Construction permits grow 3.4% on-year in 2016

Published : Mar 13, 2017 - 11:26 Updated : Mar 13, 2017 - 11:26

Construction permits for large buildings rose from a year earlier in 2016 on an increase in residential and commercial buildings, the government said Monday.

Construction permits issued for new large buildings came to 274,621 last year, up 3.4 percent from 2015, according to the Ministry of Land, Infrastructure and Transport.

The construction business in Korea (Yonhap)

Construction permits for new residential buildings, mostly large apartment buildings, increased 4.2 percent on-year to 129,905. The tally does not include construction permits for small housing units, such as detached or row houses.

Construction permits for new commercial buildings rose 2.7 percent to 76,370, while permits for new industrial facilities dropped 5.1 percent to 20,244, according to the ministry.

Despite a slight increase in the number of construction permits, the total space of new buildings authorized in 2016 dropped sharply from a year earlier.

The overall space of new buildings authorized last year came to 177.06 million square meters, down 7.1 percent from a year earlier.

Such a decrease was attributed to a 8.6 percent on-year drop in the total space of new residential buildings. The combined space of new commercial buildings also plunged 10.2 percent.

The ministry said the number of construction permits issued for new apartment buildings tumbled 12.1 percent on-year to 7,281 in 2016. It earlier said the number of construction permits for new homes, including apartment units, dropped 5.1 percent to 726,048 in that year. (Yonhap)