Risk of contraction in the construction market driven by public investment and private capital spending
First written in FY2016. 21 of 32 entries say "Restated". Latest entry: 2026-08-07.
Nishimatsu Construction moved to the "Worse" side of this theme in 2024, 4 years after the typical company in this theme (2020).
The whole theme swung hardest in 2020: 17 of 32 companies on the "Worse" side.
18 other companies' latest entry also says "Restated".
- 2026-08-07RestatedEarnings
「建設業界におきましては、政府建設投資、民間建設投資ともに増加傾向にありますが、金融・為替市場の動向、 労務需給の逼迫の影響、原油価格上昇に伴う建設資機材価格やエネルギーコストへの影響について、注視が必要な 状況が続いております。」
政府・民間建設投資は増加傾向とする一方、金融・為替市場、労務需給、原油価格に伴う建設資機材価格・エネルギーコストへの影響を引き続き注視するとした。 - FY2026WorsenedAnnual report
「The domestic construction market is expected to expand through around 2030, but the business environment is expected to remain uncertain thereafter as population decline and the shortage of workers accelerate.」
The company expects the domestic construction market to expand through around 2030, while explicitly identifying long-term uncertainty arising from accelerating population decline and worker shortages thereafter. - 2026-05-27WorsenedGeneral Meetings of Shareholders
「In addition to fluctuations in crude oil prices, potential risks, including construction equipment and material prices, supply constraints and energy cost trends, may affect the business environment of the group.」
従来の資材価格・労務需給への注視に加え、供給制約、エネルギーコスト、原油価格、金利上昇、インフレ、賃上げによる建設コスト全般の増加が具体化された。 - FY2025-H1WorsenedAnnual report
「During the interim consolidated accounting period, Japan's economy continued to recover moderately against a backdrop of improving employment and income conditions. The outlook is subject to downside risks in overseas economies, including the impact of persistently high interest rates in Europe and the United States and the continued stagnation of China's real estate market. Close attention is also required to the effects of rising prices, developments in the Middle East and volatility in financial and capital markets.」
The company newly specified persistently high interest rates in Europe and the United States and stagnation in China's real estate market as downside factors for overseas economies, while continuing to call attention to rising prices, the situation in the Middle East and volatility in financial and capital markets. - FY2024-Q3RestatedAnnual report
「In the construction industry, both government and private-sector construction investment are trending higher, but the situation continues to require monitoring due to the impact of surging construction material prices and labor costs rising as a result of construction material price inflation and labor shortages.」
While government and private-sector construction investment were said to be trending higher, attention was considered necessary regarding the business environment in light of rising construction material prices and labor costs. No material changes were identified regarding the market demand contraction risk itself. - FY2024-Q2RestatedAnnual report
「In the construction industry, both government and private-sector construction investment are trending slightly higher, but the situation continues to require monitoring due to the impact of surging construction material prices and other factors.」
While government and private-sector construction investment were said to be trending slightly higher, the situation continues to require monitoring because of surging construction material prices and other factors. - FY2024-Q1RestatedAnnual report
「In the construction industry, both government and private-sector construction investment have remained at approximately the same level as the previous year in nominal terms. The situation also continues to require monitoring due to the impact of surging construction material prices and other factors.」
While government and private-sector construction investment were described as being at the same level as the previous year, the need to monitor surging construction material prices and other factors was reaffirmed. - FY2023WorsenedAnnual report
「The domestic civil engineering market is expected to remain firm going forward, supported by various measures for national resilience and disaster prevention and mitigation. However, the domestic building construction market is expected to contract due to the medium- to long-term impact of population decline and other factors, and the business environment is expected to remain uncertain.」
While overall construction investment was described as firm in nominal terms, the medium- to long-term contraction of the domestic building construction market was explicitly identified. - FY2023-Q3RestatedAnnual report
「In the construction industry, overall construction investment has remained firm in nominal terms, but the situation continues to require monitoring due in part to the impact of surging construction material prices and other factors.」
While overall construction investment was described as firm in nominal terms, the need to monitor surging construction material prices and other factors was reaffirmed. - FY2023-Q2RestatedAnnual report
「In the construction industry, government construction investment has remained firm, and private-sector construction investment has shown signs of recovery. However, the situation continues to require monitoring due in part to the impact of surging construction material prices and other factors.」
While government construction investment was described as firm and private-sector construction investment as showing signs of recovery, continued monitoring of surging construction material prices and other factors was considered necessary. No material changes were identified regarding market risks arising from public investment and private-sector capital investment. - FY2023-Q1RestatedAnnual report
「In the construction industry, government construction investment has remained firm, and private-sector construction investment has shown signs of recovery. However, the situation continues to require monitoring due in part to the impact of surging construction material prices and other factors.」
While government construction investment was described as firm and private-sector construction investment as showing signs of recovery, continued monitoring of surging construction material prices and other factors was considered necessary. - FY2022-Q3WorsenedAnnual report
「In the construction industry, government construction investment has remained firm, and private-sector construction investment has also shown signs of recovery. However, conditions for receiving orders for some private-sector projects have become more difficult, and the impact of surging construction material prices means that the situation requires continued monitoring.」
While government construction investment was described as firm and private-sector construction investment as showing signs of recovery, the deterioration in order conditions for some private-sector projects and the impact of surging construction material prices were explicitly identified. - FY2022-Q2RestatedAnnual report
「In the construction industry, government construction investment is expected to remain at a similar level to the previous fiscal year, while private-sector construction investment is expected to remain uncertain due to the impact of COVID-19 and other factors.」
While government construction investment was expected to remain at a similar level to the previous fiscal year, uncertainty about the outlook for private-sector construction investment due to the impact of COVID-19 and other factors was reaffirmed. - FY2022-Q1RestatedAnnual report
「During the three-month period ended 30 June, there were no new risks that management recognizes as having the potential to materially affect the financial position, operating results or cash flows of the consolidated companies, and no material changes to the business risks described in the annual securities report for the previous fiscal year.」
No material changes were identified regarding the risk of construction market contraction due to public investment and private-sector capital investment. Government construction investment was described as being at a similar level to the previous fiscal year, while the outlook for private-sector construction investment remained uncertain due to the impact of COVID-19 and other factors. - FY2021ReframedAnnual report
「Government construction investment is expected to remain firm. Although private-sector construction investment is expected to decline due to the impact of COVID-19 and other factors, demand is expected to remain resilient in some markets, including continued or increased demand for logistics facilities as the e-commerce market expands.」
Government investment was described as firm, while private-sector investment was expected to decline due to the impact of COVID-19. Demand for logistics facilities associated with the expansion of the e-commerce market was identified as a resilient area. - FY2021-Q3RestatedAnnual report
「In the construction industry, government construction investment has remained firm, while private-sector construction investment is expected to remain uncertain due to the impact of COVID-19 and other factors.」
While government construction investment was described as firm, uncertainty about the outlook for private-sector construction investment due to COVID-19 and other factors was said to persist. - FY2021-Q2RestatedAnnual report
「In the construction industry, government construction investment has remained firm, while private-sector construction investment is expected to remain uncertain due to the impact of COVID-19 and other factors.」
While government construction investment was described as firm, uncertainty about the outlook for private-sector construction investment due to COVID-19 and other factors was said to persist. - FY2021-Q1WorsenedAnnual report
「In the construction industry, government construction investment has remained firm, while private-sector construction investment is expected to slow as the real economy deteriorates.」
While government construction investment was described as firm, concerns about a slowdown in private-sector construction investment due to the deterioration of the real economy caused by COVID-19 were explicitly identified. - FY2020WorsenedAnnual report
「Of these businesses, the environment surrounding our core civil engineering and building construction businesses remains uncertain. Government construction investment has remained firm, but private-sector construction investment is expected to be affected by concerns about a sharp slowdown in the global economy due to the impact of COVID-19. Over the medium to long term, the domestic construction market is expected to contract because of the declining population and other factors.」
In addition to the existing risk of domestic construction market contraction due to population decline, the company explicitly identified the global economic slowdown caused by COVID-19 and its impact on private-sector construction investment. - FY2020-Q1RestatedAnnual report
「During the first quarter of the current consolidated cumulative period, there were no occurrences of matters that could materially affect investors’ investment decisions among the matters relating to the business and financial position described in this quarterly report, nor were there any material changes to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」
No material changes were identified regarding the risk of construction market contraction due to public investment and private-sector capital investment. - FY2019WorsenedAnnual report
「The construction industry is expected to remain stable for the time being, supported by construction demand from large-scale redevelopment projects, mainly in the Tokyo metropolitan area, and infrastructure development associated with the decision to host the 2025 Osaka Expo, while both government and private-sector construction investment remain firm. Over the long term, however, the domestic construction market is expected to contract due to the declining population and other factors. Concerns also remain about a shortage of workers in the construction industry as skilled workers decline in number and age.」
While short-term demand was described as stable, the company explicitly identified the long-term contraction of the market due to population decline, as well as the shortage of workers resulting from the declining and aging skilled workforce. - FY2019-Q3RestatedAnnual report
「During the cumulative third quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that could materially affect investors’ decisions, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」
No material changes were identified regarding the risk of construction market contraction due to public investment and private-sector capital investment. - FY2019-Q2RestatedAnnual report
「During the cumulative second quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that could materially affect investors’ decisions, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」
No material changes were identified regarding the risk of construction market contraction due to public investment and private-sector capital investment. - FY2019-Q1RestatedAnnual report
「During the first quarter of the current consolidated cumulative period, there were no occurrences of matters that could materially affect investors’ investment decisions among the matters relating to the business and financial position described in this quarterly report, nor were there any material changes to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」
No material changes were identified regarding the risk of construction market contraction due to public investment and private-sector capital investment. - FY2018WorsenedAnnual report
「The construction industry is expected to remain firm for the time being, supported mainly by large-scale projects in the Tokyo metropolitan area. However, the future contraction of the domestic construction market is unavoidable due to the declining population and other factors.」
In addition to the existing risk of domestic construction market contraction due to population decline, the future contraction of the market was identified as a structural factor that cannot be avoided. - FY2018-Q3RestatedAnnual report
「During the cumulative third quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that could materially affect investors’ decisions, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」
No material changes were identified regarding the risk of construction market contraction due to public investment and private-sector capital investment. - FY2018-Q2RestatedAnnual report
「During the cumulative second quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that could materially affect investors’ decisions, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」
No material changes were identified regarding the risk of construction market contraction due to public investment and private-sector capital investment. - FY2018-Q1RestatedAnnual report
「During the first quarter of the current consolidated cumulative period, there were no occurrences of matters that could materially affect investors’ investment decisions among the matters relating to the business and financial position described in this quarterly report, nor were there any material changes to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」
No material changes were identified regarding the risk of construction market contraction due to public investment and private-sector capital investment. - FY2017-Q3RestatedAnnual report
「During the cumulative third quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that could materially affect investors’ decisions, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」
No material changes were identified regarding the risk of construction market contraction due to public investment and private-sector capital investment. - FY2017-Q2RestatedAnnual report
「During the cumulative second quarter under review, there were no significant changes in the matters described in this quarterly report regarding the business and accounting conditions that could materially affect investors’ decisions, or in the “Business and Other Risks” described in the securities report for the previous fiscal year.」
No material changes were identified regarding the risk of construction market contraction due to public investment and private-sector capital investment. - FY2017-Q1RestatedAnnual report
「During the first quarter of the current consolidated cumulative period, there were no occurrences of matters that could materially affect investors’ investment decisions among the matters relating to the business and financial position described in this quarterly report, nor were there any material changes to the “Business and Other Risks” described in the annual securities report for the previous fiscal year.」
No material changes were identified regarding the risk of construction market contraction due to public investment and private-sector capital investment. - FY2016First statedAnnual report
「Because the construction business operates on a contract basis, the construction market could contract substantially if public-sector clients reduce budgets for public investment or private-sector clients reduce capital investment. This could reduce the value of construction orders received and affect business performance and other results.」
Fluctuations in public investment budgets and private-sector capital investment were identified as risks that could reduce construction orders.