Housing starts had stayed at around 1.5 million since spring 1997, but declined to 1.34 million in June and to 1.24 million in July, the lowest level recorded since September 1985.
Regarding public-sector investment, the amount of public works contracted peaked as orders included in the supplementary budget for fiscal 1996 were concluded, and the amount has followed a decreasing trend, reflecting the restrained budget for fiscal 1997.