Japan Housing Starts Summary for November 2019
November total housing starts dropped 12.7% to finish at 73,523 units for the fifth consecutive monthly decline. Owner occupied housing declined 7.3% and rental housing plunged 17.5% for the 15th consecutive monthly decline. If there was a silver lining it was that the decline in wooden housing was relatively modest at 5.7%. Indeed, wooden housing’s market share of total housing reached a new peak of 61.65% – this is the highest level since my records date back to 1985. Post and beam starts fell 5.8% to 34,480 units. Wooden pre-fab fell 7.1% to 1,059 units. Platform frame starts posted a 5.4% decline to 9,787 units. By housing type, the breakdown in platform starts is as follows: custom ordered homes fell 5.7% to 2,787 units, rentals declined 2.3% to 5,973 units and built for sale spec homes decreased 19.2% to 1,024 units.