Ulsan City, Shine Project Shows Clear Regional Economic Improvement Effects

Analysis of the Impact of Large-Scale Investment Attraction Projects on Local Communities

Ulsan City announced on the 17th that big data analysis centered on Onsan-eup and Onyang-eup before and after attracting the Shahin Project showed a clear improvement in the local economy.

The Shahin Project is the largest foreign investment project in a single business, constructing a large-scale petrochemical production facility within the Ulsan Onsan National Industrial Complex.

To analyze the investment attraction effect, Ulsan City commissioned the Ulsan Institute to conduct big data analysis targeting Onsan-eup and Onyang-eup in Ulju-gun from 2021 to 2023.

This study utilized various techniques by analyzing public data held by Ulsan City and private data such as mobile population data from telecommunications companies.

According to the big data analysis results, the floating population in Onsan-eup and Onyang-eup increased by 19,000 people (18.3%) from an average of 104,000 per month between January 2021 and February 2023, before the Shahin Project groundbreaking ceremony, to 123,000 per month from March to December 2023, after the ceremony. The number of vacant units decreased by 1,557 units (42.9%) from 3,635 units to 2,078 units during the same period.

The number of households in Onsan-eup and Onyang-eup increased by 1,609 households (7.1%) from 22,748 households in June 2021 to 24,357 households in June 2023.

Regarding the increase rate of card sales, Onsan-eup saw a 19% increase over three years (71.7 billion KRW in 2021, 92.6 billion KRW in 2022, and 101.6 billion KRW in 2023), while Onyang-eup experienced a 15.7% increase (65.0 billion KRW in 2021, 80.4 billion KRW in 2022, and 87.1 billion KRW in 2023). The increase was mainly observed in restaurants and retail businesses.

Additionally, water usage in Onsan-eup increased by 282 tons (7.8%) from 3,636 tons in 2021 to 3,918 tons in 2023, and traffic volume on Deoksin-ro and Onsan-ro rose by 7,944 vehicles (25.7%) from 30,873 vehicles in 2022 to 38,817 vehicles in 2023.

An official from Ulsan City stated, “This big data analysis has proven the impact of large-scale projects on the local community and economy,” adding, “We will actively attract large-scale projects to promote regional economic development.”

Ulsan City Hall.

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