— Adds Background in Paragraphs 2, 5-6
TOKYO (MNI) – Housing starts in Japan surged 25.2% on the year to 84,251
units in October, a second straight y/y rise, data from the Ministry of Land,
Infrastructure, Transport and Tourism showed Friday.
It was the largest gain since +54.2% in September 2008, a ministry official
said.
The October figure was more than double than the median economist forecast
for a 10.5% rise in a MNI survey and followed a 15.5% increase in September.
The seasonally adjusted annualized rate of housing starts stood at 978,000
in October, up from 866,000 units in September.
The sharp increase from a year earlier reflects a 5.8% drop in October
2011, when demand had waned after the government ended its subsidies for
building energy-saving homes in July 2011.
In October last year, the government revived its temporary reward program,
which again expired on Oct. 31, 2012. Reward points were given to owners of
greener homes under construction or those being renovated to save energy
consumption.
The breakdown follows:
— Owner-occupied houses: +13.0% y/y at 28,894 units, a second straight rise.
— Houses for rent: +48.2% y/y at 33,939 units, a second straight rise.
— Condominiums and houses for sale: +14.2% at 21,064 units, a second straight
rise.
–MNI Tokyo Bureau; tel: +81 90-4670-5309; email: msato@mni-news.com
[TOPICS: MAJDS$,M$A$$$,M$J$$$]
