South Korean Construction Output Hits Record 24-Month Decline

South Korea's construction industry is facing an unprecedented downturn, with production figures shrinking for 24 consecutive months. This sustained decline, the longest since statistical records began, signals deep-seated challenges within the sector.

According to data from the National Statistical Office and the National Assembly Budget Office, construction output in April decreased by 5.5% compared to the same month last year. Both the building construction sector, which saw a 6.4% drop, and the civil engineering sector, which declined by 2.8%, contributed to the overall contraction.

The downward trend commenced in May 2022 and has persisted unabated, raising concerns about the industry's future growth and its impact on the broader economy. The consistent decrease suggests that factors affecting the sector are systemic and have not been resolved over the past two years.