Haenam County Council Member Ki Woo Lee: "Revitalizing Construction Industry Is Key to Local Economic Survival"

"A Key Foundational Industry with High GRDP Share"
Proposal Submitted
Local Consumption Shaken by Declining Orders, High Interest Rates, and Labor Shortages

Ki Woo, a proportional representative of the Democratic Party at the Haenam County Council in South Jeolla Province, sponsored a proposal on October 20 urging the implementation of measures to revitalize the local construction industry.

In the proposal, Council Member Ki Woo emphasized, "The local construction industry plays a significant role in the regional economy, both in terms of production inducement and value-added creation. It serves as a key foundational industry for revitalizing the local economy, not only through its forward and backward linkages but also through its substantial job creation effects."

Kiwoo Lee, Haenam County Council Member.

He particularly explained that in the case of small local governments, the local construction industry is so large that its share of the Gross Regional Domestic Product (GRDP) ranks just after agriculture, forestry and fisheries, and public and social welfare administration.

He stated, "The local construction industry plays an important role in the growth of the regional economy, serving as a buffer during economic downturns and maximizing growth during economic upswings."

However, he pointed out that the overall construction industry is now facing a downturn due to a decrease in orders caused by the recent domestic and global economic slowdown, rising raw material prices, high interest rates, and labor shortages.

He expressed concern, saying, "The contraction of the local construction market does not simply mean a recession in a single local industry, but leads to sluggish local consumption, which in turn has a significant impact on slowing the growth of the regional economy."