S. Korean construction business sentiment worsens in January: think tank

The construction business survey index (CBSI) for January dropped by 3.5 points to 65.4 from a month earlier due to a sharp decrease of construction orders in the public sector and a reduction of construction projects in the private sector during the cold winter, a think tank said on Feb. 3.

In December, the CBSI stood at 68.9 as the government cut acquisition taxes for house purchases as part of efforts to revive the freezing property market.

If the CBSI falls to below 100, that means the number of pessimistic builders is more than that of optimistic ones.

Fortunately, the CBSI is expected to soar to 77.2 in February, up 11.8 points from January, the institute said.

By Josephine Liu Yan Yee

Park Sae-jin swatchsjp@ajunews.com