DUBLIN–(BUSINESS WIRE)–The “South Korea Construction Market Size, Trends and Forecasts by Sector – Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis, 2022-2026” report has been added to ResearchAndMarkets.com’s offering.
The South Korean construction industry contracted by an estimated 2.2% in real terms in 2021, compared to an annual decline of 1.4% in 2020, due to soft investment in residential and commercial infrastructure projects.
According to the Korean Statistical Information Services (KOSIS), the industry’s value add declined by 0.6% year on year (YoY) in Q4 2021, preceded by a Y-o-Y decline of 1.6% in Q3 and 3.4% in Q2 2021.
The publisher expects the industry to expand by 4.1% this year, before recording an annual average growth of 3.9% over the remainder of the forecast period, between 2023 and 2026, supported by higher public spending in infrastructure and renewable energy projects.
In February 2021, the government announced plans to develop the world’s largest offshore wind farm, an 8.2GW project with an investment of KRW48.5 trillion ($43.8 billion). Furthermore, through the Korean New Deal initiative, the government intends to invest KRW73.4 trillion ($61.2 billion) in green infrastructure and renewable energy developments by 2025.
The industry’s output over the forecast period will also be supported by investments in residential and commercial infrastructure projects. The government unveiled a plan in February 2021 to build approximately 830,000 houses over the next four years, with 323,000 new houses being built in Seoul and 293,000 in nearby Gyeonggi Province and Incheon.
Additionally, the ministry also announced a plan to add over 220,000 new houses by 2025 in major cities such as Busan, Daegu, and Daejeon, where housing affordability continues to deteriorate. The Seoul city government announced a plan in September 2021 to construct 500,000 housing units by 2030, by providing regulatory relief and expediting approvals for urban rehabilitation programmes.
Scope
Key Topics Covered:
1 Executive Summary
2 Construction Industry: At-a-Glance
3 Context
3.1 Economic Performance
3.2 Political Environment and Policy
3.3 Demographics
3.4 COVID-19 Status
3.5 Risk Profile
4 Construction Outlook
4.1 All Construction
4.2 Commercial Construction
4.3 Industrial Construction
4.4 Infrastructure Construction
4.5 Energy and Utilities Construction
4.6 Institutional Construction
4.7 Residential Construction
5 Key Industry Participants
5.1 Contractors
5.2 Consultants
6 Construction Market Data
7 Appendix
For more information about this report visit https://www.researchandmarkets.com/r/q4x1xc
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