The numbers are in
Posted by Jim Ivanoff
January 30th, 2009
As US housing starts plummeted to the 600,000 unit level in 2008 from over 2.2 million just 3 years ago, everyone in Japan has been worried what the final numbers would be for this market. The numbers are now in and the results are mixed.
With 1,093,485 starts in 2008, the Japanese housing market grew by 3.1% over 2007. 2×4 starts had a particularly good year jumping by 9.3%! This sort of stability considering today's global economic downturn is of course welcome news.
However, 2007 was a terrible year for construction starts due to the introduction of building code amendments that almost shut the industry down for several months. Therefore, if we compare 2008's results to the 1,236,072 starts in 2006, then we can see that times are still tough in Japan too. Mind you things could be worse. Just ask our neighbours to the south.