Last Year, Construction Industry Sales Surpassed 500 Trillion Won

Last year, construction industry sales exceeded 500 trillion won. However, construction contracts, considered a leading indicator, have decreased, indicating a potential decline in future sales.

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According to the '2023 Construction Industry Survey (Corporate Performance Section)' released by Statistics Korea on the 17th, last year's construction industry sales amounted to 506.7 trillion won, an increase of 9.9% (45.7 trillion won) compared to the previous year.

By sector, general construction sales rose by 12.4% (36.3 trillion won) to 328.8 trillion won. Specialized construction work also increased by 5.6% (9.5 trillion won) to 177.9 trillion won.

Since it takes about 1 to 2 years for construction contracts to translate into sales, the increase in last year's sales appears to contrast with the recent downturn in the construction market.

On the other hand, last year's construction contract amount was 298 trillion won, down 12.1% (41 trillion won) from the previous year, marking a decline for the first time in five years since 2018. This is due to a decrease in orders caused by the worsening construction market.

The number of construction companies last year was 87,891, an increase of 0.7% (652 companies) compared to the previous year. The number of construction workers also rose by 4.0% (70,000 people), reaching 1.81 million.

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