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Japan's housing starts drop 5% for the 4th straight month in August
Posted on October 7, 2024 |
Japan's housing starts decreased for the 4th consecutive month in August, with a year-on-year decline of 5.1%, compared to a 0.2% drop in July and an expected decrease of 3.3% by economists.
Contractions were observed across all housing categories, including owned, rented, issued, and properties built for sale.
The seasonally adjusted annualized rate of housing starts rose to 777,000 in August, up from 773,000 in July.
Construction orders received by the top 50 contractors increased by 8.7% year-on-year in August, following a notable 62.8% surge in the previous month.
Despite the uptick in annualized housing starts, the overall housing market continues to face challenges.