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(CEP News) - According to data from the Ministry of Land, Infrastructure and Transport, annualized Japanese housing starts totalled 1.072 million in May despite forecasts for a fall to 1.113 million from April's 1.151 million level.
The figures reflect an annualized contraction of 6.5% in May compared to the consensus for a 3.7% decline, but an improvement from April when housing starts fell by 8.7%. Owner occupied starts declined by 5.7% after contracting 7.8% in April while housing for rent contracted by 8.6% after declining 5.3% in the previous month. The report also noted that houses for sale fell by 11.3% on the year compared to the previous month's 3.0% gain. In another report, the ministry said Japanese construction orders fell by 25.2% year-over-year in May, an acceleration from April's 8.4% pullback. By Erik Kevin Franco,
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, edited by Stephen Huebl,
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