Samsung, Hyundai, and LG Group build factories in the United States, and their subordinate construction companies take orders
South Korean builders are receiving more and more U.S. orders as the four major South Korean business groups and the U.S. government work together to restructure global supply chains. The U.S. ranks third in the 2022 orders list, up from 11th in 2021 and 20th in 2020, among South Korean builders' orders from 85 countries.
Four South Korean business groups including Samsung, Hyundai Motor, SK and LG announced this year that they will invest $17 billion, $10.5 billion, $22 billion, and $11 billion in the U.S., respectively, for a total of about $60.5 billion (about 80 trillion won) .
As the four groups continue to invest in the United States, overseas orders from South Korean builders have increased. The four groups placed orders with their construction companies to prevent technology leaks. Samsung Electronics' semiconductor factory will be built by Samsung C&T and Samsung Engineering; SK Ecoplant will build SK Group's battery factory; Hyundai E&C and Hyundai Engineering will be responsible for Hyundai Motor's factory; LG Group's facilities will be built by GS E&C, formerly LG subsidiary of the group.
The U.S. construction market is expected to grow further. U.S. President Joe Biden announced plans to invest $2.25 trillion in his infrastructure in 2021, an action that heralded an expansion in the U.S. construction market. Global consultancy Global Data predicts that growth in the global construction market will slow, but the U.S. construction market will grow by more than 2% this year, "the U.S. construction market will grow at a compound annual growth rate of 3.7%, reaching 18,900 in 2026. One hundred million U.S. dollars."
In 2021, the Korean construction industry received a total of US$943.23 million in U.S. orders, ranking 11th among Korean builders in orders from 85 countries. But the U.S. construction market is expected to become more important to South Korean builders in the coming years
