HowBuild Sees 1.5x Increase in Construction Companies Participating in Bidding

"Construction Companies and Building Owners Gather at HowBuild Amid Construction Market Downturn"

[Asia Economy Reporter Kim Cheol-hyun] Construction IT platform HowBuild announced on the 7th that the number of construction companies participating in bids per construction site in the third quarter of this year increased by 1.5 times compared to last year. The number of construction companies participating in HowBuild's open bids increased from an average of 18 to 27.

Construction companies are using the open bidding platform to find building owners who can securely secure construction funds despite recent restrictions on loans from financial institutions. Established in 2003, HowBuild currently has partnerships with about 3,000 construction companies.

The number of building owners conducting bids through HowBuild is also increasing. HowBuild's open bidding service, which allows comparison of estimates from multiple construction companies with verified reliability to reduce costs and risks, is emerging as a strength in uncertain market conditions.

Lee Seung-gi, CEO of HowBuild, said, "Both building owners and construction companies are going through difficult times due to the economic downturn," adding, "At a time when even a single construction project must be carried out carefully, both building owners and construction companies need the safety management provided by the HowBuild platform throughout the bidding, contracting, and pre-construction stages."