GDP from the construction sector South Korea 2011-2023

In 2023, the gross domestic product (GDP) contributed by the construction sector in South Korea was approximately 89.5 trillion South Korean won. The GDP from this sector showed overall growth until 2017 and started to decrease from the year after. The GDP from construction peaked at around 94.37 trillion South Korean won in 2017. 

Construction industry in South Korea

In 2022, there were approximately 201,000 construction permits in South Korea, not including overseas orders of South Korean companies. In 2021, the total costs of construction amounted to about 440 trillion South Korean won. According to the government construction capability evaluation, South Korea’s leading construction company was Samsung C&T (Construction and Trading). The annual construction capacity evaluation measures a company’s performance based on construction contracts, business management, technical capabilities, and brand credibility.

Construction overseas

South Korean construction companies also operate overseas, building industrial plants, public works, electric powerplants, telecommunications facilities, and more. Overseas construction orders amounted to overe 33 billion U.S. dollars in 2023. At their peak in 2010, South Korean construction companies had orders reaching nearly 72 billion dollars.