Construction contracts gain 12.2% in Q3

This undated file photo shows an apartment construction site in Seoul. (Yonhap)

The value of construction contracts in South Korea climbed more than 12 percent in the third quarter of 2021 thanks mainly to increased private projects, government data showed Tuesday.

Civilian and public works contracts in Asia's fourth-largest economy were valued at 65.2 trillion won ($54.6 billion) in the July-September period, up 12.2 percent from a year ago, according to the data from the Ministry of Land, Infrastructure and Transport.

Private deals swelled 12.9 percent on-year to 55 trillion won, and public-sector contracts expanded 8.9 percent.

Building contracts increased 8.6 percent from a year ago during the three-month period, and civil-engineering deals surged 32.4 percent.

The value of contracts won by the top 50 industry players edged up 0.8 percent on-year to 25.3 trillion won in the third quarter.

Construction contracts in the capital Seoul and its adjacent Gyeonggi Province went up 10.3 percent, and those in the remainder of the country increased 14 percent, according to the data. (Yonhap)