Recovering Wood Single-Family Housing Market in Korea
In Korea, the most important segment for Canadian wood products such as SPF dimension lumber and wood-based structural panels is the single-family housing market, and it seems the downward slide from its peak in 2016 has finally bottomed out and is showing signs of recovery. As shown in the graph below, the number of wooden single-family starts in 2020, compiled and released by the MOLIT* has increased numerically from 2019 and its market share of Korea’s total single-family starts increased to 14.2%, the highest level so far.
These numbers are encouraging as the wooden single-family market not only suffered from the COVID-19 Pandemic but also from higher lumber and panel prices and the longest monsoon season on record which lasted almost two months in the summer of 2020.
* Ministry of Land, Infrastructure and Transport