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Construction contract volume slides nearly 5% in Q1

Published: 25 Jun. 2025, 18:54 Updated: 25 Jun. 2025, 19:46

An apartment complex under construction in Seoul [YONHAP]

Korea's construction contract volume fell 4.8 percent from a year earlier in the first quarter due to a slowdown in private sector building projects, government data showed Wednesday.

According to data from the Ministry of Land, Infrastructure and Transport, the country's construction contracts during the January-March period totaled 60.1 trillion won ($44.1 billion), compared with 63.2 trillion won over the same period last year.

Contracts in the public sector rose 12 percent on year to 23.9 trillion won, backed by ongoing public housing development projects. However, private sector contracts dropped 13.4 percent to 36.1 trillion won, as residential and industrial construction projects weakened.

By construction type, civil engineering contracts declined 11 percent to 21.3 trillion won due to reduced investment in industrial plants. Building construction edged down 0.9 percent to 38.7 trillion won.

Regionally, contract volumes in the greater Seoul area fell 5.2 percent to 28.3 trillion won, while those in noncapital regions dropped 4.3 percent to 31.8 trillion won, the ministry said.

Yonhap