South Korea Construction Industry Report 2024: Output was Expected to Contract by 1.9% in Real Terms in 2024 and 1.2% in 2025 - Forecast to 2028 - ResearchAndMarkets.com

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 to 2028 (Q4 2024)" report has been added to ResearchAndMarkets.com's offering.

The South Korean construction industry is expected to contract by 1.9% in real terms in 2024 and 1.2% in 2025, owing to a decline in the total building permits issued, rising construction costs, increasing bankruptcies, coupled with a weak residential construction sector.

According to the Korean Statistical Information Service (KOSIS), the total number of building permits issued in the country fell by 12.6% year on year (YoY) in the first ten months of 2024, while the total gross floor area of construction permits issued declined by 10.3% YoY over the same period. Among all the sectors, residential building permits alone declined by 17.9% YoY during January-October 2024, following YoY declines of 10.9% in commercial building permits and 4.6% in industrial buildings permits issued over the same period.

Additionally, from January to October 2024, 26 construction companies declared bankruptcy, up from 23 construction companies registered bankruptcy in 2023. The construction industry is also expected to be slowed in the short term, owing to the rising unsold houses in the country. The total number of unsold homes in the country accounted to 617,904 during January-September 2024, up by 0.6% YoY compared to the same period of 2023, according to the Ministry of Land, Infrastructure and Transport.

However, over the remainder of the forecast period, the construction industry in South Korea is expected to register an annual average growth rate of 2.6% from 2026 to 2028, driven by public and private sector investments in the renewable energy, transport infrastructure and semiconductor industries. The industry's growth will be supported by the government's efforts to achieve net zero carbon emissions by 2050, by increasing the share of renewable energy in the country to 21.6% by 2030 and 32.9% by 2038

Scope

• Historical (2019-2023) and forecast (2024-2028) valuations of the construction industry in South Korea, featuring details of key growth drivers.
• Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
• Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
• Listings of major projects, in addition to details of leading contractors and consultants

Reasons to Buy

• Identify and evaluate market opportunities using our standardized valuation and forecasting methodologies
• Assess market growth potential at a micro-level with over 600 time-series data forecasts
• Understand the latest industry and market trends
• Formulate and validate business strategies using the analyst's critical and actionable insight
• Assess business risks, including cost, regulatory and competitive pressures
• Evaluate competitive risk and success factors

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 Risk Profile

4 Construction Outlook

4.1 All Construction

• Outlook
• Latest news and developments
• Construction Projects Momentum Index

4.2 Commercial Construction

• Outlook
• Project analytics
• Latest news and developments

4.3 Industrial Construction

• Outlook
• Project analytics
• Latest news and developments

4.4 Infrastructure Construction

• Outlook
• Project analytics
• Latest news and developments

4.5 Energy and Utilities Construction

• Outlook
• Project analytics
• Latest news and developments

4.6 Institutional Construction

• Outlook
• Project analytics
• Latest news and developments

4.7 Residential Construction

• Outlook
• Project analytics
• Latest news and developments

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/hz7ohp

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