S.Korea’s construction orders post double-digit growth in 2020

SEOUL, Sept. 8– Construction orders, won by South Korean builders in 2020, posted a double-digit growth on the back of strong overseas demand, statistical office data showed Wednesday. Construction orders, secured by domestic builders both at home and abroad, reached 287 trillion won in 2020, up 31 trillion won, or 12.2 percent, from the prior year, according to…

SEOUL, Sept. 8 (Xinhua) — Construction orders, won by South Korean builders in 2020, posted a double-digit growth on the back of strong overseas demand, statistical office data showed Wednesday.

Construction orders, secured by domestic builders both at home and abroad, reached 287 trillion won (245.9 billion U.S. dollars) in 2020, up 31 trillion won, or 12.2 percent, from the prior year, according to Statistics Korea.

It continued to increase for the second consecutive year on solid overseas demand.

Overseas construction orders jumped 72.2 percent over the year to 29 trillion won last year thanks to higher demand from Central and South American countries and the Middle East.

Domestic construction orders gained 8.0 percent to 258 trillion won in 2020 amid the rush to purchase new homes with borrowed money.

Meanwhile, the completed construction projects by local builders were valued at 289 trillion won in 2020, down 5 trillion won, or 1.7 percent, from a year earlier. It was the first fall in 10 years. (1 U.S. dollar equals 1,167 won) Enditem