ID :
207220
Thu, 09/15/2011 - 04:58
Auther :
Shortlink :
https://oananews.org//node/207220
The shortlink copeid
S. Korean construction market hits six-year low: report
SEOUL (Yonhap) - The size of the South Korean construction market sank to a six-year low last year due mainly to a prolonged slump in the domestic property market, a report said Thursday.
According to the report by the Construction and Economy Search Institute of Korea (CERIK), the inflation-adjusted value of domestic construction projects totaled 144.5 trillion won (US$130.7 billion), the lowest level since 147.3 trillion won in 2005.
The amount has hovered around 150 trillion won in the six-year span, reaching 153 trillion won in 2007, 149 trillion won in 2008 and 153 trillion won 2009, said the CERIK report.
CERIK said that the real market value declined 5.3 percent during the period, while its nominal value fell a mere 1.6 percent based on data released by Statistics Korea.
"The local construction market has contracted for years substantially," said a researcher at CERIK. "Domestic builders should come up with measures to cope with the lingering market slump."
South Korea's domestic property market has been in the doldrums since the onset of the 2008 financial crisis. The monthly construction business sentiment index released by CERIK has hovered around 70 this year, far below the 100 level, meaning that pessimists outnumber optimists.
According to the report by the Construction and Economy Search Institute of Korea (CERIK), the inflation-adjusted value of domestic construction projects totaled 144.5 trillion won (US$130.7 billion), the lowest level since 147.3 trillion won in 2005.
The amount has hovered around 150 trillion won in the six-year span, reaching 153 trillion won in 2007, 149 trillion won in 2008 and 153 trillion won 2009, said the CERIK report.
CERIK said that the real market value declined 5.3 percent during the period, while its nominal value fell a mere 1.6 percent based on data released by Statistics Korea.
"The local construction market has contracted for years substantially," said a researcher at CERIK. "Domestic builders should come up with measures to cope with the lingering market slump."
South Korea's domestic property market has been in the doldrums since the onset of the 2008 financial crisis. The monthly construction business sentiment index released by CERIK has hovered around 70 this year, far below the 100 level, meaning that pessimists outnumber optimists.
