South Korean domestic construction orders surge in January

South Korean domestic construction orders surged 58.6 percent on-year to 6.94 trillion won (US$6.47 billion) in January, a sign that market conditions are improving after last year's dismal showing, an industry-wide report said Thursday. According to the Construction Association of Korea (CAK) report, the increase was fueled by a 74.6 percent spike in orders placed by the government and public firms, and was further helped by a 46.3 percent jump in new contracts signed by the private sector. "The monthly numbers indicate that the construction sector may be shaking off last year's lethargy," an official at the association said. He added that January's numbers marked the second straight month that orders have shot up after contracting 1.2 percent on-year in November.