Construction contracts gain 10.5% in 2021

The value of construction contracts in South Korea gained more than 10 percent in 2021 thanks to more private projects, government data showed Monday.

The value of civilian and public works contracts in Asia's fourth-largest economy stood at 288.9 trillion won ($238 billion) last year, up 10.5 percent from a year earlier, according to the data from the Ministry of Land, Infrastructure and Transport.

Private deals surged 15.9 percent on-year to 226.9 trillion won, while public-sector contracts contracted 5.5 percent to 62 trillion won.

Building contracts rose 11.1 percent in 2021 from a year earlier, and civil-engineering deals expanded 8.6 percent.

The value of contracts clinched by the top 50 industry players jumped 17 percent on-year to 114.9 trillion won last year.

Construction contracts in the capital Seoul and its adjacent Gyeonggi Province went up 10.1 percent on-year to 142.4 trillion won, and those in the remainder of the country rose 10.9 percent.

In the fourth quarter of last year, the country's construction contracts came to 81.7 trillion won, down 0.8 percent from a year earlier, according to the data. (Yonhap)