SEOUL, Jan. 2 (Korea Bizwire) – The average daily wage in South Korea’s construction industry will increase by approximately 2% in the first half of 2025 compared to the same period in 2024, according to data released by the Korea Construction Association on January 1. The findings are based on a September 2024 survey of [...]
SEJONG, Jan. 2 (Korea Bizwire) – South Korea is streamlining its building energy efficiency evaluation system by integrating the Building Energy Efficiency Rating System into the Zero Energy Building (ZEB) Certification Program, the Ministry of Land, Infrastructure, and Transport announced on January 1. The changes are part of the Third Green Building Master Plan (2025–2029), [...]
SEOUL, Dec. 26 (Korea Bizwire) – South Korea’s tap water supply coverage has reached an impressive 99.5%, according to the 2023 National Waterworks Statistics released by the Ministry of Environment on Wednesday. The report highlights improved water supply infrastructure, reduced leakage rates, and a modest increase in water rates. Key Findings from the Report The [...]
SEOUL, Dec. 26 (Korea Bizwire) — The supply of new private apartments in South Korea is projected to fall below 150,000 units (160,000 including unconfirmed projects) in 2025, marking the lowest level since 2000, according to industry analysts. This dramatic decline is attributed to a complex mix of factors, including rising construction costs and policy implementation [...]
SEOUL, Dec. 24 (Korea Bizwire) — The South Korean government announced a comprehensive support package for the construction industry on December 23, responding to mounting challenges including soaring construction costs, a tightening project financing (PF) market, and increasing unsold housing inventory. The measures come as the construction sector faces significant headwinds, with construction investment showing a [...]
SEOUL, Dec. 18 (Korea Bizwire) — Daewoo Engineering & Construction Co. aims to achieve 1 trillion won (US$695.7 million) in annual net profit by 2027, focusing on key overseas markets while exploring new business opportunities, the company said Wednesday. The ambitious goal was announced by the company’s new CEO Kim Bo-hyun at his inauguration ceremony [...]
SEOUL, Dec. 13 (Korea Bizwire) – South Korea’s construction workforce is aging rapidly, with the average age of construction professionals exceeding 51, up from 38.1 in 2004, according to a report released on Thursday by the Korea Research Institute for Construction Industry (KRCI). The increase of 13 years over two decades highlights a significant demographic shift [...]
SEOUL, Dec. 12 (Korea Bizwire) – Hyundai E&C has introduced a next-generation lifestyle app, consolidating its branded residential services into a single platform. The company announced on Thursday the launch of “My Hills” and “My THE H”, exclusive service apps for residents of its premium apartment brands, Hillstate and The H. The apps provide a seamless digital [...]
SEOUL, Dec. 11 (Korea Bizwire) – Samsung Engineering & Architecture (E&A) announced on December 11 that it has received a Letter of Award (LOA) for the Phoenix Bio-Refinery Project in Malaysia. The contract, valued at $955 million (₩1.37 trillion), accounts for 13.6% of the company’s revenue based on its consolidated financial statements from last year. The [...]
SEOUL, Dec. 10 (Korea Bizwire) – Leading South Korean construction companies are grappling with mounting profitability challenges as the industry faces a prolonged downturn. Cost-to-sales ratios have climbed above 90%, up sharply from the traditional mid-80% range in recent years, with some firms seeing ratios exceed 95%. According to NICE Information Service, the average cost-to-sales ratio for [...]