Financial News: Japan Housing Starts Plunge 12.8%

Japan Housing Starts Plunge 12.8%

04/30/2024 - 03:15:00 (RTTNews)

(RTTNews) - Japan's housing starts decreased for the tenth straight month in March, and at a faster-than-expected pace, data from the Ministry of Land, Infrastructure, Transport, and Tourism showed on Tuesday.

Housing starts dropped 12.8 percent year-on-year in March, which was worse than the 8.2 percent decline in February. Economists had expected a decrease of 7.6 percent.

Data showed that new construction was contracted in all categories, namely owned, rented, issued, and built for sale.

The seasonally adjusted annualised number of housing starts declined to 760,000 in March from 795,000 in the previous month.

Data also showed that construction orders received by the big 50 contractors rebounded sharply by 31.4 percent annually in March versus an 11.0 percent fall a month ago.

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