South Korea Economy and Housing Market Update

By Tai Jeong, Director, Canada Wood Korea
The Canada Wood Group Blog
January 3, 2023
Category: Finance & Economics
Region: International

South Korea’s economy grew at its slowest pace in a year in Q3 as poor net exports offset consumption and investment. …OECD cuts South Korea’s 2023 growth outlook to 2.2% from earlier forecast of 2.8%, citing uncertainties in the global economy.

  • South Korea’s Housing Starts in number of units and total floor areas for Q3 of 2022 decreased 26.1% to 294,059 units and 17.1% to 27.69 million square meters respectively from a year earlier.
  • Housing Permits in number of units and total floor areas for Q3 of 2022 increased 5.9% to 380,200 units and 16.8% to 48.81 million square meters respectively from a year earlier.
  • The number and total floor area of Wood Building Starts for Q3 of 2022 decreased 9.8% to 7,304 buildings and 10.3% to 694,621 m2 from a year ago and those for Wood Building Permits also decreased 6.7% to 8,885 buildings and 9.6% to 803,411 m2.

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