SEOUL, KOREA - Last year's domestic construction order booking amount has hit the lowest level since the 2008 global financial crisis. According to the Construction Association of Korea on February 12, the total value of orders won domestically in 2012 was 101,506.1 billion won. This is way below the projected volume of 110 trillion won.

As for public sector orders, the amount won in 2012 was 34,077.6 billion won, down 7.0 percent from the previous year. The order amount in the private sector was 67,428.4 billion, 9.0 percent lower than that in 2011.

 

Kang Kyung-wan, senior manager responsible for statistical information with the Construction Association of Korea, said, "It will be hard for the construction industry to see a recovery anytime soon, given the ongoing slowdown in the real estate market and the protracted recession in the macroeconomy."

 

*Article provided by The Korea Economic Daily