The standard market unit price for construction work will rise by 3.9% next year.

Public construction prices are expected to rise by 3.9% next year from this year.

The Ministry of Land, Infrastructure and Transport said the standard market unit price, which is a guideline for calculating public construction prices next year, is up 3.9% from this year.

According to a survey of 1,832 transaction prices, including site construction costs and wages, on public construction sites worth more than 10 billion won that were actually constructed this year, the average transaction unit price in the market rose 3.9% from last year.

The market average unit price increase rate is used as a standard when calculating construction costs at construction sites the following year, up 2.2% from May, the previous survey.

In order to more accurately reflect prices, the Ministry of Land, Infrastructure and Transport plans to expand the number of major management projects from 315 to 500 next year.