SEOUL, Dec. 18 (Xinhua) -- Revenue of South Korean builders surged last year as the real estate market boomed on the record-low interest rate and the eased regulations on mortgage financing, a government report showed Monday.
Construction works revenue of 69,508 domestic builders, who got any construction order, reached 356.6 trillion won (327.6 billion U.S. dollars) in 2016, up 28.1 trillion won, or 8.6 percent, from the previous year, according to Statistics Korea.
It was the fastest increase in eight years, marking the biggest since the statistical agency began compiling the data in 1973.
Civil engineering was lackluster last year, but construction of buildings posted a double-digit growth as households rushed to purchase new homes with borrowed money amid the record-low interest rate and the eased regulations on home-backed loans.
The statistical agency said construction of apartment and office buildings boomed last year.
Added value in the construction industry advanced 12.2 percent over the year to 106.3 trillion won (97.6 billion U.S. dollars) in 2016.
The number of employees in the sector was 1.573 million in 2016, up 2.5 percent from a year ago, the report said.
