Construction Demand Risk from Corporate Caution on Capital Investment
First written in FY2017-Q2. 13 of 33 entries say "Restated". Latest entry: FY2026.
The Zenitaka moved to the "Worse" side of this theme in 2020, the same year as the typical company in this theme.
The whole theme swung hardest in 2020: 25 of 42 companies on the "Worse" side.
3 other companies' latest entry also says "Softened".
- FY2026SoftenedAnnual report
「Although private-sector capital investment is expected to remain solid, soaring energy and material prices and personnel expenses are anticipated, and the challenging operating environment is expected to continue.」
Private-sector capital investment is described as solid, with no mention of the concern over reviews of capital investment plans raised in the previous fiscal year. At the same time, difficult conditions caused by rising costs continue. - 2026-05-14SoftenedResults
「Although private-sector capital investment is expected to remain solid, soaring energy and material prices and personnel expenses are anticipated, and the challenging operating environment is expected to continue.」
民間設備投資は堅調に推移すると見込まれ、設備投資低迷による需要リスクは強調されていない。一方、コスト上昇による厳しい環境は併記されている。 - FY2026-H1SoftenedAnnual report
「In the construction market, private-sector capital investment remains solid, but soaring prices for materials and labor costs are expected to persist, and the challenging operating environment is expected to continue.」
Private-sector capital investment is described as remaining solid, and the concern over reviews of capital investment plans raised in the previous fiscal year is not repeated in the market description for the current interim consolidated accounting period. At the same time, concerns over rising costs continue. - FY2025WorsenedAnnual report
「In the construction market, private-sector capital investment is on an upward trend and public investment is remaining flat, but rising material prices and labor costs raise concerns that capital investment plans may be reviewed and earnings may come under pressure, leaving the operating environment difficult.」
While recognizing the increase in private-sector capital investment, the report specifically states that rising material prices and labor costs could lead to reviews of capital investment plans and put downward pressure on earnings. - FY2025-H1RestatedAnnual report
「In the construction market, public investment remains flat and private-sector capital investment is trending upward, but further labor shortages and higher personnel expenses are expected as the industry responds to the so-called “2024 problem” in the construction industry, including the application of regulations capping overtime work, and the operating environment remains challenging.」
Private-sector capital investment is described as being on an upward trend, while 대응 to the construction industry’s “2024 problem” is also cited as a concern for the operating environment. - FY2024SoftenedAnnual report
「In the construction market, there is strong appetite for capital investment, particularly among manufacturers, but earnings are being squeezed by soaring material prices, and difficult operating conditions are expected to continue.」
Rather than a cautious approach to or decline in capital investment, the report states that appetite is strong, particularly among manufacturers, indicating that concerns about construction demand have eased. At the same time, earnings pressure from material prices continues. - FY2024-Q3ReframedAnnual report
「In the construction market, public investment is remaining flat and private-sector capital investment is increasing moderately, but soaring material prices mean that difficult operating conditions are expected to continue.」
While the moderate increase in private-sector capital investment is continuing, the description of public investment has changed from being on a growth trend through the previous quarter to remaining flat. - FY2024-Q2RestatedAnnual report
「In the construction market, public investment and private-sector capital investment are increasing moderately, but the operating environment is expected to remain challenging due to soaring material prices and labor shortages.」
Public and private-sector capital investment are described as increasing moderately, while difficult conditions caused by soaring material prices and labor shortages continue. - FY2024-Q1SoftenedAnnual report
「Public investment in the construction market remains solid and private-sector capital investment is increasing moderately, but the operating environment remains challenging due to soaring material prices and labor shortages.」
The description has changed from weakness in some industries and signs of a recovery through the previous fiscal year to a statement that private-sector capital investment is increasing moderately. - FY2023-Q3SoftenedAnnual report
「In the construction market, public investment is remaining solid and private-sector capital investment is showing signs of a recovery. In addition, soaring material prices and increasingly apparent labor shortages have created a difficult operating environment.」
Compared with the previous quarter’s statement that private-sector capital investment was weak in some industries, this time it is described as showing signs of a recovery. At the same time, soaring material prices and labor shortages continue to be cited as concerns for the operating environment. - FY2023-Q2SoftenedAnnual report
「In the construction market, public investment is remaining solid and private-sector capital investment is showing signs of a recovery, although weakness is evident in some industries.」
Compared with the previous quarter, when public investment and private-sector capital investment were both described as somewhat weak, the report now describes public investment as solid and private-sector capital investment as showing signs of a recovery. At the same time, weakness by industry continues. - FY2023-Q1WorsenedAnnual report
「In the construction market, public investment is showing some weakness, while private-sector capital investment is showing signs of a recovery, although weakness is evident in some industries.」
The report states that public investment, which had been described as solid in the previous fiscal year, is showing some weakness, while private-sector capital investment is also weak in some industries. - FY2022RestatedAnnual report
「In the construction market, public investment is showing some weakness, while private-sector capital investment is showing signs of weakness in some industries. In addition, soaring material prices have created a difficult operating environment.」
While public investment is described as solid, weakness in private-sector capital investment by industry continues to be cited as a concern for construction demand. - FY2022-Q3RestatedAnnual report
「In the construction market, public investment remains solid, while material prices continue to trend upward, and private-sector capital investment shows weakness in some industries.」
The report continues to state, as it did in the previous quarter, that private-sector capital investment is weak in some industries. - FY2022-Q2RestatedAnnual report
「In the construction market, public investment remains solid, while material prices continue to trend upward, and private-sector capital investment shows weakness in some industries.」
Rising material prices and weakness in private-sector capital investment in some industries continue to be cited as concerns for construction demand, as in the previous quarter. - FY2022-Q1WorsenedAnnual report
「In the construction market, public investment remains solid, while material prices continue to trend upward, and private-sector capital investment shows weakness in some industries.」
Regarding private-sector capital investment, the report states that although it has not declined overall, weakness is evident in some industries. - FY2021RestatedAnnual report
「In the construction market, concerns remain over the impact on capital investment of deteriorating corporate earnings accompanying the spread of infectious diseases and changes in lifestyles, and difficult conditions are expected to continue.」
The impact on capital investment of COVID-19 and changes in corporate earnings and lifestyles continues to be cited as a risk to construction demand. - FY2021-Q3WorsenedAnnual report
「In the construction market, public investment is remaining solid, but private-sector capital investment is trending lower because of the impact of infectious diseases and deteriorating corporate earnings, leaving the outlook uncertain.」
Compared with the previous quarter’s concerns over reviews and postponements of private-sector capital investment, this time the report states that private-sector capital investment is trending lower because of the impact of infectious diseases and deteriorating corporate earnings, making the risk more specific. - FY2021-Q2SoftenedAnnual report
「In the construction market, heightened uncertainty associated with the spread of infectious diseases has raised concerns over revisions to or delays in private-sector capital investment, and the situation remains difficult to predict.」
The wording has changed from “private-sector capital investment is declining” in the previous quarter to concerns that capital investment may be reviewed or postponed this time. - FY2021-Q1WorsenedAnnual report
「In the construction market, private-sector capital investment has declined because of heightened uncertainty associated with the spread of infectious diseases and deteriorating corporate earnings, leaving the outlook uncertain.」
The report has changed from the previous view that private-sector capital investment was solid and on an upward trend to a statement that private-sector capital investment declined because of the spread of COVID-19 and deteriorating corporate earnings. - FY2020WorsenedAnnual report
「In the construction market, concerns remain over the impact on capital investment of changes in lifestyles and deteriorating earnings conditions resulting from the spread of infectious diseases, and difficult conditions are expected to continue.」
The risk factor has become more specific, changing from the previous view that private-sector capital investment was solid and on an upward trend to concerns that changes in lifestyles and earnings conditions caused by COVID-19 could weigh on capital investment. - FY2020-Q3RestatedAnnual report
「In the construction market, private-sector capital investment remains solid, but the situation requiring close monitoring continues due to the shortage of skilled construction workers caused by the uneven distribution of construction demand, among other factors.」
The report continues to indicate that private-sector capital investment is remaining solid, with no mention of a cautious approach to capital investment. - FY2020-Q2ReframedAnnual report
「In the construction market, private-sector capital investment remains solid, but the situation continues to be difficult to predict due to the shortage of skilled construction workers caused by the uneven distribution of construction demand, tight supply and demand for materials and equipment, and the impact of natural disasters, among other factors.」
Regarding private-sector capital investment, the wording has changed from “the growth trend is continuing” in the previous quarter to “remaining solid.” Although no cautious approach to capital investment is mentioned, the description of the pace of growth has changed. - FY2020-Q1RestatedAnnual report
「In the construction market, private-sector capital investment continues to trend upward, but the situation remains difficult to predict due to the shortage of skilled construction workers caused by the uneven distribution of construction demand, tight supply and demand for materials and equipment, and persistently high prices.」
The report continues to indicate that private-sector capital investment is on a growth trend, with no mention of a cautious approach by companies to capital investment. - FY2019RestatedAnnual report
「In the construction market, the 2025 Osaka-Kansai Expo has been confirmed and the favorable order environment is expected to continue, but amid unstable global conditions, attention is considered necessary because the order environment could change rapidly.」
While recognizing the favorable order environment supported by private-sector capital investment and the Expo, the report notes the need to watch for rapid changes in the order environment. - FY2019-Q3RestatedAnnual report
「In the construction market, private-sector capital investment remained solid, but the environment continues to be difficult to predict due to the shortage of skilled construction workers caused by the uneven distribution of construction demand, tight supply and demand for materials and equipment, and rising prices.」
The report continues to indicate that private-sector capital investment is remaining solid, with no mention of a cautious approach by companies to capital investment. At the same time, labor shortages and tight supply and demand for materials and equipment, together with rising prices, are cited as concerns. - FY2019-Q2RestatedAnnual report
「In the construction market, private-sector capital investment remained solid, but the environment remains difficult to predict due to the shortage of skilled construction workers caused by the uneven distribution of construction demand and the upward trend in prices for materials and equipment.」
The report continues to indicate that private-sector capital investment is remaining resilient, with no mention of a cautious approach to capital investment. At the same time, the rising trend in uneven construction demand and prices for materials and equipment continues to be cited. - FY2019-Q1ReframedAnnual report
「In the construction market, private-sector capital investment remained solid, but the environment continues to be difficult to predict due to the shortage of skilled construction workers caused by the uneven distribution of construction demand and the upward trend in prices for materials and equipment.」
Regarding private-sector capital investment, the wording has changed from “on a growth trend” to “remaining resilient.” Although this does not indicate a cautious approach to capital investment, the description of the pace of growth has changed. - FY2018-Q3RestatedAnnual report
「In the construction market, private-sector capital investment is trending upward against a backdrop of solid corporate earnings, but concerns remain over a shortage of skilled construction workers due to the uneven distribution of construction demand and rising prices for materials and equipment, and the environment remains difficult to predict.」
The report continues to indicate a growth trend rather than a cautious approach to corporate and private-sector capital investment. At the same time, uneven construction demand and rising prices for materials and equipment continue to be cited as concerns. - FY2018-Q2RestatedAnnual report
「Although private-sector capital investment is on a moderate growth trend, supported by solid corporate earnings, shortages of construction-skilled workers due to uneven construction demand and rising prices for materials and equipment mean that conditions remain difficult to view optimistically.」
The report continues to indicate a moderate growth trend rather than a cautious approach to corporate and private-sector capital investment. At the same time, uneven construction demand and rising prices for materials and equipment continue to be cited as concerns for the construction market. - FY2018-Q1ReframedAnnual report
「Although private-sector capital investment is on a moderate growth trend, supported by solid corporate earnings, the outlook remains uncertain because of shortages of construction-skilled workers resulting from uneven construction demand and concerns over rising prices for materials and equipment.」
Rather than the cautious approach to corporate capital investment cited previously, the report indicates that private-sector capital investment is on a moderate growth trend. At the same time, uneven construction demand and rising prices for materials and equipment continue to be cited as concerns. - FY2017-Q3DroppedAnnual report
「In the construction market, concerns remain over a shortage of skilled construction workers due to the uneven distribution of construction demand and rising prices for materials and equipment, and the situation remains difficult to predict.」
The cautious approach to corporate capital investment cited in the previous quarter is not mentioned again in the description of the construction market for the third quarter. - FY2017-Q2First statedAnnual report
「In the construction market, companies are becoming increasingly cautious about capital investment, while concerns over a shortage of skilled construction workers caused by the uneven distribution of construction demand persist, and the situation remains difficult to predict.」
Companies’ cautious approach to capital investment is cited as a new factor clouding the outlook for the construction market.