SEOUL, Aug. 28 (Xinhua) -- South Korea's completed construction in 2025 marked the fastest drop in almost three decades despite a higher number of businesses in the construction sector, statistical ministry data showed Friday.
The total value of completed construction dived 7.9 percent over the year to 335 trillion won (about 243 billion U.S. dollars), posting the sharpest decline since 1998 when it plummeted 12.9 percent, according to the Ministry of Data and Statistics.
Domestic construction output shrank 6 percent to 297 trillion won due to a slowdown in building construction, civil engineering and landscaping that offset resilience in industrial plant construction.
Overseas completed construction hit a bigger bump, tumbling 20.8 percent to 38 trillion won amid a sharp slide in business from the Americas and Asia.
The total value of new construction contracts inched down 0.4 percent to 307 trillion won in 2025 compared to the previous year, turning downward from an increase of 3.6 percent in 2024.
Domestic contracts gained 4 percent to 277 trillion won, but overseas contracts plunged 28.1 percent to 30 trillion won.
The total number of construction companies edged up 0.5 percent from a year earlier to 89,590 in 2025 after rising 1.4 percent in the previous year.
The data indicated that while more players entered the construction market, domestic construction firms navigated a tougher environment amid a cooling overseas market and a slump in domestic building projects, according to the ministry. ■