Fluctuations in the Housing Market and Public Investment
First written in FY2016. 9 of 27 entries say "Restated". Latest entry: FY2025-H1.
The whole theme swung hardest in 2020: 17 of 32 companies on the "Worse" side.
18 other companies' latest entry also says "Restated".
- FY2025-H1RestatedAnnual report
「Public investment remained solid and private capital investment showed signs of recovery, but difficult business conditions continued due to soaring construction material prices, rising labor costs and labor shortages.」
The company reconfirms the market view that public investment remains solid and private-sector capital investment is showing signs of recovery. - FY2024-Q2Recovery in private capital investmentAnnual report
「Public investment remained resilient and private capital investment showed signs of recovery, but difficult operating conditions continued due to elevated material prices, rising labor costs and labor shortages.」
While public investment remains resilient, the market view is that private-sector capital investment is showing signs of recovery. - FY2023Explicit response to market-contraction risk through the business portfolioAnnual report
「The Group’s principal business is construction, particularly condominium construction. If the construction business contracts significantly, this may adversely affect its business performance and other results.」
The company again identifies its concentration on the condominium construction business as a risk arising from changes in the business environment, and cites strengthening non-condominium fields, entering the real estate and civil engineering businesses, and building a balanced business portfolio as responses. - FY2023-Q3RestatedAnnual report
「During the nine-month period ended [the current third quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」
The company explains that there have been no material changes in the existing business and other risks, including the risk of fluctuations in the housing market and public investment. - FY2023-Q2RestatedAnnual report
「During the six-month period ended [the current second quarter], there were no newly arising business or other risks, nor any material changes to the business and other risks described in the Annual Securities Report for the prior fiscal year.」
The company explains that there have been no material changes in the business and other risks described in the previous fiscal year, including the risk of fluctuations in the housing market and public investment. - FY2023-Q1Omission of current housing and public-investment conditionsAnnual report
「The construction industry continues to face a challenging environment, including soaring construction-material prices caused by the weaker yen and accelerating inflation.」
There is no reference to the specific conditions of public investment or residential construction described through the previous quarter. Instead, the current industry environment is described mainly in terms of yen depreciation, inflation and rising material costs. - FY2022-Q3WorsenedAnnual report
「Public investment remained at a high level and housing construction was broadly flat, although concerns continued over elevated construction material prices, material shortages and the impact of the pandemic on employment conditions.」
Market perceptions of residential construction changed from a recovery in the previous quarter to broadly flat conditions. Public investment, meanwhile, is viewed as remaining at a high level. - FY2022-Q2Housing construction shifts from weakness to recoveryAnnual report
「Public investment remained resilient and housing construction showed signs of recovery, although concerns continued over soaring construction material prices and the impact of the pandemic on employment conditions.」
The company’s view has changed to one that public investment remains resilient and residential construction is showing signs of recovery from the weakness seen through the previous quarter. - FY2022-Q1Housing construction shifts from weakness to resilienceAnnual report
「Public investment and housing construction remained resilient in the construction industry, although concerns continued over the impact of the pandemic on construction costs and employment conditions.」
Regarding residential construction, which had been viewed as weak through the previous fiscal year, the current market view is that it has remained resilient alongside public investment. - FY2021Explicit response to market contraction through the business portfolioAnnual report
「If the construction market were to contract significantly, business performance could be affected. In particular, for our Group, which has a high weighting in the condominium construction business, the ease with which other companies can enter this business could intensify competition, creating a risk of declines in orders, revenue and profit.」
The company explicitly identifies the contraction of the construction market, its concentration on the condominium development business, and the resulting declines in orders, sales and profit amid intensifying competition, moving beyond the conventional view that the risks lay in fluctuations in the housing market and public investment. It cites a balanced business portfolio as a response. - FY2021-Q3RestatedAnnual report
「Public investment is progressing solidly in the construction industry, but housing construction remains weak, and concerns continue over the impact of the pandemic on construction costs and employment conditions.」
The market view continues to be that public investment is progressing steadily while housing construction is weakening. - FY2021-Q2Firm public investment and continued weakness in housing constructionAnnual report
「In the construction industry, although public investment is progressing steadily, housing construction is expected to continue on a weakening trend,」
The first quarter contained no reference to public investment, but the current description states that public investment is progressing steadily. Meanwhile, housing construction is expected to continue on a weakening trend. - FY2021-Q1WorsenedAnnual report
「In the construction industry, housing construction is expected to continue on a weakening trend,」
For housing construction, the outlook has shifted from being generally flat or weak to remaining on a weakening trend. There is no reference to public investment for the current quarter. - FY2020-Q3Weaker housing construction and firm public investmentAnnual report
「During this period, public investment remained solid, while housing construction was soft, and concerns over construction cost trends and labor shortages continued.」
Housing construction continues to weaken, while public investment is described as progressing steadily. Current conditions relating to the risk of fluctuations in the housing market and public investment have been updated. - FY2020-Q2Weaker housing construction and stronger public investmentAnnual report
「During this period, housing construction had recently softened, while public investment was becoming more resilient, and concerns over construction cost trends and labor shortages continued.」
Housing construction changed from being generally flat through the previous quarter to weakening, while public investment is described as having become more resilient after weakening at the end of the previous fiscal year and showing a solid trend in the first quarter. - FY2020-Q1Recovery in public investmentAnnual report
「During this period, housing construction was broadly flat and public investment had recently been resilient, although concerns over construction cost trends and labor shortages continued.」
The market view has changed from public investment having recently weakened at the end of the previous fiscal year to public investment showing a solid trend in the first quarter. Housing construction is described as generally flat. - FY2019RestatedAnnual report
「During this period, housing construction was generally flat, while public investment had recently weakened, and concerns remained regarding trends in construction costs and labor shortages.」
The market view from the previous quarter continues to be described as housing construction being generally flat and public investment weakening. - FY2019-Q3WorsenedAnnual report
「During this period, housing construction remained broadly flat in the construction industry, while public investment had recently weakened and concerns regarding construction cost trends and labor shortages continued.」
The description has changed from the previous focus on the resilience and strength of public investment to one stating that public investment has recently weakened. Housing construction is described as generally flat. - FY2019-Q2RestatedAnnual report
「During this period, public investment remained resilient in the construction industry, but concerns regarding construction cost trends and labor shortages continued.」
Public investment is said to have remained solid, and a stable trend continues in the market environment associated with significant fluctuations in public investment. - FY2018-Q3RestatedAnnual report
「During this period, public investment remained resilient in the construction industry, although shortages of construction workers and construction cost trends continued to require close monitoring.」
Public investment is said to have remained solid, and a stable trend continues in the market environment previously associated with fluctuations in public investment. - FY2018-Q2RestatedAnnual report
「During this period, public investment remained robust in the construction industry, but concerns continued regarding construction cost trends and labor shortages.」
Public investment is said to be progressing steadily, and the previously indicated trend toward stabilization continues in relation to market risks arising from significant fluctuations in public investment. - FY2018-Q1Stabilization of public investmentAnnual report
「During this period, although concerns remained regarding construction cost trends and shortages of construction workers, public investment was becoming more resilient and conditions in the construction industry were generally stable.」
The description has changed from a focus on the fluctuation risk associated with public investment to current conditions in which public investment has become more resilient and is generally stable. - FY2017RestatedAnnual report
「Significant fluctuations in housing market conditions or public investment could affect our business performance and other results.」
Fluctuations in the housing market and public investment continue to be explicitly identified as business-environment risks. - FY2017-Q3Continued market stabilityAnnual report
「During this period, although trends in construction costs and shortages of construction workers remained areas of concern, conditions across the construction industry remained generally stable.」
As in the previous quarter, current conditions are described as generally stable across the construction industry. - FY2017-Q2Improvement and stabilization in market conditionsAnnual report
「During this period, housing construction recovered and public investment shifted from a moderate decline to a solid trend. Although trends in construction costs and shortages of construction workers remained sources of uncertainty, conditions remained stable overall.」
The change in market conditions is specified as a recovery in housing construction and a shift in public investment from a declining trend to a solid trend. - FY2017-Q1Greater specificity regarding market conditionsAnnual report
「During this period, housing construction showed signs of recovery in the construction industry, while public investment declined moderately. The environment remained one in which continued attention was required regarding trends in construction costs and other factors.」
Current conditions in the housing market and public investment are specifically described as a recovery in housing construction and a moderate decline in public investment. Although market fluctuations have occurred, there is no statement that they have affected business performance. - FY2016First statedAnnual report
「Significant fluctuations in housing market conditions or public investment could affect our business performance and other results.」
Fluctuations in the housing market and public investment are recognized as external risks to business performance.