Data from Japan’s Ministry of Land, Infrastructure, Transport and Tourism revealed that the number of housing projects started in Japan last June fell more than expected, following an increase the previous month.
The ministry reported that the number of new projects fell last month by 41.8% year-on-year, while analysts had expected a decline of only 2.01% following a 31.5% increase in May—the first rise in four months.
Ministry data also showed a decline in the number of new projects across all categories, whether for home ownership, rental, or for-sale construction.
The number of projects that broke ground last June fell to the equivalent of 811,000 units annually, compared to 862,000 units last May.
At the same time, the data also showed that construction orders received by Japan’s top 50 construction companies rose by 8.6% annually last month, following a 4.2% increase the previous month.
