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Financial News: Japan Housing Starts Rise Unexpectedly In April

Japan Housing Starts Rise Unexpectedly In April

05/31/2017 - 01:32:00 (RTTNews)

(RTTNews) - Japan's housing starts increased for the second straight month in April, defying economists' forecast for a decline, data from the Ministry of Land, Infrastructure, Transport and Tourism showed Wednesday.

Housing starts climbed 1.9 percent year-over-year in April, much faster than the 0.2 percent slight rise in March. In contrast, economists had expected a 1.5 percent fall for the month.

Annualized housing starts grew to 1.0 million in April from 0.98 million in the preceding month. It was expected to drop to 0.97 million.

Construction orders received by 50 big contractors dropped 0.2 percent yearly in April, reversing a 1.1 percent increase in the prior month.

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