Statistics Korea reported on Tuesday that South Korean builders had secured a record 344 trillion won (US$259 billion) worth of construction orders in 2022, marking a fourth consecutive year of growth. This was a 9.2 percent increase compared to the previous year.
Domestic orders accounted for 307 trillion won, a 9.8 percent increase year-on-year, while overseas orders rose 4.4 percent to 37 trillion won. The value of construction projects completed by local builders also increased by 12 percent to 344 trillion won, with domestic projects taking up 312 trillion won and those from overseas accounting for 33 trillion won.
The segment has been recovering from the pandemic, with construction orders rising since 2019, when the corresponding reading edged up 0.4 percent year-on-year.
colin@yna.co.kr
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