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South Korea: Building and Construction in South Korea 2021-2025: May 2021 Update

Construction work done is expected to see further growth in 2021 (+5.8%) after its resilience in 2020 (+1%) amid COVID-related disruptions across construction sites. While we expect activity in the civil engineering sector to remain stable over 2021, following the 6% growth last year, work done by both the residential and non-residential sectors are expected to rebound strongly, growing 6.3% and 10.4% respectively. A strong pipeline of projects, with growth in both residential (+36.6%) and non-residential (+16.6%) building commencements value last year, will underpin activity in these sectors over the coming years. A forecast 3.3% increase in GDP after a 0.9% contraction in 2020 is likely to bolster demand especially for new houses, offices and industrial properties in 2021.​

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