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The Future of Construction in Japan
World Market Intelligence, Feb 2010, Pages: 124
This report is the result of WMI’s extensive market, company and deals research covering the Japanese construction market. It provides detailed segmentation of historic and forecast construction sales, segmented to market and category level; analysis of the leading companies in the Japanese construction market and analysis of the key financial deals involving construction players in Japan.
Fourth year of decline: Despite being the third-largest market in the world after the US and China, the Japanese construction industry has witnessed tough times over the last five years, with a compound annual rate of change (CARC) of -2.69%. The industry witnessed a 6.1% decline in 2009 due to reduced investment from both public and private sources. All markets except commercial construction witnessed a decline in sales in 2009.
Residential construction decline: Out of all the construction markets, residential construction witnessed the highest decline during economic downturn in 2008-2009. The residential construction market is saturating due to the combination of a decreasing birthrate and steadily ageing population in Japan. The number of housing starts in fiscal year 2007 was 1.04 million which fell to 0.8 million in 2009.
Recovery expected: Over the period 2009-2014, the construction industry in Japan is expected to recover with a compounded annual growth rate (CAGR) of 1.98%. It is forecast that the commercial construction market will drive this growth, followed by institutional, infrastructure and industrial construction.
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