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(CEP News) - Annualized housing starts in Japan declined to 1.130 million in August compared to forecasts for 1.092 million and the previous month's 1.144 million level, the Ministry of Land, Infrastructure and Transport reported.
In year-over-year terms, starts soared 53.6% despite expectations for a 49.8% increase and the previous month's 19.0% increase, but monthly starts declined 1.2%, reversing a 1.2% increase in July. Owner-occupied starts surged by 35.6% after expanding 23.1% in July while housing for rent expanded by 59.6% after increasing 22.7% in the previous month. The report also says that construction orders in Japan contracted 0.3% year-over-year despite a 42.3% increase in July. By Erik Kevin Franco,
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, edited by Stephen Huebl,
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