Japan Housing Starts Climb Dramatically

Japan's housing starts rose 20.5% year on year to 71,972 units in August, expanding for the third straight month, the Land Ministry said on September 30, according to Nikkei. The increase was the steepest since the 54.2% jump in September 2008.

The increase appears to be due to the mortgage loan tax break as well as inventory released by condominium sellers.

Here are the main 3 areas of increase;

1. Starts for owner-occupied houses grew 15.5% to 29,036 units, up for the tenth straight month.

2. Rental housing starts climbed 16.9% to 25,892 units, marking the first increase in 21 months.

3. Starts for condominiums for sale soared 44.6% to 6,617 units.

While this alone doesn't signify the return of a healthy economy, it is encouraging that things are on the way up, and it is these kind of reports that slowly help to build business confidence.

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