SEOUL, KOREA- The next year's domestic construction market is forecast to be below the 100-trillion-won mark, which is the lowest level for the past ten years. This is because the construction market has not gotten out of the years of recession while mega-projects such as the Yongsan International Business District, Chungna Business Town (Incheon), and Gwanggyo Eco City (Suwon) went belly up in droves.
In a conference "2014 Construction Market Forecast and Strategic Response" held by the Korea Federation of Construction Contractors on October 23, Kang Hyun, senior fellow with the GS Engineering & Construction Economic Research Institute, said, "The domestic construction order booking amount for 2014 will remain at 91.7 trillion won largely due to a cut in public-sector infrastructure investments and an ongoing downturn in the housing market."
The 91.7-trillion-won order booking volume is expected to be the lowest level in ten years. This is 28.3 percent lower than the peak of 127.9 trillion won set in 2007. At the year's end, it is projected that the 2013 order booking amount would be about 90.4 trillion won.
저작권자 © Korea IT Times 무단전재 및 재배포 금지
