2010.08.3102:16:00UTC+00Japanese July Housing Starts Growth Tops Expectations

Japanese housing starts grew 4.3% year-on-year in July, much faster than the 0.6% increase seen in June, the Ministry of Land, Infrastructure, Transport and Tourism said in a report on Tuesday. Economists had expected only 2% increase for July.

Annualized housing starts in July totaled 772,000 compared to 750,000 in the previous month. The latest figure was also bigger than the consensus forecast of 756,000.

Data showed that construction orders received by big 50 contractors dipped at a pace of 0.7% in July, smaller than the 10.2% June's decline. Building construction orders were down 2.6% versus a 13.4% fall in June. Civil engineering works, meanwhile, rose by 3.3%, reversing last month's 1.7% drop.

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