Construction Contract Amount in Q1 Reaches 66 Trillion Won... Up 15.3% Compared to Same Period Last Year

[Asia Economy Reporter Kangwook Cho] The Ministry of Land, Infrastructure and Transport announced on the 24th that the construction contract amount for the first quarter of this year increased by 15.3% compared to the same period last year, reaching 66 trillion won, with both public and private sectors showing growth.

The contract amount for public construction projects ordered by the government, local governments, and public institutions was 19.7 trillion won, up 5.2% from the same period last year, while the private sector increased by 20.2% to 46.3 trillion won.

By construction type, the contract amount for civil engineering (including industrial facilities and landscaping) rose 7.8% year-on-year to 19.5 trillion won, driven by an increase in roads and other projects.

The contract amount for building construction increased by 18.7% to 46.5 trillion won due to growth in residential buildings such as apartments and other buildings including factories and workshops.

By company size, the top 1-50 companies recorded 25.6 trillion won in contracts, a 37.6% increase compared to the same period last year, whereas companies ranked 51-100 saw a 4.1% decrease to 4.4 trillion won.

Companies ranked 101-300 increased by 14.3% to 6.1 trillion won, and those ranked 301-1000 rose by 11.5% to 6.2 trillion won. Other companies recorded 23.6 trillion won, up 2.1%.

By region, based on the location of the construction sites, the Seoul metropolitan area accounted for 31.1 trillion won and non-metropolitan areas for 34.9 trillion won, increasing by 24.1% and 8.4% respectively compared to the same period last year. Based on the location of company headquarters, the Seoul metropolitan area recorded 37.8 trillion won and non-metropolitan areas 28.1 trillion won, up 19.4% and 10.1% respectively.

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