Surge in semiconductor exports contributes to expanded employment and population growth

The Cheonan Institute for Science and Industry Promotion announced on the 14th that major economic indicators in Cheonan are showing a clear upward trend centered around exports and employment, according to the "SCIENCE & ECONOMIC" report published last month.

The city's export volume recorded a sharp upward trajectory, surging 317.8% compared to the same period last year.

Semiconductor exports, the city's primary export item, drove the overall export growth by skyrocketing 3,333% compared to the same month last year. This was fueled by expanded facility investments from major cloud corporations such as Google and Amazon, alongside increasing demand for AI infrastructure.

This demonstrates that Cheonan's core industries are adding vitality to the local economy, with related indicators for employment and business establishments also showing upward trends.

Employment in the city increased by 3.3% year-on-year, while the number of business establishments grew by 2.5%. It was analyzed that overall industrial activity within the region is gaining momentum alongside employment expansion.

The population is also maintaining a modest growth trend. The city's total population surpassed 700,000 in May of last year, reaching 710,472 last month—a 1.03% increase compared to the same month last year.

Analysts note that the upward trend in real economy indicators, such as exports and employment, coupled with an influx of population, is strengthening the foundation for a virtuous cycle in the city's local economy.

The Institute plans to continuously monitor trends in the local economy by analyzing major domestic and international economic indicators, including exports and employment every month, thereby supporting the establishment of city policies and strengthening the adaptability of local enterprises to external environments.

Lee Jong-taek, Acting President of the Cheonan Institute for Science and Industry Promotion, stated, "Moving forward, we will accurately diagnose the currents of economic change through economic trend analysis and strive to enhance the city's responsiveness to economic policies based on these results."

[ⓒ Global Economic Times. 무단전재-재배포 금지]