector.

Highlights from the survey include:

  • Construction Volume (344 Trillion Won): The construction industry saw a substantial increase of 12.0% in construction volume compared to the previous year. The total construction contract amount also grew by 9.2% to reach 344 trillion won.
    • Domestic construction volume surged by 10.9% (31 trillion won increase), while overseas construction volume grew by an impressive 22.7% (6 trillion won increase).
    • Domestic contract amounts witnessed a growth of 9.8% (27 trillion won increase), and overseas contract amounts increased by 4.4% (2 trillion won increase).
  • Number of Construction Companies: The total number of construction companies in Korea reached 87,239, marking a 2.0% increase (1,706 companies) compared to the previous year.
    • The capital region (including Seoul) saw a rise of 2.3%, while regions outside the capital experienced a 1.8% increase in the number of companies.
  • Construction Volume Breakdown: The total construction volume reached 344 trillion won, reflecting a substantial growth of 12.0% (37 trillion won increase) compared to the previous year.
    • Domestic construction volume amounted to 312 trillion won, registering a 10.9% increase (31 trillion won) over the previous year. Overseas construction volume stood at 33 trillion won, marking a remarkable 22.7% increase (6 trillion won).
    • Domestically, while the civil engineering sector experienced a slight decrease (-4.0%), the architectural (15.2%), industrial facilities (3.1%), and landscaping (4.6%) sectors showed growth.
    • On the international front, construction activity notably increased in the Middle East (26.3%) and the Americas (53.9%).
  • Contract Amount Breakdown: The construction contract amount reached 344 trillion won, indicating a significant 9.2% increase (29 trillion won) compared to the previous year.
    • Domestic contract amounts reached 307 trillion won, marking a 9.8% increase (27 trillion won). Overseas contract amounts reached 37 trillion won, showing a 4.4% increase (2 trillion won).
    • Domestically, contract amounts in the architectural (7.7%), industrial facilities (33.6%), civil engineering (4.5%), and landscaping (45.9%) sectors all experienced growth.
    • Overseas, contract amounts notably increased in Asia (45.7%) and the Americas (20.5%).

Korea’s construction industry’s robust growth in various sectors, both domestically and internationally, underscores the sector’s resilience and positive trajectory in 2022.