Contraction of Japan's Construction Market and Dependence on Domestic Demand
First written in FY2016. 13 of 34 entries say "Worsened", first in FY2018-Q3. Latest entry: FY2026.
Fujisash moved to the "Worse" side of this theme in 2018, 7 years before the typical company in this theme (2025).
The whole theme swung hardest in 2026: 4 of 8 companies on the "Worse" side.
2 other companies' latest entry also says "Worsened".
- FY2026WorsenedAnnual report
「The market saw approximately 711,000 new housing starts in fiscal 2025, down 12.9% year on year. Condominiums, one of our core areas, totaled 82,000 units, down 21.2% year on year.」
New housing starts totaled approximately 711,000 units, down 12.9% year on year, while condominiums totaled 82,000 units, down 21.2%, indicating a quantified deterioration in the risk of shrinking domestic demand. - FY2026-H1Strong building materials and environmental businesses alongside declining extruded products sales volumesAnnual report
「The Group's operating environment has become more challenging because of persistently high construction materials prices and labor shortages caused by a declining working-age population. However, in the building materials business, centered on its core building sash products, both the new-build and renovation businesses remained steady. The environmental business also remained steady, particularly in plant construction. Meanwhile, volumes in the extruded products sales business continued to decline, particularly in the construction sector.」
The company indicated diverging conditions across business areas: construction materials prices remained elevated and labor shortages continued, while the building materials and environmental businesses were steady and volumes in the extruded products sales business continued to decline in the construction sector. - FY2025WorsenedAnnual report
「The market recorded approximately 792,000 new housing starts in fiscal 2024, remaining below 900,000 units for the fifth consecutive year. Starts declined 3.3% year on year, marking the second consecutive annual decline.」
New housing starts totaled approximately 792,000 units, remaining below 900,000 units for the fifth consecutive year and declining 3.3% year on year for the second consecutive year. The risks from dependence on domestic demand and market contraction have worsened, with quantitative evidence. - FY2024WorsenedAnnual report
「New housing starts in fiscal 2023 totaled approximately 819,000 units, remaining below 900,000 units for the fourth consecutive year. They declined 4.6% year on year, marking the first decline in 3 years.」
New housing starts totaled approximately 819,000 units, remaining below 900,000 units for the fourth consecutive year and declining 4.6% year on year. The risks from contraction of the domestic construction market and dependence on domestic demand have worsened, with quantitative evidence. - FY2024-Q3Strong order backlog for large-scale projects and declining housing startsAnnual report
「During the cumulative third quarter, the Group's results, including those of the company and its consolidated subsidiaries, reflected an uncertain outlook amid the overall decline in new housing starts, soaring construction materials prices, increasingly persistent labor shortages and currency movements. Despite these conditions, the order backlog remained strong, particularly for large-scale projects.」
Although uncertainty about the outlook continued because of the overall decline in new housing starts, soaring materials prices and labor shortages, the order backlog, particularly for large-scale projects, was said to be strong. - FY2024-Q2Strong large-scale projects alongside declining housing startsAnnual report
「During the cumulative second quarter, the Group's results, including those of the company and its consolidated subsidiaries, reflected a continued challenging business environment in the building materials business, centered on its core building sash products. The order environment remained strong, particularly for large-scale projects, but miscellaneous materials prices soared, labor shortages became more pronounced, and new housing starts overall continued to decline.」
Although the order environment, particularly for large-scale projects, was said to be strong, new housing starts overall were trending downward and the challenging environment in the domestic construction market continued. - FY2024-Q1Condominium recovery and continued overall declineAnnual report
「During the cumulative first quarter, the Group's results, including those of the company and its consolidated subsidiaries, reflected continued uncertainty in the building materials business, centered on its core building sash products. Although condominium starts showed signs of recovery, new housing starts overall were trending downward.」
Although condominium starts showed signs of recovery, total new housing starts were trending downward and uncertainty about the outlook persisted. - FY2023Partial recovery in housing starts and a long-term contraction outlookAnnual report
「New housing starts for rental properties such as condominiums remained strong, but the recovery in owner-occupied housing was sluggish and the uncertain outlook continued.」
Housing starts increased, particularly for rental properties, while the recovery in owner-occupied housing was sluggish. The company also indicated that housing starts could decline over the long term to 700,000 units in fiscal 2030 and 490,000 units in fiscal 2040. - FY2023-Q2Diverging trends in housing starts and continued uncertaintyAnnual report
「In the building materials business, centered on the company's core building sash products, new housing starts for condominiums and detached houses continued to increase moderately, while owner-occupied housing continued to decline and the outlook remained uncertain.」
New housing starts for condominiums and detached houses continued to increase moderately, while owner-occupied housing continued to decline and uncertainty about the outlook remained. - FY2023-Q1Diverging trends in housing starts and continued uncertaintyAnnual report
「During the cumulative first quarter, the Group's results, including those of the company and its consolidated subsidiaries, reflected continued uncertainty in the building materials business, centered on its core building sash products. New housing starts were trending higher for condominiums and detached houses, but owner-occupied housing continued to decline.」
Although new housing starts for condominiums and detached houses were said to be trending higher, owner-occupied housing continued to decline and uncertainty about the outlook persisted. - FY2022-Q3Recovery in housing starts and rising uncertaintyAnnual report
「In the building materials business, centered on the core building sash business, new housing starts are showing signs of recovery for condominiums and detached homes. However, the outlook is becoming more uncertain due to the impact of surging aluminum ingot market conditions and prices for various materials.」
Although new housing starts for condominiums and detached houses showed signs of recovery, uncertainty about the outlook increased because of soaring raw material and materials prices. - FY2022-Q2RestatedAnnual report
「During the cumulative second quarter, the Group's results, including those of the company and its consolidated subsidiaries, reflected continued uncertainty in the building materials business, centered on its core building sash products. New housing starts were recovering, particularly owner-occupied housing, but condominiums and other categories turned downward.」
New housing starts recovered, particularly owner-occupied housing, while condominiums and other categories turned downward, and uncertainty about the outlook for the domestic construction market persisted. - FY2022-Q1MitigatedAnnual report
「In the building materials business, centered on the company's core building sash products, new housing starts showed signs of recovery and increased for rental housing and detached houses, but the outlook for condominiums and other categories remained uncertain.」
New housing starts showed signs of recovery, with increases reported in rental housing and detached houses, indicating some improvement in conditions in the domestic construction market. However, uncertainty about the outlook for condominiums and other categories remains. - FY2021-Q3WorsenedAnnual report
「During the cumulative third quarter, the Group's results, including those of the company and its consolidated subsidiaries, were affected by the rapid economic deterioration caused by the spread of COVID-19. In the building materials business, centered on its core building sash products, new housing starts declined, particularly condominiums, and uncertainty about the outlook intensified.」
The company stated that the economic deterioration caused by the spread of COVID-19 had led to a decline in new housing starts, particularly condominiums, and increased uncertainty about the outlook for the domestic construction market. - FY2021-Q2RestatedAnnual report
「During the cumulative second quarter, the Group's results, including those of the company and its consolidated subsidiaries, were affected by the rapid economic deterioration caused by the spread of COVID-19. In the building materials business, centered on its core building sash products, new housing starts, particularly rental housing, and condominium sales declined, and difficult conditions with an uncertain outlook continued.」
The company continued to indicate that, amid the spread of COVID-19, new housing starts and condominium sales were declining and the outlook for the domestic construction market remained uncertain. - FY2021-Q1WorsenedAnnual report
「During the cumulative first quarter, the Group's results, including those of the company and its consolidated subsidiaries, were affected by the rapid economic deterioration caused by the spread of COVID-19. In the building materials business, centered on its core building sash products, new housing starts and condominium sales both fell sharply, leaving the outlook uncertain. The extruded products sales business also faced a worsening operating environment because of market stagnation, while the environmental business likewise encountered difficult conditions.」
The spread of COVID-19 was cited as having caused sharp declines in new housing starts and condominium sales and stagnation in the extruded products sales market, intensifying uncertainty about the outlook for the domestic construction market. - FY2020WorsenedAnnual report
「Under these conditions, in the building materials business, centered on the company's core building sash products, new housing starts declined, particularly rental housing, and condominium sales also fell, leaving the outlook uncertain.」
The company reported declines in both new housing starts and condominium sales, with the domestic construction market remaining weak and the outlook uncertain. - FY2020-Q3WorsenedAnnual report
「During the cumulative third quarter, the Group's results, including those of the company and its consolidated subsidiaries, reflected an uncertain outlook in the building materials business, centered on its core building sash products. New housing starts continued to decline, particularly rental housing.」
New housing starts, particularly rental housing, were said to be continuing to decline, with the domestic construction market remaining weak and the outlook uncertain. - FY2020-Q2WorsenedAnnual report
「During the cumulative second quarter, the Group's results, including those of the company and its consolidated subsidiaries, reflected an uncertain outlook in the building materials business, centered on its core building sash products. Condominium starts showed signs of recovery, but total new housing starts continued to decline.」
Although condominium starts showed signs of recovery, total new housing starts continued to decline, and uncertainty about the outlook for the domestic construction market persisted. - FY2020-Q1RestatedAnnual report
「During the cumulative first quarter, the Group's results, including those of the company and its consolidated subsidiaries, reflected an uncertain outlook in the building materials business, centered on its core building sash products. Owner-occupied housing showed signs of recovery among new housing starts, but condominiums and other categories continued to fall below the previous year's level.」
Although owner-occupied housing showed signs of recovery, condominiums and other categories continued to fall below the previous year's level, indicating continued uncertainty about the outlook for the domestic construction market. - FY2019WorsenedAnnual report
「Although large-scale redevelopment projects in the Tokyo metropolitan area are expected from 2020 onward following the Olympics, the construction market in Japan is expected to remain challenging because of persistently high construction costs and a decline in the number of construction starts. Fluctuations in raw material prices are also a concern for business earnings.」
The company continues to expect a challenging outlook for the domestic construction market because of persistently high construction costs and a decline in construction starts, despite the anticipated large-scale redevelopment projects, and states that the business environment is becoming more difficult. - FY2019-Q2WorsenedAnnual report
「During the cumulative second quarter, the Group's results, including those of the company and its consolidated subsidiaries, reflected continued uncertainty in the building materials business, centered on its core building sash products. New housing starts remained flat year on year, while owner-occupied housing continued to decline.」
New housing starts changed from the previous quarter's recovery trend to a flat year-on-year result, while owner-occupied housing continued to decline and the outlook remained uncertain. - FY2019-Q1RestatedAnnual report
「During the cumulative first quarter, the Group's results, including those of the company and its consolidated subsidiaries, reflected continued uncertainty in the building materials business, centered on its core building sash products. New housing starts were showing signs of recovery, but owner-occupied housing continued to decline.」
Although new housing starts showed signs of recovery, the company continues to indicate that owner-occupied housing is declining and the outlook remains uncertain. - FY2018-Q3WorsenedAnnual report
「In the building materials business, centered on the company's core building sash products, signs of weakness have begun to emerge as new housing starts continued to fall below the previous year's level, while condominium sales remained weak and the outlook continued to be uncertain.」
The situation changed from the previous quarter's broadly steady conditions to continued declines in new housing starts from the previous year, while condominium sales remained weak and the outlook uncertain. - FY2018-Q2RestatedAnnual report
「During the cumulative second quarter, the Group's results, including those of the company and its consolidated subsidiaries, reflected continued uncertainty in the building materials business, centered on its core building sash products. New housing starts remained broadly steady, but condominium sales remained weak.」
Although new housing starts were generally steady, the company continues to indicate that condominium sales remain weak and the outlook uncertain. - FY2018-Q1RestatedAnnual report
「In the building materials business, centered on the company's core building sash products, new housing starts continued to recover and condominium sales also began to increase. However, the floor area of newly started non-wooden construction remained weak, and the outlook continued to be uncertain.」
Although new housing starts and condominium sales showed signs of recovery and growth, respectively, the company continues to indicate that the floor area of newly started non-wooden construction remains weak and the outlook uncertain. - FY2017RestatedAnnual report
「The construction market in Japan is expected to remain challenging, despite the anticipated full-scale commencement of construction for the 2020 Tokyo Olympic and Paralympic Games, because of persistently high construction costs, a decline in the number of buildings starting construction and other factors.」
The company continues to expect a challenging outlook for the domestic construction market because of persistently high construction costs and a decline in the number of buildings starting construction, despite the anticipated full-scale commencement of Tokyo Olympics-related construction. - FY2017-Q3RestatedAnnual report
「During the cumulative third quarter, the Group's results, including those of the company and its consolidated subsidiaries, reflected an uncertain outlook in the building materials business, centered on its core building sash products. Although new housing starts showed signs of recovery, the floor area of newly started non-wooden construction remained weak.」
Although new housing starts showed signs of recovery, the company continues to indicate that the floor area of newly started non-wooden construction has remained weak and the outlook uncertain. - FY2017-Q2RestatedAnnual report
「In the building materials business, centered on the company's core building sash products, the floor area of newly started non-wooden construction fell year on year for 2 consecutive years through fiscal 2015 and remained at a low level during the cumulative second quarter. The outlook has become uncertain because of higher materials prices, shortages of skilled workers and other factors.」
The company continues to report that the floor area of newly started non-wooden construction has fallen year on year for 2 consecutive years and remained at a low level. - FY2017-Q1MaterialisedAnnual report
「In the building materials business, centered on the company's core building sash products, the floor area of newly started non-wooden construction fell year on year for 2 consecutive years in fiscal 2014 and fiscal 2015, and remained at a low level during the cumulative first quarter. As a result, the outlook remains uncertain.」
The company provided actual evidence of concern about the contraction and stagnation of the domestic construction market, with the floor area of newly started non-wooden construction falling year on year for 2 consecutive years and remaining low in the current quarter. - FY2016First statedAnnual report
「The construction market in Japan is expected to continue growing moderately in the short term, including as a result of the Olympic and Paralympic Games being held in Tokyo in 2020. However, in the medium to long term, the difficult environment is expected to persist, with a pronounced contractionary trend in light of domestic and international conditions.」
The company indicates that most operating revenue is exposed to domestic demand in Japan and that the construction market is expected to contract over the medium to long term.