The construction industry expressed its support for a supplementary budget of 2.7 trillion won aimed at revitalizing the construction market.
The Construction Association of Korea noted in a statement on the 19th, "Allocating 2.7 trillion won to invigorate the construction market will be a significant help for the construction industry, which is struggling with soaring construction costs, rising interest rates, and declining revenue due to issues at business sites."
It emphasized, "Recently, the construction investment growth rate has continuously dropped more than 5% since the 3rd quarter of last year, and the domestic GDP growth rate has also remained below 0.1% for four consecutive quarters, which is a more severe state than the International Monetary Fund for three straight quarters, and the government recognizes the construction industry's recession as a major cause of the serious domestic economic downturn."
Previously, the association suggested to the government that a supplementary budget of 3 trillion won for social overhead capital should be arranged this year, and the budget for next year's social overhead capital should exceed 30 trillion won to boost economic revival and domestic demand.
Han Seung-gu, president of the Construction Association of Korea, said, "To escape the low-growth crisis, secure growth engines, recover the livelihood economy, and create jobs, it is necessary to expand the social overhead capital budget to over 30 trillion won in 2026," adding, "The construction industry will also make considerable efforts to ensure safety and quality through diligent construction, and to improve the quality of life for citizens."