Investment Environment in the Construction Industry
First written in FY2017-Q1. 9 of 35 entries say "Restated". Latest entry: 2026-08-06.
The whole theme swung hardest in 2025: 4 of 12 companies on the "Worse" side.
8 other companies' latest entry also says "Restated".
- 2026-08-06RestatedEarnings
「建設業界におきましては、公共投資が堅調に推移し、民間投資については住宅建設は弱含みで推移しているものの、企業収益の改善や省力化投資への対応等を背景に、設備投資は持ち直しの動きが続いています。」
公共投資、住宅建設、設備投資に関する従来の環境認識を再掲している。 - FY2026Concurrent references to labor shortages, progress in passing on higher costs, and intensifying procurement competitionAnnual report
「In the construction industry, public investment remained stable. In private-sector investment, housing construction struggled to grow, although capital investment showed a gradual recovery, supported by solid corporate earnings and efforts to address investment in labor-saving measures. However, the number of people employed across the industry has declined year after year, and the urgent response to the shortage of human resources remains a major challenge. In addition, efforts to ensure the proper pass-through of prices following amendments to the Construction Business Act have accelerated, and while the appropriate adjustment of contract prices to reflect market prices is becoming established, competition to secure construction materials and labor has intensified further as the prices of construction materials, labor costs and other inputs have risen.」
In addition to the previously recognized environment of stable public investment, sluggish housing construction and recovering capital investment, the company explicitly identifies the decline in industry-wide employment, labor shortages, progress in the proper pass-through of prices, and intensifying competition to secure materials and labor. - 2026-05-14WorsenedEarnings
「一方で原材料費や労務費等の高騰を背景とした物価上昇に加え、米国の通商政策による関税引上げの影響が顕在化しております。また、中東地域における緊張の高まりや海上輸送の混乱を受けて、原油をはじめとするエネルギー価格の上昇や物流の不安定化が生じております。これらは、建設資材価格及び工事原価に影響を与える可能性があり、今後の事業環境に不確実性をもたらす要因となっております。」
従来の建設コスト・労務費上昇に加え、米国の通商政策、中東情勢、海上輸送、エネルギー価格および物流の不安定化を事業環境の不確実性として具体化している。 - FY2026-H1Rebound decline in housing starts and continued recovery in capital investmentAnnual report
「In the construction industry, public investment has remained stable. In private-sector investment, housing starts have declined year on year due to the反動 from the rush demand in the previous fiscal year ahead of the mandatory compliance with energy-efficiency standards and other measures, although investment has generally remained flat. Capital investment has continued to recover, supported by improving corporate earnings and efforts to address investment in labor-saving measures.」
Public investment has remained stable. In housing construction, the number of housing starts has declined due to the反動 from the previous fiscal year's rush demand, while investment has generally remained flat. Corporate capital investment has continued to show signs of recovery, supported by improving corporate earnings and efforts to address investment in labor-saving measures. - FY2025-H1Continuation of the business environment alongside successful negotiations to pass on higher costsAnnual report
「In the construction industry, public investment has remained firm, and private-sector capital investment has also remained solid on the back of corporate earnings. However, given risk factors including the shortage of skilled workers and trends in construction costs, the environment surrounding the industry needs to be monitored closely.」
While public investment and corporate capital investment remain solid, the shortage of skilled workers and construction costs continue to be identified as risk factors. - FY2024Explicit reference to rising construction costs, difficulty passing on costs, and intensifying order competitionAnnual report
「The business environment remained challenging, with construction costs rising due to persistently high construction material prices, shortages of skilled workers, and higher labor costs, while the intensifying competition for orders made it difficult to pass on higher costs as intended.」
While public investment remains resilient and capital expenditure is recovering, the report explicitly identifies rising construction costs, intensifying competition for orders, and difficulty passing on higher costs as factors contributing to a challenging business environment. - FY2024-Q3Persistently high construction costs and stalled new construction startsAnnual report
「In the construction industry, public and private investment have remained resilient, but construction costs are unlikely to come down from their high levels, and signs of a stall in new construction starts and other activity are apparent.」
While public and private investment are described as resilient, the report states that persistently high construction costs are unlikely to ease and that new construction starts and other activity show signs of stalling. - FY2024-Q2Explicit reference to a cautious stance on private investmentAnnual report
「In the construction industry, public investment remained resilient, and private investment included solid corporate appetite for capital expenditure, but investment in construction projects appears to be approached cautiously. The environment surrounding the industry remained challenging due to shortages of skilled workers and persistently high construction material prices.」
While public investment remains resilient and corporate appetite for capital expenditure remains solid, investment in construction projects is described as cautious, resulting in a differentiated outlook for private investment. - FY2024-Q1RestatedAnnual report
「In the construction industry, public investment remained resilient, and private investment included resilient housing construction. However, the environment surrounding the industry remained challenging due to shortages of skilled workers and persistently high construction material prices.」
The report continues to describe resilient public investment and housing construction, while stating that the challenging environment persists due to shortages of skilled workers and persistently high construction material prices. - FY2023Recovery in housing construction and capital expenditure alongside high construction costsAnnual report
「In the construction industry, public investment remained resilient partly due to the effects of various policies. Private investment included continued recovery in housing construction and signs of recovery in corporate capital expenditure, but the business environment remained challenging due to persistently high material prices, higher construction costs resulting from tight supply and demand, and conditions in the supply and demand of skilled workers.」
While public investment remains resilient and private investment shows signs of recovery, the report explicitly identifies a challenging environment involving persistently high material prices, tight supply and demand, and conditions in the supply and demand of skilled workers. - FY2023-Q3Explicit reference to the effects of supplementary budgets and the recovery trend in private investmentAnnual report
「In the construction industry, public investment remained resilient partly due to the effects of supplementary budgets, while the recovery trend in corporate capital expenditure continued and housing construction also remained resilient.」
The report explicitly cites the effects of supplementary budgets on public investment, describes a continuing recovery trend in corporate capital expenditure, and characterizes housing construction as resilient. - FY2023-Q2RestatedAnnual report
「In the construction industry, public investment remained resilient, private investment showed signs of recovery in corporate capital expenditure, and housing construction also remained resilient. Meanwhile, the environment surrounding the industry remains challenging due to chronic shortages of skilled workers and soaring construction material prices.」
The report restates resilient public investment, recovering corporate capital expenditure, and resilient housing construction. It also continues to describe a challenging environment resulting from shortages of skilled workers and high construction material prices. - FY2023-Q1Restatement of resilient public and private investmentAnnual report
「In the construction industry, public investment remained resilient, private investment showed signs of recovery in corporate capital expenditure, and housing construction also remained resilient. However, the environment surrounding the industry remained challenging due to chronic shortages of skilled workers and soaring construction material prices.」
The report describes resilient public investment, a recovery in corporate capital expenditure, and resilient housing construction. - FY2022-Q3Weak public investment and stalled recovery in capital expenditureAnnual report
「In the construction industry, public investment remained at a high level but has recently weakened, while private investment included generally flat housing construction and a stalled recovery in corporate capital expenditure.」
Public investment, although at a high level, has turned weak, while housing construction is generally flat and the description of corporate capital expenditure has changed from a recovery to a stall. - FY2022-Q2Resilient housing construction and recovery in capital expenditureAnnual report
「In the construction industry, public investment remained resilient, while private investment included resilient housing construction and signs of recovery in corporate capital expenditure.」
Resilient public investment has continued, while housing construction changed from weakness through the previous quarter to resilience, and corporate capital expenditure changed from weakness to signs of recovery. - FY2022-Q1Wording changed from an expected decline in corporate capital expenditure to weaknessAnnual report
「In the construction industry, public investment remained resilient, while private investment weakened in housing construction and corporate capital expenditure due to the impact of COVID-19. Continued attention is also required regarding the supply and demand conditions for construction workers and trends in the prices of materials and equipment.」
Resilient public investment and weak housing construction have continued. Corporate capital expenditure, described previously as expected to decline, is now described, together with housing construction, as weakening. - FY2021-Q3Explicit reference to an expected decline in corporate capital expenditureAnnual report
「In the construction industry, public investment remained solid, while private investment was affected by COVID-19 and other factors, with housing construction weakening and corporate capital expenditure also expected to decline.」
While solid public investment and weak housing construction have continued, the outlook for corporate capital expenditure explicitly changed from the previous quarter's description of weak activity to an expected decline. - FY2021-Q2Shift toward weaker private capital expenditureAnnual report
「In the construction industry, public investment remained solid, while private investment included weak housing construction and weak corporate capital expenditure.」
While solid public investment has continued and housing construction has remained weak, corporate capital expenditure has changed from the previous description of being generally flat to showing weakness. - FY2021-Q1Weakness in private investment due to COVID-19Annual report
「In the construction industry, public investment remained resilient, while private investment weakened in housing construction and corporate capital expenditure due to the impact of COVID-19. Continued attention is also required regarding the supply and demand conditions for construction workers and trends in the prices of materials and equipment.」
While resilient public investment is maintained, the report explicitly identifies weakness in housing construction and corporate capital expenditure due to the impact of COVID-19. - FY2020Flat corporate capital expenditure and explicit reference to the impact of the pandemicAnnual report
「In the construction industry, public investment remained resilient, while private investment included weak housing construction and generally flat corporate capital expenditure.」
While resilient public investment and weak housing construction have continued, corporate capital expenditure has changed from its previous upward trend to an approximately flat trend. - FY2020-Q3Explicit reference to a weak outlook for housing constructionAnnual report
「In the construction industry, private investment is expected to include housing construction remaining weak for the time being, while public investment remains solid and corporate capital expenditure is on a moderate upward trend.」
While solid public investment and the moderate upward trend in corporate capital expenditure continue, the outlook for housing construction is explicitly described as remaining weak for the time being, changing from the previous description of a generally flat or weakening trend. - FY2020-Q2RestatedAnnual report
「In the construction industry, public investment remained resilient, while private investment included generally flat housing construction and a moderate upward trend in corporate capital expenditure.」
The report continues to describe the business environment as involving resilient public investment, generally flat housing construction, and a moderate increase in corporate capital expenditure. - FY2020-Q1RestatedAnnual report
「In the construction industry, public investment remained resilient, while private investment included generally flat housing construction and a moderate upward trend in corporate capital expenditure.」
The report continues to describe the business environment as involving resilient public investment, generally flat housing construction, and a moderate increase in corporate capital expenditure. - FY2019RestatedAnnual report
「In the construction industry, public investment has weakened, while private investment includes generally flat housing construction and a moderate increase in corporate capital expenditure.」
The report continues to describe public investment as weak, housing construction as generally flat, and corporate capital expenditure as increasing moderately. - FY2019-Q3Explicit reference to weakness in public investmentAnnual report
「In the construction industry, public investment has recently weakened, with expenditure related to public works falling below the previous year, while private investment includes generally flat housing construction and a moderate upward trend in corporate capital expenditure.」
The description of public investment has changed from the previous view that it remained resilient to one stating that expenditure related to public works fell below the previous year and weakened. The generally flat trend in housing construction and the moderate upward trend in corporate capital expenditure have continued. - FY2019-Q2RestatedAnnual report
「In the construction industry, public investment remained resilient, while private investment included generally flat housing construction and a moderate upward trend in corporate capital expenditure.」
The report continues to describe the business environment as involving resilient public investment, generally flat housing construction, and a moderate increase in corporate capital expenditure. - FY2019-Q1RestatedAnnual report
「In the construction industry, public investment remained resilient, while private investment included generally flat housing construction and a moderate upward trend in corporate capital expenditure.」
The report continues to describe the business environment as involving resilient public investment, generally flat housing construction, and a moderate increase in corporate capital expenditure. - FY2018RestatedAnnual report
「In the construction industry, public investment remained resilient, while private investment included generally flat housing construction and a moderate upward trend in corporate capital expenditure.」
The report continues to describe the business environment as involving resilient public investment, flat housing construction, and a moderate increase in corporate capital expenditure. - FY2018-Q3Explicit reference to moderate growth in corporate capital expenditureAnnual report
「In the construction industry, public investment remained resilient, while private investment included flat housing construction and a moderate increase in corporate capital expenditure.」
While the resilience of public investment and flat housing construction are maintained, corporate capital expenditure is described as having increased moderately in actual results, compared with the previous reference to a recovery. - FY2018-Q2Concurrent reference to flat housing investment and recovering capital expenditureAnnual report
「In the construction industry, public investment remained solid, while private investment included flat housing construction and signs of recovery in corporate capital expenditure.」
While public investment remains resilient, the breakdown of private investment shows housing construction changing from a recovery to a flat trend, and corporate capital expenditure showing signs of recovery. - FY2018-Q1Restatement of resilient public investment and recovering private investmentAnnual report
「In the construction industry, public investment remained resilient, while private investment also showed signs of recovery in housing construction and corporate capital expenditure. Meanwhile, continued attention is required regarding the supply and demand conditions for construction workers and trends in the prices of materials and equipment.」
Whereas the previous year's report explicitly identified the tailwind from the Tokyo Olympic and Paralympic Games, this report describes resilient public investment and a recovery in housing construction and corporate capital expenditure as the business environment. - FY2017Explicit reference to the tailwind from the Tokyo OlympicsAnnual report
「In the construction industry, overall conditions are favorable due to increased public and private investment resulting from the Tokyo Olympic and Paralympic Games, but continued attention is required regarding the supply and demand conditions for construction workers and trends in the prices of materials and equipment.」
In addition to describing trends in public and private investment, the report explicitly identifies increased investment resulting from the Tokyo Olympic and Paralympic Games as a tailwind for the construction industry as a whole. - FY2017-Q3Diverging outlooks for private investmentAnnual report
「In the construction industry, public investment is expected to remain resilient. Private investment is expected to diverge, with housing construction likely to remain flat while corporate capital expenditure is expected to increase.」
The outlook has changed from the previous quarter's view that both public and private investment were resilient to a divergent outlook in which public investment remains resilient, housing construction stays flat, and corporate capital expenditure is expected to increase. - FY2017-Q2Shift toward resilience in public and private investmentAnnual report
「In the construction industry, both public and private investment have remained resilient, but continued attention is required regarding the supply and demand conditions for construction workers and trends in the prices of materials and equipment.」
The description has changed from the previous explanation of a moderate decline in public investment and a recovery in private investment to an explanation that both public and private investment are holding firm. - FY2017-Q1First statedAnnual report
「In the construction industry, public investment was on a moderate downward trend, while private investment showed signs of recovery in housing construction and corporate capital expenditure.」
The business environment is described as involving declining public investment and a recovery in housing construction and corporate capital expenditure.