Incheon Public Sector Construction Projects Significantly Decrease Compared to Last Year... 4.1 Trillion Won Ordered This Year

Songdo International City District 11 [Photo provided by Incheon Free Economic Zone Authority]

[Asia Economy Reporter Park Hyesook] The amount of public sector construction project orders in the Incheon area is expected to decrease significantly compared to last year.

According to Incheon City on the 22nd, 57 institutions including the city hall and its affiliated organizations, the Office of Education, and national public enterprises plan to issue public construction orders worth 4.1225 trillion KRW (2,373 cases) this year. This is a decrease of 2.5256 trillion KRW compared to last year.

By institution, Incheon City, its affiliated organizations, and the Office of Education will issue projects worth 3.2059 trillion KRW, an increase of 867.7 billion KRW (37.1%) compared to last year, including the Seoul Line 7 Cheolla extension construction project (1.1938 trillion KRW), Songdo 11-1 section infrastructure construction project (332.5 billion KRW), Sungin underpass construction project (62.7 billion KRW), and Geomdan 3 Elementary School new construction project (31.7 billion KRW).

On the other hand, construction projects ordered by national public enterprises in the Incheon area have been drastically reduced to 916.6 billion KRW, down 3.3933 trillion KRW (78.7%) from last year. This includes Korea Land and Housing Corporation with 319.2 billion KRW (20 cases) and Incheon International Airport Corporation with 297 billion KRW (40 cases).

An official from Incheon City stated, "Although the construction market is sluggish due to the prolonged COVID-19 pandemic, we have analyzed the construction project order plans by institution, project cost, and quarter, and disclosed them on the city’s website to support local construction companies." He added, "We will continue to strive to revitalize the local construction industry and improve the contract rate of local companies."

This content was produced with the assistance of AI translation services.