Optimism in construction sector rises slightly

Apartments in Seoul [YONHAP]

Korean builders' business sentiment inched up between February and March but remained below par, a poll showed Thursday.

The country's construction business survey index (CBSI) amounted to 73.5 last month, an increase of 1.5 points from the previous month, according to the survey by the Construction and Economy Research Institute of Korea. March marked the metric's second consecutive month of increase.

The CBSI sank 8.5 between December and January, falling below the 70-point level amid a sluggish construction market. A reading below 100 indicates that builders who are pessimistic about the industry's current state outnumber those with optimistic views.

The local construction industry appears to remain in the doldrums despite the slight increase seen in March, the institute said.

The CBSI is expected to reach 8.16, an increase of 8.1 points from last month, on market-boosting government measures, according to the survey.

A week ago, the government unveiled a set of steps to help the construction sector recover from its prolonged slump. But the institute added that it remains to be seen whether market conditions will actually improve this month due to unfavorable factors both at home and abroad.

Yonhap