— See Separate Table For Details of Individual Forecasts
TOKYO (MNI) – Japanese housing starts are expected to have risen
3.3% on-year in May, gaining for the second month in a row, according to
the median forecast of analysts surveyed by Market News International.
The Ministry of Land, Infrastructure, Transport and Tourism will
release the data at 1400 JST (0500 GMT) on Thursday, June 30.
Housing starts rose 0.3% on-year in April, -2.4% in March and
+10.1% in February.
Tamai Chino, economist at Mizuho Research Institute, said,
“Shortage of construction materials, which was seen after the March 11
disaster, has been easing, and consumers’ sentiment has been improving.”
On a seasonally adjusted annualized basis, housing starts appeared
to have totaled 790,000 units in May, down slightly from 798,000 in
April and posting the lowest level since 789,000 marked in July 2010.
Looking ahead, many economists see housing starts will pick up from
summer, boosted by demand for reconstruction of the quake-hit area.
Housing starts are expected to rise 3.8% to 852,000 units in fiscal
2011, according to a projection by the Research Institute of
Construction and Economy.
skodama@marketnews.com
** Market News International Tokyo Newsroom: 81-3-5403-4838 **
[TOPICS: M$J$$$,M$A$$$,MAJDS$]
