TOKYO (MNI) – Housing starts in Japan fell 4.6% in May from a year
earlier to 59,911 units, the first year-on-year drop in two months, the
Ministry of Land, Infrastructure, Transport and Tourism said on
Wednesday.
The latest figure came in much weaker than the consensus call of a
4.0% rise.
The May drop followed a 0.6% rise in April and a 2.4% fall in
March. Housing starts fell -9.3% in February and -8.1% in January and
posted double-digit decreases throughout 2009.
The biggest drop on record was -44.0% marked in September 2007.
The seasonally adjusted annualized rate of housing starts stood at
737,000 units in May, down from 793,000 units in April.
The breakdown follows (on-year changes in the previous month in
parentheses):
— Owner-occupied houses +4.8% y/y at 24,243 units (vs. +2.3%),
the seventh consecutive monthly gain.
— Houses for rent -13.5% y/y at 21,759 units (vs. -7.0%), down for
the 18th straight month.
— Condominiums and houses for sale +0.8% at 13,173 units (vs.
+27.4%), the third consecutive y/y rise.
tokyo@marketnews.com
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