Over $1 Trillion in Cumulative Overseas Construction Orders Surpassed... "Will Increase Further This Year"

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Last year, the cumulative value of overseas orders secured by the domestic construction industry exceeded 1 trillion dollars, and there are claims that overseas construction orders will increase this year compared to the previous year.

According to the Korea Construction Industry Research Institute's report "2024 Overseas Construction Order Analysis and 2025 Outlook" on the 28th, the global construction market this year is forecasted to grow by 6.4% from last year to approximately 15.6 trillion dollars.

The Middle East and Asia are expected to lead the growth of the global construction market. The Middle East construction market is projected to grow by 11.8% from the previous year to 749.2 billion dollars, and Asia is also expected to record a 7.1% increase to 7 trillion dollars.

The report predicted that overseas construction orders will increase this year despite uncertainties. It stated, "The global economy in 2024 showed better growth than initially forecast due to declining inflation and continued interest rate cuts," adding, "This trend is expected to continue into 2025, but regional disparities are likely to deepen."

Furthermore, it said, "The resolution of geopolitical instability in the Middle East and the possibility of an end to the Russia-Ukraine conflict are expected to have a positive impact in reducing uncertainties in the overseas construction market," emphasizing, "To expand orders for our companies in a favorable ordering environment, it is essential to resolve domestic political instability and ensure the continuity of policies such as the sustained promotion of the investment-development type project activation plan announced last year."

Last year marked the first time in 59 years since Korean construction companies first entered Thailand in 1965 that the cumulative order value surpassed 1 trillion dollars. Our companies have achieved a cumulative 1 trillion dollars in exports and orders for the third time, following semiconductors and automobiles.