Construction companies report domestic decline

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Construction companies report domestic decline

Construction companies’ domestic orders have fallen for the second consecutive month, according to Construction Association of Korea.

In February, domestic construction orders fell 39 percent from a year earlier to 5.6 trillion won ($4.9 billion). Orders from the public sector were down 22.1 percent to 2.2 trillion won. Orders from the private sector saw a sharper drop of 45.6 percent on-year.

In contrast, government orders on building cultural and sport facilities increased 40 percent.

Construction orders in the first two months of the year shrunk more than 7 trillion won compared to a year earlier. The association cited the prolonged slump in the construction market as the main reason for the declining orders.

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