Firm Order Environment in the Construction and Housing Industries and High Housing Starts
First written in FY2017-Q2. 8 of 33 entries say "Softened", first in FY2018-Q1. Latest entry: FY2026.
Kudo moved to the "Worse" side of this theme in 2020.
The whole theme swung hardest in 2020: 2 of 6 companies on the "Worse" side.
4 other companies' latest entry also says "Other".
- FY2026Robust construction order conditions alongside softening housing startsAnnual report
「In the construction industry, public investment and construction investment remained firm, and the order environment continued to be favorable. However, labor shortages and increases in materials prices and labor costs persisted, and difficult conditions continued. In addition, housing starts trended weakly against a backdrop of inflation, soaring housing prices, interest-rate trends and other factors, and the need to continue monitoring market trends persisted.」
In construction, public and private-sector investment and the order environment remained firm, while labor shortages and increases in materials prices and labor costs continued. In housing, starts weakened because of the effects of inflation, housing prices and interest rates. - 2026-05-15RestatedEarnings
「In the construction industry, public and private construction investment remained firm, and the overall order environment continued to be solid.」
公共投資・建設投資が底堅く、堅調な受注環境が続くとの認識を示している。一方で、住宅着工戸数は弱含みとしている。 - FY2026-H1Construction investment remaining at current levels alongside sluggish housing startsAnnual report
「In the construction industry, public investment and construction investment remained at certain levels, but the need to monitor changes in construction demand and needs even more closely is expected to continue because of labor shortages and soaring materials prices. In housing construction, new housing starts trended weakly against a backdrop of rising construction costs, interest-rate trends and other factors, while competition among businesses remained intense.」
Construction investment remained at a certain level, while close monitoring of labor shortages and soaring materials prices continued. In housing, housing starts weakened against a backdrop of construction costs and interest-rate trends, and competition was also intense. - FY2025SoftenedAnnual report
「In the construction industry, public investment remained firm, while construction investment was generally flat. The need to monitor changes in construction demand and needs even more closely is expected to continue because of labor shortages and soaring materials prices. In addition, housing construction overall, including owner-occupied, condominium and rental housing, was generally flat, while construction costs continued to rise because of soaring materials prices and rising labor unit costs.」
Construction investment was generally flat, and housing construction overall was also described as generally flat, a less weak description than the overall declining trend in FY2025-H1. Meanwhile, materials and labor costs continued to rise. - FY2025-H1SoftenedAnnual report
「In housing construction, owner-occupied, condominium and rental housing starts were below the previous year, resulting in a declining trend overall. Construction costs continued to rise because of soaring materials prices and rising labor unit costs.」
The FY2024 annual disclosure described owner-occupied and condominium housing starts as weak and rental housing starts as flat, while this filing states that all three were below the previous year and that total housing starts were on a declining trend. - FY2024RestatedAnnual report
「In the construction industry, public investment remained firm and construction investment showed signs of recovery. However, the need to monitor changes in construction demand and needs even more closely is expected to continue because of the impact of labor shortages and elevated materials prices. In the housing industry, owner-occupied and condominium housing starts have recently been weak, while rental housing starts remained flat.」
The disclosure indicates recovery in public investment and construction investment, while continuing to note labor shortages, elevated materials prices, and weakness in owner-occupied and condominium housing starts. - FY2024-Q3Recovery in construction investmentAnnual report
「In the construction industry, public investment remained firm, and construction investment showed signs of recovery. However, the need to monitor changes in construction demand and needs even more closely is expected to continue because of the impact of labor shortages and elevated materials prices. In the housing industry, owner-occupied and condominium housing starts have recently been weak, while rental housing starts remained flat. In addition, construction costs continued to increase because of soaring materials prices and rising labor unit costs.」
The description of construction investment improved from the previous “recovery showing signs of stalling” to “showing signs of recovery.” Meanwhile, labor shortages, elevated materials prices, weak owner-occupied and condominium housing starts, and higher construction costs caused by soaring materials prices and rising labor unit costs continued. - FY2024-Q2SoftenedAnnual report
「In the construction industry, public investment remained firm, but construction investment showed signs of stalling in its recovery. The need to monitor changes in construction demand and needs even more closely is expected to continue, partly because of rising labor costs caused by labor shortages and the impact of soaring materials prices. In the housing industry, owner-occupied and condominium housing starts have recently been weak, while rental housing starts remained flat. Construction costs also continued to rise because of soaring materials prices and other factors.」
Construction investment changed from the previous “gradual recovery” to “recovery showing signs of stalling.” In housing, owner-occupied and condominium housing starts remained weak, while rental housing starts changed from the previous “firm” to “flat.” - FY2024-Q1Broader weakness in housing starts and rising construction costsAnnual report
「In the construction industry, public investment remained firm and construction investment showed gradual signs of recovery, but the need to monitor changes in construction demand and needs even more closely is expected to continue, partly because of the impact of soaring materials prices. In the housing industry, owner-occupied and condominium housing starts have recently been weak, while rental housing starts remained firm. However, construction costs continued to rise because of soaring materials prices and difficulties in procurement.」
Construction investment gradually recovered, while close monitoring of soaring materials prices remained necessary. In housing, owner-occupied and condominium housing starts weakened, and construction costs continued to rise because of soaring materials prices and procurement difficulties. - FY2023-Q3RestatedAnnual report
「In the housing industry, owner-occupied housing starts remained weak, while rental and condominium housing starts remained firm.」
The disclosure continues to describe a housing market in which owner-occupied housing starts are weak, while rental and condominium housing starts remain firm. - FY2023-Q2Increase in total housing starts alongside sluggish owner-occupied housingAnnual report
「In the housing industry, owner-occupied housing starts were below the same month of the previous year for 13 consecutive months, while both rental and condominium housing starts increased for the 2nd consecutive year. As a result, total new housing starts increased for the 2nd consecutive year.」
Owner-occupied housing starts fell below the previous year for 13 consecutive months, while rental and condominium housing starts increased for the 2nd consecutive year, resulting in a 2nd consecutive year of growth in total new housing starts. - FY2023-Q1Recovery in private-sector construction investment alongside weak owner-occupied housing starts and soaring materials pricesAnnual report
「In the construction industry, public investment remained firm, and private-sector construction investment also showed gradual signs of recovery. However, the need to monitor changes in construction demand and needs even more closely is expected to continue, partly because of the impact of soaring construction materials prices. In the housing industry, owner-occupied housing starts have recently been weak, while rental and condominium housing starts remained firm. However, the industry has been exposed to unprecedented upward pressure on costs because of soaring lumber prices since last spring, particularly the impact of the lumber shock.」
Private-sector construction investment gradually recovered, while construction materials prices continued to rise. In housing, owner-occupied housing starts weakened and rental and condominium housing starts remained firm, but upward pressure on costs from soaring lumber prices continued. - FY2022Partial recovery in housing starts alongside rising costsAnnual report
「In the housing industry, owner-occupied housing starts remained flat, while rental and condominium housing starts remained firm. However, the industry has been exposed to unprecedented upward pressure on costs because of soaring lumber prices since last spring, particularly the impact of the lumber shock.」
Owner-occupied housing starts remained flat, while rental and condominium housing starts remained firm, but upward pressure on costs from the lumber shock continued. - FY2022-Q3Weak housing starts and upward pressure on costs from the lumber shockAnnual report
「In the housing industry, owner-occupied housing starts have recently been weak, while rental and condominium housing starts have been generally flat. However, the industry has been exposed to unprecedented upward pressure on costs because of soaring lumber prices since last spring, particularly the impact of the lumber shock.」
In the housing market, owner-occupied housing starts weakened, while rental and condominium housing starts were generally flat. At the same time, soaring lumber prices and the lumber shock added to upward pressure on costs. - FY2022-Q2WorsenedAnnual report
「In the construction industry, public investment remained high but had recently weakened, while construction investment also showed signs of stagnation as private-sector companies’ operating environments deteriorated because of the impact of COVID-19. The need to closely monitor changes in construction demand and needs is expected to continue. In the housing industry, owner-occupied and rental housing starts were generally flat, while condominium housing starts had recently weakened.」
In construction, public investment weakened and private-sector construction investment stagnated, while in housing, condominium housing starts weakened, further demonstrating weak market conditions. - FY2022-Q1Recovery in construction investment and firm housing startsAnnual report
「In the construction industry, public investment remained high and firm, while construction investment recovered as private-sector companies’ operating environments improved from the impact of COVID-19. However, the need to closely monitor changes in construction demand and needs is expected to continue. In the housing industry, owner-occupied housing starts showed signs of recovery recently, condominium housing starts were generally flat, and rental housing starts remained firm.」
Public investment remained high and firm, and private-sector construction investment began to recover. In housing, owner-occupied housing starts recovered, condominium housing starts were generally flat, and rental housing starts remained firm. - FY2021-Q3Recovery in private-sector capital investment and owner-occupied housing alongside weak housing investmentAnnual report
「In the construction industry, public investment remained firm and private-sector capital investment recovered from the impact of COVID-19, but the need to closely monitor changes in construction demand and needs is expected to continue. In the housing industry, rental and condominium housing starts were below the previous year because of the impact of COVID-19, while owner-occupied housing starts recovered. However, housing investment remained generally weak amid sluggish consumer sentiment resulting from deteriorating employment and income conditions.」
In construction, private-sector capital investment recovered, while the need to monitor changes in construction demand was noted. In housing, owner-occupied housing starts recovered, but rental and condominium housing starts remained below the previous year, and housing investment overall continued to be weak. - FY2021-Q2WorsenedAnnual report
「In the construction industry, public investment remained firm, but private-sector companies postponed or reduced the scale of capital investment as their operating environments deteriorated because of the impact of COVID-19. The need to closely monitor changes in construction demand and needs is expected to continue. In the housing industry, new housing starts for owner-occupied, rental and condominium housing were all substantially below the previous year because of the impact of COVID-19, creating difficult conditions in the housing industry. In addition, housing investment remained generally weak amid sluggish consumer sentiment resulting from deteriorating employment and income conditions.」
Private-sector capital investment was postponed or reduced in scale, while new housing starts for owner-occupied, rental and condominium housing were substantially below the previous year, further demonstrating weakness in the construction and housing markets. - FY2021-Q1WorsenedAnnual report
「In the construction industry, public investment remained firm, but construction investment weakened as private-sector companies’ operating environments deteriorated because of the impact of COVID-19. The need to closely monitor changes in construction demand and needs is expected to continue. In the housing industry, new housing starts for owner-occupied, rental and condominium housing were all substantially below the previous year because of the impact of COVID-19. In addition, housing investment remained generally weak against a backdrop of sluggish consumer sentiment resulting from deteriorating employment and income conditions.」
Public investment remained firm, while construction investment weakened as private-sector companies’ operating environments deteriorated. In housing, starts of owner-occupied, rental and condominium housing were substantially below the previous year, and housing investment also remained weak. - FY2020WorsenedAnnual report
「In the construction industry, public and private-sector investment remained firm, but among private-sector companies concerned about the impact of COVID-19, moves to review business plans and other measures began to emerge. In the housing industry, government measures supporting home purchases continued and mortgage rates remained low, but new housing starts declined for the 3rd consecutive year. In addition, the order environment became uncertain owing to the voluntary suspension of sales activities and other measures to prevent the spread of COVID-19.」
In construction, reviews of business plans by private-sector companies began to emerge. In housing, new housing starts declined for the 3rd consecutive year, and the order environment became uncertain because sales activities were also suspended. - FY2020-Q3WorsenedAnnual report
「In the construction industry, public and private-sector investment remained firm, but among private-sector companies concerned about the impact of COVID-19, moves to review business plans and other measures began to emerge. In the housing industry, government measures supporting home purchases continued and mortgage rates remained low, but new housing starts declined for the 3rd consecutive year. Going forward, the order environment is expected to become more challenging because of the impact of COVID-19.」
Construction investment remained firm, but reviews of business plans by private-sector companies began to emerge. Housing starts declined for the 3rd consecutive year, and the outlook indicated that the order environment would become more challenging because of COVID-19. - FY2020-Q2Change from flat owner-occupied housing starts to declining rental housing startsAnnual report
「In the construction industry, public and private-sector investment remained firm, but the shortage of construction managers and construction workers continued, and difficult conditions persisted, including intensifying competition for orders. In the housing industry, government measures supporting home purchases continued and mortgage rates remained low, but owner-occupied housing starts remained flat while rental housing starts declined gradually.」
Public and private-sector investment remained firm in the construction market, while labor shortages and competition for orders continued. In the housing market, conditions changed from declines in both owner-occupied and rental housing in the previous quarter to flat owner-occupied housing starts and gradually declining rental housing starts. - FY2020-Q1SoftenedAnnual report
「In the construction industry, public investment became firmer, but shortages of construction managers and construction workers continued, and concerns about the outlook persisted. In the housing industry, government measures supporting home purchases continued and mortgage rates remained low, but housing starts declined gradually for both owner-occupied and rental housing.」
Public investment became firmer in the construction industry, while in the housing industry the trend changed from declines centered on rental housing to declines in housing starts for both owner-occupied and rental housing. - FY2019Strong construction alongside declining housing startsAnnual report
「In the construction industry, both public and private-sector construction investment remained firm, and the order environment remained strong. However, shortages of skilled construction workers and elevated construction material prices continued, and the operating environment remained far from optimistic. In the housing industry, rental housing construction continued to decline, reflecting changes in financial institutions’ lending attitudes and other factors, and new housing starts decreased from the previous year.」
Construction investment and the order environment remained strong, while the disclosure continued to note declines in rental housing construction and new housing starts from the previous year. - FY2019-Q3Recovery in detached housing alongside declining housing startsAnnual report
「In the construction industry, public investment showed signs of weakness, but private-sector capital investment increased gradually and the order environment remained strong. However, shortages of skilled construction workers and elevated construction material prices continued, and the operating environment remained far from optimistic. In the housing industry, construction of detached houses showed signs of recovery, but rental housing construction continued to decline, reflecting changes in financial institutions’ lending attitudes and other factors, and new housing starts decreased from the previous year.」
In construction, the disclosure indicates a gradual increase in private-sector capital investment and a strong order environment, while also noting weakness in public investment. In housing, detached housing showed signs of recovery, but rental housing construction continued to decline and new housing starts fell year on year. - FY2019-Q2SoftenedAnnual report
「In the construction industry, the order environment remained strong against a backdrop of firm construction investment, but the shortage of skilled construction workers and elevated construction material prices continued. In addition, some indicators have recently pointed to weakness in public investment, and the operating environment remained far from optimistic. In the housing industry, government measures supporting home purchases continued and mortgage rates remained low, but new housing starts continued to decline, partly because of a decrease in rental housing construction associated with changes in financial institutions’ lending attitudes and other factors.」
The construction order environment remained strong, while weakness in public investment, elevated materials prices, and labor shortages persisted. In housing, new housing starts continued to decline, further demonstrating weak market conditions. - FY2019-Q1Strong construction orders alongside weak housing salesAnnual report
「In the construction industry, the order environment remained strong against a backdrop of firm construction investment, but shortages of construction managers and construction workers continued, and concerns about the outlook persisted. In the housing industry, government measures supporting home purchases continued and mortgage rates remained low, but housing sales volumes trended weakly, reflecting a decline in rental housing construction associated with changes in financial institutions’ lending attitudes and other factors.」
The order environment in the construction industry remained strong, while in the housing industry rental housing construction declined against a backdrop of changes in financial institutions’ lending attitudes and other factors, causing housing sales volumes to weaken. - FY2018-Q3SoftenedAnnual report
「In the construction industry, private-sector capital investment remained generally firm, while public works in the prefecture and new housing starts remained below the previous year’s levels.」
Private-sector capital investment remained generally firm, while public works in the prefecture and new housing starts fell below the previous year’s levels, indicating weaker market conditions. - FY2018-Q2SoftenedAnnual report
「In the construction industry, public investment and private-sector capital investment remained generally firm, but new housing starts continued to trend somewhat weakly. Meanwhile, as construction demand increased in preparation for the Tokyo Olympics, concerns arose regarding the ability to maintain construction capacity because of shortages of construction managers and construction workers and instability in materials procurement.」
While public and private-sector investment was described as generally firm, new housing starts changed from the previous “flat” to “somewhat weak,” indicating weaker market conditions. - FY2018-Q1SoftenedAnnual report
「In the construction industry, although new housing starts remained flat, public investment and private-sector capital investment recovered, and the order environment remained generally firm.」
Public investment and private-sector capital investment recovered, while new housing starts remained flat. The description of the order environment also changed from the previous “improving” to “generally firm.” - FY2017RestatedAnnual report
「In the construction and housing industries, public investment and private-sector capital investment remained firm, and market conditions have improved. In addition, mortgage rates have remained low and stable, while solid demand for rental housing, particularly in urban areas, has kept new housing starts at a high level.」
The disclosure continues to describe firm public and private-sector investment, improving market conditions, low and stable mortgage rates, and high levels of rental demand and housing starts. - FY2017-Q3Improvement in market conditionsAnnual report
「In the construction and housing industries, public investment and private-sector capital investment remained firm, and market conditions have improved. In addition, mortgage rates have remained low and stable, while solid demand for rental housing, particularly in urban areas, has kept new housing starts at a high level.」
Against a backdrop of firm public and private-sector capital investment, market conditions are now described as having improved, compared with the previous description of “generally firm.” Low and stable mortgage rates, solid demand for rental housing, and high levels of new housing starts have also continued. - FY2017-Q2First statedAnnual report
「In the construction and housing industries, private-sector capital investment is trending upward as corporate earnings improve, while public works remain at high levels, and overall order conditions remain firm. In addition, housing starts have remained high, supported by low mortgage rates and solid demand for rental housing, particularly in urban areas.」
The disclosure presents rising private-sector capital investment, high levels of public works, low mortgage rates, and strong demand for rental housing and high housing starts as facts about market conditions.