SEJONG, March 25 (Yonhap) — The value of construction contracts in South Korea jumped nearly 19 percent in the fourth quarter of 2020 thanks to increased private and public projects, government data showed Thursday.
The value of civilian and public works contracts stood at 82.4 trillion won (US$72.7 billion) in the October-December period, up 18.7 percent from the same period a year ago, according to the data from the Ministry of Land, Infrastructure and Transport.
Public sector contracts swelled 24.9 percent on-year to 23.6 trillion won, and private deals expanded 16.4 percent to 58.8 trillion won.
Building contracts increased 29.7 percent from a year ago during the three-month period, while public works projects shrank 10.5 percent.
The value of contracts won by the top 50 industry players grew 19 percent on-year to 37.4 trillion won in the last quarter.
Meanwhile, the value of construction contracts in Asia’s fourth-largest economy came to 261.4 trillion won for all of 2020, up 13.5 percent from a year earlier. Public contracts rose 11.4 percent, with private deals growing 14.2 percent, according to the data.