The South Korean construction industry is expected to contract by 4.5% in 2024 and by 0.7% in 2025, respectively, owing to a sustained, sharp decline in the number of building permits issued. According to the Korean Statistical Information Service (KOSIS), the total number of construction permits issued fell by 25.3% in 2023, while the total gross floor area for which construction permits were issued declined by 25.6%. Residential building permits alone declined by 30.6% in 2023, following an annual decline of 14.5% in 2022.
Over the remainder of the forecast period, between 2026 and 2028, the construction industry is expected to record an average annual growth rate of 2.7%, supported by investment in the manufacturing industry, transport and renewable energy infrastructure, and the government’s easing of housing redevelopment and reconstruction regulations. The industry’s growth over the forecast period will also be supported by the government’s plan to invest KRW9.2 trillion ($7 billion) by 2025 in wind, solar, and hydrogen infrastructure, and construct 12GW of offshore wind capacity by 2030. Additionally, the government plans to invest KRW134 trillion ($102 billion) in developing the GTX project, a new suburban rail network in the Greater Seoul area by 2028.
The Construction in South Korea - Key Trends and Opportunities to 2028 report provides detailed market analysis, information and insights into the South Korean construction industry, including:
Over the remainder of the forecast period, between 2026 and 2028, the construction industry is expected to record an average annual growth rate of 2.7%, supported by investment in the manufacturing industry, transport and renewable energy infrastructure, and the government’s easing of housing redevelopment and reconstruction regulations. The industry’s growth over the forecast period will also be supported by the government’s plan to invest KRW9.2 trillion ($7 billion) by 2025 in wind, solar, and hydrogen infrastructure, and construct 12GW of offshore wind capacity by 2030. Additionally, the government plans to invest KRW134 trillion ($102 billion) in developing the GTX project, a new suburban rail network in the Greater Seoul area by 2028.
The Construction in South Korea - Key Trends and Opportunities to 2028 report provides detailed market analysis, information and insights into the South Korean construction industry, including:
- The South Korean construction industry's growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the South Korean construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
Scope
This report provides a comprehensive analysis of the construction industry in South Korea. It provides:- Historical (2019-2023) and forecast (2024-2028) valuations of the construction industry in South Korea, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants
Reasons to Buy
- Identify and evaluate market opportunities using the publisher's standardized valuation and forecasting methodologies.
- Assess market growth potential at a micro-level with over 600 time-series data forecasts.
- Understand the latest industry and market trends.
- Formulate and validate strategy using the publisher's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
Table of Contents
1 Executive Summary2 Construction Industry: At-a-Glance6 Construction Market Data
3 Context
4 Construction Outlook
5 Key Industry Participants
7 Appendix
List of Tables
List of Figures
