South Korea Construction Market Overview
South Korea's residential construction market is currently contracting, with housing starts of 350K in 2023 — 31% below the 10-year average of 511K.
The country's recorded peak was 726K units in 2016. Current activity is -52% below that peak.
Among the 21 OECD countries tracked, South Korea ranks #3 by total housing starts. Year-over-year change is -7.9%, reflecting declining permits and reduced construction activity.
For contractors working in South Korea: A contracting market may create opportunities to negotiate better material pricing or lock in subcontractor rates.