Growth constrained by population decline and infrastructure build-out reaching maturity
First written in FY2016. 13 of 35 entries say "Worsened", first in FY2017-Q3. Latest entry: 2026-11-11.
Maezawa Kyuso Industries moved to the "Worse" side of this theme in 2017.
0 other companies' latest entry also says "Worsened".
- FY2027-H1MitigatedAnnual report
「In the Residential and Building Equipment business, new housing starts recovered to a certain level, while demand driven by concerns about shortages resulting from the situation in the Middle East also contributed. Net sales rose 2.7% year on year to ¥6,319 million.」
Although constraints on demand for new housing due to population decline and rising prices remain, new housing starts recovered to a certain level, and a partial improvement in the demand environment is reflected in higher sales in the Residential and Building Equipment business. - FY2026WorsenedAnnual report
「In the water-supply equipment business, we continued efforts to apply appropriate sales prices, but increases in material costs and wages affected water-distribution pipe replacement work and other projects ordered by water utilities, while demand for new housing also remained sluggish. In terms of profitability, copper prices, a key raw material, soared, creating a difficult cost environment. As a result, segment sales were ¥16,860 million and segment profit was ¥5,080 million. For reference, compared with the figures for the previous consolidated fiscal year, segment sales decreased 1.2% and segment profit decreased 5.6%.」
New-housing demand remained sluggish and material and wage increases continued, which were reflected in the full-year results as declines in sales and segment profit in the water-supply equipment business. - 2026-05-13WorsenedResults
「住宅・建築設備事業におきましては、人口減少や物価高騰に伴う新設住宅着工戸数の低下傾向が続いていくため、競争激化に起因した不採算取引の抑制に加え、暖房分野の販売強化、あわせて事業体制の効率化等に努めてまいりました。」
人口減少・物価高騰に伴う新設住宅着工戸数の低下傾向が続くとの認識を示し、住宅需要の制約を再確認している。 - FY2026-H1WorsenedAnnual report
「As the downward trend in new housing starts due to population decline and rising prices was expected to continue, we worked to curb unprofitable transactions caused by intensifying competition, strengthen sales in the heating sector, and improve the efficiency of our business structure.」
The disclosure states that the downward trend in new housing starts against a backdrop of population decline and rising prices will continue, reconfirming the constraints on new-housing demand. - FY2025-H1WorsenedAnnual report
「In the housing and building equipment business, sales declined 2.6% year on year to ¥5,969 million owing to sluggish new housing starts.」
New housing starts remained sluggish, and the constraint on new-housing demand has materialized in the results as lower revenue in the housing and building equipment business. - FY2024RestatedAnnual report
「Although new-build demand is gradually declining with the population decrease, demand from a sustainability perspective, including replacement and earthquake-resistance needs, is tending to expand.」
The disclosure reconfirms the business-environment assessment that declining new-build demand due to population decline is occurring alongside expanding replacement and earthquake-resistance demand. - FY2024-Q3RestatedAnnual report
「In the housing and building equipment business, new housing starts fell below the same period of the previous year, but sales increased 0.3% year on year to ¥9,450 million owing to the effect of sales price revisions and the concentration of deliveries of water-supply and hot-water piping system products for condominiums and other multi-unit housing.」
The disclosure reconfirms that new housing starts remained below the same period of the previous year. Meanwhile, the housing and building equipment business reported higher revenue owing to deliveries of piping system products for multi-unit housing and other factors. - FY2024-Q2RestatedAnnual report
「In the water-supply equipment business, new housing starts remained sluggish, but sales increased 1.1% year on year to ¥8,285 million owing to the effect of sales price revisions.」
New housing starts continued to remain sluggish. Meanwhile, the water-supply equipment business reported higher revenue following sales price revisions. - FY2024-Q1WorsenedAnnual report
「In the housing and building equipment business, new housing starts fell below the same period of the previous year, but sales increased 3.5% year on year to ¥3,076 million owing to higher sales of components related to water-supply and hot-water piping systems and other products.」
New housing starts fell below the same period of the previous year, indicating continued constraints on demand for new housing. Meanwhile, the housing and building equipment business reported higher revenue owing to increased sales of related components. - FY2023MitigatedAnnual report
「In the housing and building equipment business, new housing starts remained solid despite fluctuations, and sales increased 12.8% from the previous fiscal year to ¥12,273 million owing to higher sales of components related to water-supply and hot-water piping systems and other products.」
While structural constraints on new-build demand remain, housing starts remained solid, and the disclosure describes a partial improvement in the demand environment through higher revenue in the housing and building equipment business. - FY2023-Q3WorsenedAnnual report
「In the housing and building equipment business, new housing starts declined against the same period of the previous year amid higher home prices resulting from soaring housing-material costs, but sales increased 14.5% year on year to ¥9,419 million owing to higher sales of components related to water-supply and hot-water piping systems and other products.」
The disclosure describes a decline in new housing starts against a backdrop of soaring housing-material costs and higher home prices, indicating continued constraints on demand for new housing. Meanwhile, sales of related components increased. - FY2023-Q1MitigatedAnnual report
「In the housing and building equipment business, new housing starts remained firm, and sales increased 14.7% year on year to ¥2,973 million owing to higher sales of components related to water-supply and hot-water piping systems and other products.」
While constraints on new-build demand due to population decline and market maturation continued, new housing starts remained firm, and the disclosure describes an improvement in the demand environment through higher sales in the housing and building equipment business. - FY2022ReframedAnnual report
「Although new-build demand is gradually declining with the population decrease, demand from a sustainability perspective, including replacement and earthquake-resistance needs, is tending to expand.」
The disclosure explicitly identifies the decline in new-build demand due to population decline, while also describing expanding replacement and earthquake-resistance demand, organizing the explanation around growth constraints and substitute demand. - FY2022-Q2MitigatedAnnual report
「In the water-supply equipment business, although performance remained below pre-COVID levels, sales increased 4.6% year on year to ¥8,186 million, supported by firm demand for water-distribution pipe replacement work and a recovery in housing demand.」
The disclosure describes demand for water-distribution pipe replacement work and a recovery in housing demand in contrast to the previous weakness in new-build demand, indicating a partial improvement in the demand environment. - FY2022-Q1MitigatedAnnual report
「New housing starts related to our Group’s business remained above the same period of the previous year as the economy recovered, but the environment surrounding our Company has become increasingly difficult, with copper prices, a key raw material, strengthening their upward trend.」
The disclosure describes an improvement from the previous decline and stagnation in new housing starts to a level above the same period of the previous year as the economy recovered. - FY2021RestatedAnnual report
「Sales of products for newly built homes have been trending downward alongside the population decline. However, in addition to demand for replacement products due to the aging of water-distribution pipes (water mains) installed during the period of rapid economic growth, demand for highly earthquake-resistant products in preparation for seismic disasters has remained steady in recent years.」
The disclosure reconfirms the decline in new-build demand caused by population decline and infrastructure-market maturation, while describing the stability of replacement and earthquake-resistance demand. - FY2021-Q2MaterialisedAnnual report
「The business environment surrounding our Group remained difficult overall, owing to declining new housing starts and lower sales for new-build demand resulting from the spread of COVID-19.」
The decline in new housing starts has materialized in the business environment as lower sales for new-build demand. - FY2020WorsenedAnnual report
「In our core water-supply equipment business, infrastructure development for water utilities has largely run its course and the market has matured. In recent years, sales of products for newly built homes have been trending downward alongside the population decline.」
The disclosure explicitly identifies the completion of infrastructure development and market maturation, as well as the downward trend in sales of housing products associated with population decline. - FY2020-Q3WorsenedAnnual report
「New housing starts related to our Group’s business remained below the previous year overall, despite some growth in owner-occupied housing and other categories due to rush demand ahead of the consumption tax increase.」
The disclosure describes some growth in owner-occupied housing and other categories, while total new housing starts remained below the previous year, indicating a deterioration in the housing-demand environment. - FY2020-Q2Breakdown of changes in housing startsAnnual report
「New housing starts related to our Group’s business increased year on year for detached houses, while rental housing continued to decline.」
The disclosure describes a change in the breakdown of housing-start demand, with detached houses increasing while rental housing declined. - FY2020-Q1Breakdown of changes in housing startsAnnual report
「New housing starts related to our Group’s business increased year on year for detached houses, while rental housing and condominiums continued to decline.」
The disclosure describes a change in the breakdown of total housing starts, with detached houses increasing while rental housing and condominiums declined. - FY2019-Q3WorsenedAnnual report
「In the water supply equipment business, the decline in the effect of new product launches and continued stagnation in water-pipe renewal projects, together with higher raw-material costs, resulted in revenue of ¥10,863 million, down 3.0% year on year, and segment profit of ¥3,206 million, down 9.5% year on year.」
The water-pipe renewal business, for which demand growth had previously been expected, is described as continuing to stagnate. - FY2019-Q2RestatedAnnual report
「Housing starts for new construction related to our group’s businesses have begun to decline, while prices for copper and resin, our principal raw materials, remain elevated, making the business environment increasingly challenging.」
The company reconfirms that housing starts for new construction continue to decline and prices for raw materials remain elevated. - FY2019-Q1MaterialisedAnnual report
「Housing starts for new construction related to our group’s businesses have begun to decline, while prices for copper and resin, our principal raw materials, remain elevated, making the business environment increasingly challenging.」
Housing starts for new construction have actually begun to decline, making the deterioration in housing demand apparent. - FY2018WorsenedAnnual report
「Regarding our group’s business environment, demand for new water supply equipment is expected to decline as the population gradually decreases, while demand for products used to replace aging pipes and prepare for disasters is expected to increase.」
The company explicitly states that demand for new water supply equipment is declining as the population decreases, documenting the previous growth constraint as an actual decline in demand. At the same time, it expects demand for renewal and disaster preparedness to increase. - FY2018-Q3RestatedAnnual report
「Housing starts for new construction related to our group’s businesses had increased, particularly for rental housing, but they have begun to weaken.」
The company continues to report the weak trend in housing starts for new construction from the previous quarter. - FY2018-Q2WorsenedAnnual report
「Housing starts for new construction related to our group’s businesses had increased, particularly for rental housing, but they have begun to weaken.」
Housing starts for new construction shifted from an upward trend to weakness, and the company states that the housing demand environment deteriorated further. - FY2018-Q1Slowing growth in housing startsAnnual report
「Housing starts for new construction related to our group’s businesses had increased, particularly for rental housing, but their growth rate has slowed.」
Although housing starts for new construction are increasing, the company identifies the slowing growth rate as a change in the demand environment. - FY2017RestatedAnnual report
「Although the water supply industry has reached a mature stage following the completion of infrastructure build-out, the aging rate of water pipes is rising each year, and demand for replacing aging pipes that have reached the renewal stage is expected to expand going forward.」
While indicating constraints from the completion of infrastructure build-out, market maturity and population decline, the company expects demand for aging-pipe replacement to expand. - FY2017-Q3WorsenedAnnual report
「Housing starts for new construction related to our group’s businesses had remained firm, particularly for rental housing, but condominium sales in the Tokyo metropolitan area have begun to show a declining trend.」
While housing starts for new construction, particularly rental housing, remained firm, the company reports signs of deterioration in the demand environment, with condominium sales in the Tokyo metropolitan area trending downward. - FY2017-Q2MitigatedAnnual report
「Housing starts for new construction related to our group’s businesses had remained firm, supported by the negative interest rate policy and demand for inheritance tax planning.」
Housing-start demand is described as having remained firm this quarter, following the decline phase reported in the previous quarter. - FY2017-Q1MaterialisedAnnual report
「Although housing starts for new construction had remained strong, they began to decline year on year toward the end of the first quarter of the current fiscal year.」
The demand environment dependent on housing starts is showing the previously disclosed volatility risk as an actual decline this quarter. - FY2016First statedAnnual report
「Given that the development of social infrastructure in Japan is nearly complete and the population is entering a period of decline, among other factors, it is difficult to expect high growth.」
The company identifies factors making high growth difficult to achieve in the core domestic water supply equipment market as a risk.