1/31/2012 12:15 AM ET
(RTTNews) - Japan's housing starts decreased for the fourth consecutive month and at a faster than expected pace in December, the Ministry of Land, Infrastructure, Transport and Tourism said Tuesday.
Housing starts fell 7.3 percent year-on-year in December, down sharply from the 0.3 percent decrease seen in the prior month. Economists had expected only 1.5 percent drop for December.
Annualized housing starts totaled 783,000 compared to 824,000 a month ago. The expected level was 848,000.
Construction orders received by 50 big contractors increased at a much slower pace of 1.5 percent in December after logging 21 percent expansion in November.
by RTT Staff Writer
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