Construction Orders (Major 50 Contractors) in Japan

Measures the year-on-year change in the value of construction orders received by Japan's 50 largest contractors (大手50社), from the survey of the Ministry of Land, Infrastructure, Transport and Tourism (MLIT). It is a leading indicator of construction-sector activity.

The sum in yen of new construction orders won by the 50 major contractors during the month, compared with the same month a year earlier and expressed as a year-on-year percentage change.

It anticipates Japan's investment in construction and infrastructure and, with it, the pulse of domestic demand and sector employment. A pick-up in orders points to firmer future activity in both public and private works.

It covers only the 50 largest contractors, not the whole sector, and it is highly volatile month to month owing to large one-off projects and base and calendar effects.