Daegu Mayor announces measures to revitalize local construction industry

Daegu Mayor Chu Kyung-ho has announced a series of measures to revitalize the local construction industry, which has faced two consecutive years of negative growth. During a third emergency economic measures meeting, the city outlined plans to mandate preliminary reviews for dividing public works projects costing over 50 billion won into smaller sections to allow for more local participation.

To increase subcontracting rates, the city aims for a 70% local subcontracting target for outside construction firms handling projects over 5 billion won. Additionally, a matching exchange program between large construction companies and local firms is scheduled for November 2026.

Financial support is also being expanded through partnerships with iM Bank and the Korea Credit Guarantee Fund. A 100 billion won guarantee package will be provided to vulnerable sectors, including construction, with individual limits of up to 1 billion won. Furthermore, a new 30 billion won special guarantee specifically for the construction industry will be established through the Daegu Credit Guarantee Foundation.

In a separate effort to improve governance, Mayor Chu also held a luncheon meeting with representatives from local civil society organizations to discuss regional issues and future development directions, emphasizing the importance of communication between the administration and citizens.