Seongsu-dong’s Economic Value Jumps by ₩33 Trillion Over 12 Years
Creatrip Team
7 months ago
A Hanyang University study commissioned by Seoul’s Seongdong District found Seongsu-dong’s economic value increased by about ₩33.3 trillion since 2014. The analysis combined business revenues, worker wages, and visitor spending over the past decade. Business revenue in Seongsu rose from ₩24.2 trillion in 2014 to ₩51.2 trillion in 2023, and the number of businesses grew 71% to 34,381. Total worker wages climbed from ₩2.5 trillion in 2014 to ₩6.2 trillion in 2024. Corporate and income tax revenues also more than doubled. The study credits policies such as designating the area as the Seongsu IT Distribution Development Promotion Zone, support for social ventures, and startup assistance for drawing companies. Preservation of red-brick architecture, urban regeneration projects, and cultural events like the Creative X Seongsu festival helped boost visitors. Spending by foreign tourists rose from ₩13.3 billion in 2018 to ₩198.9 billion in 2024. The district chief said the area’s distinctive charm (red-brick buildings and creative neighborhood identity) attracted people and businesses, driving sustained economic growth.
