Japon - Mises en chantier

Housing starts in Japan slumped 7.4 percent year-on-year in October 2019, the fourth straight month of decline, after a 4.9 percent fall in the previous month and compared with market estimates of a 7.6 percent drop. New construction starts fell for owned (-5.6 percent vs -3.5 percent in September), rented (-16.5 percent vs -16.8 percent), issued (-58.7 percent vs -24.7 percent), prefabricated (-7.9 percent vs -5.8 percent) and two-by-four (-12.7 percent vs -6.9 percent). In contrast, there were increases in starts for built for sale (7 percent vs 14.1 percent), boosted by both collective housing (16.2 percent vs 34.6 percent) and detached houses (1.4 percent vs 0.1 percent).

Housing starts in Japan slumped 4.9 percent year-on-year in September 2019, the third straight month of decline and compared to market consensus of a 6.7 percent drop. New construction starts fell for issued (-24.7% vs -64.3% in August), two-by-four (-6.9% vs -12.5%), owned (-3.5% vs -1.6%), rented (-16.8% vs -17.5%), and prefabricated (-5.8% vs -5.3%). In contrast, starts rose for built for sale (14.1% vs 5.6%), boosted by both collective housing (34.6% vs 11.1%) and detached houses (0.1% vs 2.4%).

Housing starts in Japan declined by 7.1 percent year-on-year in August 2019, compared to the previous month's 4.1 percent drop and market consensus of a 6.1 percent fall, led by decreases in owned (-1.6 percent vs 3.3 percent in July), rented (-17.5 percent vs -15.2 percent), issued (-64.3 percent vs -43.3 percent), prefabricated (-5.3 percent vs 0.7 percent), and two-by-four (-12.5 percent vs -4.1 percent). On the other hand, new construction starts for built for sale grew faster (5.6 percent vs 5.1 percent), due to a sharp rebound in collective housing (11.1 percent vs -1.1 percent) and a further rise in detached houses (2.4 percent vs 8.9 percent).

Housing starts in Japan declined by 4.1 percent year-on-year in July 2019, compared to market consensus of a 5.4 percent fall and reversing a 0.3 percent gain in the previous month. There were falls in construction starts for both rented (-15.2 percent vs -12.2 percent in June) and two-by-four (-4.1 percent vs -0.6 percent). In addition, starts rose much softer for both owned (3.3 percent vs 12.9 percent) and prefabricated (0.7 percent vs 8.9 percent). Also, new construction starts for built for sale grew less (5.1 percent vs 7.8 percent), due to a drop in collective housing (-1.1 percent vs -4.2 percent) while detached houses eased (8.9 percent vs 10 percent). Meanwhile, starts for issued increased for the first time in three months (43.3 percent vs -34.3 percent).

Housing starts in Japan rose 0.3 percent year-on-year in June 2019, beating market consensus of a 3.4 percent fall and recovering from a 8.7 percent decline in the previous month. There were increases in new construction starts for built for sale (7.8 percent vs-11.4 percent), namely collective housing (4.2 percent vs -22.7 percent) and detached houses (10.0 percent vs-0.4 percent); prefabricated (8.9 percent vs -1.7 percent); and owned (12.9 percent vs 6.5 percent). In addition, starts fell at softer rates for: rented (-12.2 percent vs -15.8 percent); issued (-34.3 percent vs -68.6 percent); and two-by-four (-0.6 percent vs -3.0 percent).

Housing starts in Japan dropped by 8.7 percent year-on-year in May 2019, worse than market consensus of a 4.3 percent fall and after a 5.7 percent decline in the previous month. This was the biggest yearly decrease in housing starts since January 2018. New construction starts fell for: built for sale (-11.4 percent vs -6 percent in April), in particular collective housing (-22.7 percent vs -15.1 percent) and detached houses (-0.4 percent vs 3.0 percent); rented (-15.8 percent vs -16.7 percent); two-by-four (-3 percent vs -11.6 percent); issued (-68.6 percent vs 75.9 percent) and prefabricated (-1.7 percent vs 1 percent).