Construction firms' domestic orders hit record high in 2016

South Korean construction companies racked up a record in domestic orders last year, aided by a boom in the local property market, offsetting a slump in overseas projects, industry data showed on Wednesday.

According to the data compiled by the Construction Association of Korea, local builders received a record 164.9 trillion won ($143.7 billion) last year, rising 4.4 percent from a year earlier.

(Yonhap)

Of the orders tallied, they bagged 117.47 trillion won worth from the private sector and 47.41 trillion won from the public sector, which mark a 3.7 percent on-year rise and a 6 percent surge, respectively.

Meanwhile, local construction firms clinched overseas deals valued at a combined $28.19 billion last year, down 38.9 percent from a year earlier, marking the lowest since 2006, when the comparable figure was $16.46 billion.

After peaking at $71.58 billion in 2010, local builders' overseas construction deals have been on the decline, hovering around $60 billion till 2014 as they competed to win more projects at lower prices amid low oil prices.

In 2015, their overseas deals amounted to $46.14 billion, also down 30.1 percent from a year earlier. (Yonhap)