Korean Construction Firms Rank in Global Top 5 for First Time

Data released by the US-based Engineering News Records (ENR) shows that combined sales of South Korea’s leading construction firms ranked fifth in the world in 2014, marking the first time the country has appeared in global top-five.

Among the world’s 250 largest builders South Korea’s 12 biggest construction firms posted $37.06 billion in combined sales in the 2014 recording cycle –that accounted for a 7.1 percent share of the global market.

South Korea’s Ministry of Land, Infrastructure and Transport added that the numbers actually represented a drop of $5.3 billion from the previous year and that Korea’s rise in the ranking was largely due to foreign rivals having suffered greater losses than Korean firms.

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With it’s move into the top 5, Korea pushed out Germany, whose sales came in at $33.84 billion for the year.

China remained at number one with a global market share of 17.2 percent followed by Spain, the United States and France holding the other spots in the top 5 globally.

“The top five ranking comes as South Korea marks its 50th year of making inroads into the foreign construction market this year,” the ministry said in a statement.

“As of this year, aggregate orders won by local builders surpassed the $700-billion mark.”

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