Seoul:<Text>

The value of construction contracts saw a rebound in 2024, primarily driven by an increase in public projects, as revealed by government data on Friday. The value of civilian and public work contracts in South Korea reached 307 trillion won (US$220.3 billion) last year, marking a 3.4 percent increase from the previous year.

According to Yonhap News Agency, this development signifies a significant turnaround from 2023, when the value of construction contracts experienced a 12.1 percent decline on-year to 298 trillion won. The data from Statistics Korea highlighted that the value of contracts for construction in Seoul and its surrounding areas surged by 17.7 percent on-year to 131 trillion won. However, construction contracts in other regions of the country decreased by 7.4 percent during the same period.

The study further noted that the value of construction contracts for overseas projects reached 41 trillion won, reflecting a 2.9 percent increase on-year. The United States witnessed the most substantial growth in overseas construction work, with a 40.3 percent on-year increase in 2024. This was followed by the Middle East, where construction activities rose by 31.9 percent from the previous year.

In terms of project type, the construction value of public projects saw a 7.2 percent growth on-year, amounting to 90 trillion won. Conversely, the combined value of private projects experienced a decline of 2.6 percent, totaling 226 trillion won.