Housing Starts in Japan Decline for Fifth Consecutive Month in October
Japan Housing Starts Fall 6.3%
Japan’s Ministry of Land, Infrastructure, Transportation, and Tourism reported on Thursday that housing starts in Japan declined for the fifth consecutive month in October, although the decline was at a slower-than-expected pace, according to Business Insider (11-30-23).
Year-over-year, housing starts in Japan dropped 6.3%, following a 6.8% drop in September. Japanese economists had expected a stable decline of 6.8%, Business Insider said.
The seasonally adjusted annualized number of housing starts rose to 808,000 in October, up from the 800,000 reported in September.
October’s data showed that new construction in Japan was contracting in all categories, including owned, issued, rented, and built for scale. Data also showed that construction orders received by the largest 50 contractors in the country recovered 4.2% annually, reversing a 3.0% decline in September.
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