Construction contracts dip 18.9 pct in 2023

SEOUL, The value of construction contracts in South Korea slumped nearly 19 percent in 2023 from a year earlier due to sluggish private projects, government data showed Tuesday. Civilian and public works contracts in Asia's fourth-largest economy were valued at 240.6 trillion won (US$178 billion) last year, down 18.9 percent from a year earlier, according to the data from the Ministry of Land, Infrastructure and Transport. Private deals tumbled 26.4 percent on-year to 173.1 trillion won, while public-sector contracts climbed 9.9 percent to 67.6 trillion won. Building contracts plunged 27.3 percent in 2023 from a year earlier, but civil-engineering deals expanded 6.5 percent. The value of contracts clinched by the top 50 industry players contracted 16.2 percent on-year to 102.9 trillion won last year. Construction contracts in the capital Seoul and its adjacent Gyeonggi Province nose-dived 25.2 percent on-year, and those in the rest of the country fell 13.1 percent. In the fourth quarter of last year, t he country's construction deals increased 7.9 percent on-year to 72 trillion won thanks to a base effect, snapping a four-quarter losing streak, according to the data. Source: Yonhap News Agency