YoY value of construction put in place South Korea 2023, by construction type
In October 2023, building construction in South Korea saw a rise in the value of completed construction put in place compared to the same month a year before. Value of construction completed, or value of construction put in place (VIP), refers to the estimate of the total value of construction work completed in that month. This measurement allows for clearer measuring of the construction market outside of the number of contracts as literal construction can be delayed due to factors such as a sluggish economy, rise in raw material prices, etc.