This image shows an image of the envisioned new airport to be built on Gadeok Island of the southeastern city of Busan. (Busan city government)
This image shows an image of the envisioned new airport to be built on Gadeok Island of the southeastern city of Busan. (Busan city government)

The government has implemented revised regulations on the management of construction costs in the public sector in an effort to better support the ailing construction industry, the finance ministry said Tuesday.

The revised guidelines call for adjusting the total expense of a public construction project to better reflect rising construction costs, according to the Ministry of Economy and Finance.

The revision came into force last month, with some of its clauses to be implemented soon following a related law revision.

"The revision is expected to speed up public projects, which have been delayed due to the surge in construction costs," the ministry said in a release. "It will also support construction firms suffering from financial difficulties." (Yonhap)