Japan renovation and construction orders see double digit increase in FY2023

On June 11th, the Ministry of Land, Infrastructure, Transport, and Tourism (MLIT) released its report on building renovation and renewal for the 2023 fiscal year.  

The survey covered the period from April 1, 2023, to March 31, 2024, and focused on construction projects ordered by primary contractors.  

The survey targeted 5,000 licensed construction companies. 

The total value of orders for building renovations and renewals in fiscal year 2023 reached 13.2739 trillion yen, a 14.9% increase from the previous fiscal year.  

Of this, residential construction accounted for 4.2710 trillion yen (up 9.0%), while non-residential construction accounted for 9.0029 trillion yen (up 17.9%). 

Broken down by type work, residential projects included: 

• Building extensions: 51.3 billion yen (up 2.7%) 

• Partial interior renovations: 160.5 billion yen (up 48.1%) 

• Full remodeling and refurbishments: 3.3134 trillion yen (up 8.2%) 

• Regular maintenance and repairs: 745.8 billion yen (up 6.9%) 

Non-residential projects included: 

• Building extensions: 398.8 billion yen (down 15.9%) 

• Partial interior renovations: 203.9 billion yen (up 35.8%) 

• Remodeling, refurbishments, maintenance, and repairs: 8.4003 trillion yen (up 19.8%) 

In terms of order value, residential projects were led by: 

• Single-family homes: 2.2700 trillion yen (up 6.4%) 

• Multi-family housing: 1.9470 trillion yen (up 14.3%) 

For non-residential buildings: 

• Offices: 2.4728 trillion yen (up 46.9%) 

• Production facilities (factories, workshops): 1.7991 trillion yen (down 0.4%) 

See below further reading for full MLIT report breaking down data but in Japanese only. 

Further Reading: 

MLIT FY 2023 Renovation Report 

MLIT FY 2023 Reno Report.pdf

Download PDF • 640KB

 Source: 

R.E. Port News (Japanese only)