South Korea’s construction market is tilting toward scale, with the top 10 firms holding 45.2% of the market in 2023 while mid tier players slip to 28%. Public construction investment reached KRW 89.2 trillion, yet the sector still faces a labor shortage of 120,000 workers. Company results and key industry indicators connect these pressures to how contracts, costs, and growth move across the market.
Key Takeaways
- Samsung C&T reported construction revenue of KRW 28.4 trillion in 2023, a 7.2% increase YoY
- Hyundai Engineering & Construction achieved KRW 22.1 trillion in orders in 2023, up 9.5% from 2022
- GS Engineering & Construction's net profit rose 15.3% to KRW 456 billion in 2023
- In 2022, the total value of construction orders in South Korea reached KRW 265.4 trillion, marking a 5.2% increase from the previous year
- The construction industry's contribution to South Korea's GDP was 5.8% in 2023, down from 6.1% in 2022
- South Korea's construction market size was valued at USD 180.5 billion in 2023, projected to reach USD 223.4 billion by 2028 at a CAGR of 4.3%
- In 2023, South Korea's construction workforce numbered 2.01 million workers, a 1.2% increase from 2022
- The average monthly wage for construction workers in South Korea was KRW 4.12 million in 2023, up 3.8% from the prior year
- Construction employment in South Korea accounted for 6.5% of total employment in 2023, with 1.98 million in building construction
- The Incheon International Airport expansion project, valued at KRW 4.8 trillion, was completed in phases through 2023, involving 15,000 workers
- South Korea's high-speed rail network expanded by 200km in 2023, with total investment of KRW 12.5 trillion since 2020
- The Sejong City administrative capital project reached 85% completion in 2023, costing KRW 25 trillion overall
- Digital transformation adoption in Korean construction rose to 68% of firms in 2023
- Green building certifications increased by 22% to 1,200 projects in 2023
- BIM (Building Information Modeling) usage mandated for projects over KRW 50 billion since 2023
Korean construction in 2023 saw firm order and output growth alongside strong overseas gains and improved safety.
Related reading
01 · Category
Company Performance22 stats
01
Samsung C&T reported construction revenue of KRW 28.4 trillion in 2023, a 7.2% increase YoY
02
Hyundai Engineering & Construction achieved KRW 22.1 trillion in orders in 2023, up 9.5% from 2022
03
GS Engineering & Construction's net profit rose 15.3% to KRW 456 billion in 2023
04
POSCO E&C secured KRW 18.7 trillion in new contracts in 2023, focusing on plant construction
05
DL E&C's construction backlog stood at KRW 35.2 trillion as of end-2023
06
HDC Hyundai Development Company's housing division revenue was KRW 12.6 trillion in 2023
07
Taeyoung Engineering & Construction filed for receivership in 2023 with KRW 8.5 trillion debt
08
Lotte E&C completed 25,000 housing units in 2023, revenue KRW 9.8 trillion
09
The top 10 construction firms held 45.2% market share in 2023
10
Doosan Heavy Industries' construction arm revenue grew 11.4% to KRW 7.2 trillion in 2023
11
Heungkuk Construction's overseas orders reached KRW 4.1 trillion in 2023
12
Daewoo E&C revenue KRW 16.5 trillion in 2023, up 5.6%
13
Hanwha E&C net income KRW 320 billion in 2023, 22% growth
14
Hyundae Construction backlog KRW 28.9 trillion end-2023
15
Keukdong Corp overseas revenue USD 1.2 billion in 2023
16
R&D investment by top constructors: 1.2% of revenue avg in 2023
17
Bankruptcy filings among mid-tier firms: 45 cases in 2023
18
Samsung C&T overseas construction ratio 35% of total revenue 2023
19
GS E&C plant projects: KRW 10.2 trillion orders 2023
20
Total overseas contracts by Korean constructors: KRW 45 trillion in 2023
21
Mid-sized constructors' market share declined to 28% in 2023
22
ESG compliance rate among top 50 firms: 92% in 2023 audits
Interpretation
Company Performance Interpretation
While the titans of Korean construction bask in record profits and global conquests, the precarious state of their mid-tier peers suggests the industry is building skyscrapers on a foundation where some bricks are quietly turning to sand.
02 · Category
Economic Indicators20 stats
01
In 2022, the total value of construction orders in South Korea reached KRW 265.4 trillion, marking a 5.2% increase from the previous year
02
The construction industry's contribution to South Korea's GDP was 5.8% in 2023, down from 6.1% in 2022
03
South Korea's construction market size was valued at USD 180.5 billion in 2023, projected to reach USD 223.4 billion by 2028 at a CAGR of 4.3%
04
Building construction accounted for 52.3% of total construction investment in South Korea in 2022, totaling KRW 138.7 trillion
05
Civil engineering construction investment grew by 7.1% year-on-year to KRW 126.7 trillion in 2022
06
The residential construction sector in South Korea saw a 2.8% decline in new orders in 2023, amounting to KRW 72.4 trillion
07
Non-residential building construction orders increased by 4.5% to KRW 45.6 trillion in 2023
08
South Korea's public construction investment was KRW 89.2 trillion in 2023, representing 33.6% of total construction
09
Private construction investment rose 6.2% to KRW 176.2 trillion in 2023
10
The construction producer price index in South Korea increased by 5.7% in 2023 compared to 2022
11
Construction permits issued totaled 456,000 in 2023, a 3.2% decrease YoY
12
Plant construction orders surged 12.4% to KRW 32.1 trillion in 2023
13
The construction cost index for buildings rose 6.8% in 2023
14
Infrastructure investment under the 5-Year Plan (2023-2027) allocated KRW 415 trillion
15
Housing starts in South Korea totaled 412,000 units in 2023, down 5.1%
16
Commercial building completions reached 18.5 million sqm in 2023
17
Total construction investment growth forecasted at 3.9% for 2024
18
Regional construction disparity: Seoul metro area 55% of total investment in 2023
19
Export of construction services valued at USD 28.2 billion in 2023
20
Construction material import costs increased 11.2% due to global inflation in 2023
Interpretation
Economic Indicators Interpretation
South Korea's construction industry, ever the high-stakes Jenga tower, is seeing its orders and overall market value climb while its economic foundation—its GDP share—slightly shrinks, a precarious balance of booming public projects and material costs against a wheezing residential sector and regional concentration that suggests the tower is being built lopsided.
03 · Category
Employment Statistics20 stats
01
In 2023, South Korea's construction workforce numbered 2.01 million workers, a 1.2% increase from 2022
02
The average monthly wage for construction workers in South Korea was KRW 4.12 million in 2023, up 3.8% from the prior year
03
Construction employment in South Korea accounted for 6.5% of total employment in 2023, with 1.98 million in building construction
04
There were 187,000 new hires in the construction sector in South Korea in 2023, a 4.1% rise YoY
05
The labor shortage in South Korea's construction industry reached 120,000 workers in 2023
06
Female workers comprised 12.3% of the construction workforce in South Korea in 2023, totaling 247,000
07
Skilled construction workers aged 50+ made up 42.7% of the total in 2023
08
Training programs for 45,000 construction workers were conducted in South Korea in 2023 under government initiatives
09
The turnover rate in South Korea's construction industry was 18.4% in 2023
10
Foreign workers in construction numbered 156,000 in South Korea in 2023, 7.8% of total workforce
11
Construction employment growth slowed to 0.8% in Q4 2023, totaling 2.03 million
12
Youth employment (under 30) in construction dropped to 8.1% of workforce in 2023
13
Vocational training completion rate for construction workers was 76% in 2023 programs
14
Average working hours for construction workers: 208 hours/month in 2023
15
Union membership in construction stood at 14.2% or 285,000 workers in 2023
16
Injury rate per 10,000 workers was 245 in construction, highest among industries in 2023
17
Migrant worker visas for construction: 180,000 issued in 2023
18
Wage gap: unskilled vs skilled construction workers averaged KRW 1.8 million/month in 2023
19
Retirement age average in construction: 52 years in 2023
20
Government-subsidized apprenticeships trained 22,000 new entrants in 2023
Interpretation
Employment Statistics Interpretation
Despite a modest rise in workforce numbers and wages, South Korea's construction industry is grappling with a severe labor shortage, an aging and injury-prone workforce, and a worrying exodus of young talent, all while relying increasingly on foreign workers to keep the cranes moving.
More related reading
04 · Category
Project Data20 stats
01
The Incheon International Airport expansion project, valued at KRW 4.8 trillion, was completed in phases through 2023, involving 15,000 workers
02
South Korea's high-speed rail network expanded by 200km in 2023, with total investment of KRW 12.5 trillion since 2020
03
The Sejong City administrative capital project reached 85% completion in 2023, costing KRW 25 trillion overall
04
1,245 new apartment complexes with 450,000 units were permitted in South Korea in 2023
05
The Yeouido redevelopment project in Seoul, valued at KRW 10 trillion, broke ground in 2023 with expected completion by 2030
06
Offshore wind farm projects totaling 2.4GW capacity were under construction in 2023, investment KRW 8.7 trillion
07
Seoul's GTX-A line, 83.7km long, 70% complete in 2023, cost KRW 8.8 trillion
08
320km of new highways were constructed in South Korea in 2023, part of KRW 20 trillion national investment
09
Semiconductor mega-fabs by Samsung and SK Hynix, total 15 projects worth KRW 300 trillion, ongoing in 2023
10
Urban regeneration projects in 50 cities, KRW 5.2 trillion invested in 2023
11
The Gangneung-Wonju Expressway, 70km, KRW 2.1 trillion, opened in 2023
12
Pyeongtaek Port expansion added 5 berths, KRW 1.8 trillion investment by 2023
13
4th Lotte World Tower phase, Seoul, 123 floors, completed 2023, cost KRW 3.5 trillion
14
National smart city projects: 10 sites, KRW 7.2 trillion, 60% complete in 2023
15
Busan-Geoje Link tunnel, 8.2km undersea, opened 2023, KRW 1.2 trillion
16
Data center constructions: 25 projects, 1.5 million sqm, KRW 15 trillion in 2023 pipeline
17
Incheon Bridge 2nd phase, KRW 4.2 trillion, construction started 2023
18
Eco-Delta City project, Busan, 1,100ha reclaimed, KRW 40 trillion total, ongoing 2023
19
Battery gigafactories by LG Energy Solution, KRW 20 trillion, under construction 2023
20
Waterway restoration: 500km Han River projects, KRW 900 billion in 2023
Interpretation
Project Data Interpretation
South Korea appears to be solving its housing crisis by methodically building an entire, superior second country right on top of the first one.
05 · Category
Regulatory and Trends19 stats
01
Digital transformation adoption in Korean construction rose to 68% of firms in 2023
02
Green building certifications increased by 22% to 1,200 projects in 2023
03
BIM (Building Information Modeling) usage mandated for projects over KRW 50 billion since 2023
04
Carbon emissions from construction sector targeted to reduce 40% by 2030 under 2023 plan
05
Prefabricated construction ratio aimed at 25% by 2025, reached 18.7% in 2023
06
Labor safety accidents decreased 8.5% to 12,400 cases in 2023
07
Overseas construction orders by Korean firms hit USD 35.6 billion in 2023
08
Modular housing projects grew 35% in 2023, with 15,000 units built
09
AI and robotics integration in construction sites increased to 42% of large projects in 2023
10
Sustainable materials usage mandated >30% for public projects from 2023
11
Construction drone usage up 150% to 5,200 units registered in 2023
12
Zero-energy building certifications: 850 issued in 2023
13
Public procurement via e-bidding: 98% of KRW 80 trillion in 2023
14
Safety inspection failures dropped 12% post-2023 regulations
15
Overseas project insurance coverage increased to 75% of contracts in 2023
16
5G-enabled smart construction sites: 1,200 in 2023
17
Recycling rate of construction waste: 87% in 2023, target 90% by 2025
18
Regulatory sandbox approvals for construction tech: 45 projects in 2023
19
Pandemic recovery: construction output rebounded 4.2% in 2023 post-COVID
Interpretation
Regulatory and Trends Interpretation
The Korean construction industry is methodically digitizing its way to a safer, greener, and more globally dominant future, though it still has a few hard hats to fill and carbon targets to hit.
Reference
Cite This Report
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APA
Rachel Svensson. (2026, February 13). Korean Construction Industry Statistics. Gitnux. https://gitnux.org/korean-construction-industry-statistics
MLA
Rachel Svensson. "Korean Construction Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/korean-construction-industry-statistics.
Chicago
Rachel Svensson. 2026. "Korean Construction Industry Statistics." Gitnux. https://gitnux.org/korean-construction-industry-statistics.
Sources & references
49 datasets cited across this report · attribution is report-level