DUBLIN–(BUSINESS WIRE)–The “Construction in South Korea – Key Trends and Opportunities to 2025 (H2 2021)” report from GlobalData has been added to ResearchAndMarkets.com’s offering.
The South Korean construction industry is expected to contract by 1.4% this year, following a 1.4% decline in 2020. This compares to an earlier projection of a 0.5% growth. The downward revision is primarily the result of the increase in Coronavirus (COVID-19) infection rates, a decline in construction output in the first three quarters of 2021, and the disruption to building activity.
According to the Korean Statistical Information Service (KOSIS), the construction industry’s value add declined by 0.9% year on year (YoY) in real terms in the third quarter of 2021, following a decline of 3.4% in the second quarter and growth of 3.2% in the first. The industry is expected to recover in 2022, growing by 4.1% in real terms, supported by the significant expenditure outlined in the proposed 2022 Budget, and the implementation of planned energy projects. Downside risks to the outlook include the uncertain impact that the Omicron variant will have on the South Korean and the global economy. No cases of the new variant have yet been confirmed in South Korea, but its economy’s reliance on export-driven growth will expose it to downturns in global economic activity.
In August 2021, the government announced an investment of KRW216.7 trillion (US$197 billion) in health, welfare and employment, KRW83.2 trillion (US$75.6 billion) in education, KRW30.4 trillion (US$27.6 billion) in industry, small and medium-sized enterprises (SME) and energy, KRW29.8 trillion (US$27.1 billion) in research and development, KRW27.5 trillion (US$25 billion) in social overhead capital (SOC), KRW11.9 trillion (US$10.8 billion) in environment and KRW8.8 trillion (US$8 billion) in culture, sports and tourism in its proposed budget for 2022.
Over the remainder of the forecast period, the industry is expected to record an annual average growth of 4% between 2021 and 2024. In February 2021, the government announced a plan to build 830,000 houses across the country over the next four years, with 323,000 new houses being built in Seoul and 293,000 in nearby Gyeonggi Province and Incheon. The government’s goal of becoming a global hub for vaccine production and distribution is also expected to drive growth during the forecast period.
This 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.
This report provides a comprehensive analysis of the construction industry in South Korea. It provides:
- Historical (2016-2020) and forecast (2021-2025) valuations of the construction industry in Pakistan, 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.
Key Topics Covered:
1 Executive Summary
2 Construction Industry: At-a-Glance
3.1 Economic Performance
3.2 Political Environment and Policy
3.4 COVID-19 Status
3.5 Risk Profile
4 Construction Outlook
5 Key Industry Participants
6 Construction Market Data
For more information about this report visit https://www.researchandmarkets.com/r/xgfecl
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