Building And Construction In Asia Pacific > South Korea > South Korea

South Korea: Building and Construction in South Korea 2019-2023: November 2019 Update

Total construction commencement value for 2019 is estimated to decline further by 6% (revised up slightly from -8%). The construction sector is expected to remain subdued in 2020 amid continued softer demand across the property sector (given continued weakness in the external and domestic markets). Headwinds facing the manufacturing and real estate sectors are impacting both business and consumer sentiment. The government has announced a record high US$433 billion budget for 2020 to support the country’s deteriorating economy.

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