Lee(2014) found that the wage per worker increased significantly due to competition among firms in the labor market in South Korea’s manufacturing industries and the portion determined by this competition in the average industry wage weakened agglomeration of the manufacturing industry. Regretably, he measured agglomeration only in terms of labor. It should be noted that capital stock in manufacturing industry contributes much more in production and value-added. If capital stock increases responding to the increase in average wage due to firms’ competition in labor market, it is difficult to say that firms’ competition weakens agglomeration. According to this research, it is found that no industry experienced increases in capital stock. In the case of chemistry, oil, metal, non-metal, steel, electronics, electrics, and auto industry, capital stock decreased more than the increase in average wage due to competition among firms. Interestingly, average wage itself, not the portion in average wage determined by competition among firms, made an increase in capital stock of manufacturing industries.