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Japanese construction spending grows

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Construction spending in Japan rose to 3.1 trillion Yen (£24.8bn) in June, official figures have revealed

The Japanese government said investment was up 3 per cent from the previous month and about 5 per cent from June 2011.

Private sector investment rose 3 per cent to 2.0trn Yen while public sector spending went up by a similar amount to 1.1trn Yen.

The Royal Institution of Chartered Surveyors (RICS) said rebuilding after the earthquake and tsunami of March 2011 had continued to boost the industry.

RICS economist Andy Wu said: ‘Thanks to the reconstruction effort, public sector construction has continued to fuel overall growth in the building industry.

‘June saw the sixth straight month of rising public construction orders received by the big 50 contractors.

‘Rebuilding has also helped the cyclically depressed residential building sector. Judged on a three-month moving average basis, housing starts rose significantly for the second straight month in June.

‘This is broadly consistent with the results of the recently released Q2 RICS Global Commercial Property Survey, which suggests new construction activity continued to increase last quarter.’

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