Risks of Declining Construction Demand, Competition for Public Works and Low-Bid Tenders
First written in FY2016. 26 of 28 entries say "Restated". Latest entry: 2026-08-07.
The whole theme swung hardest in 2020: 29 of 54 companies on the "Worse" side.
25 other companies' latest entry also says "Restated".
- 2026-08-07RestatedEarnings
「Against this backdrop, in the construction business, the Group’s principal business, public investment centered on disaster prevention and infrastructure development under the government’s national resilience measures and other initiatives remained firm. Private investment also showed signs of recovery, supported by solid corporate earnings and investment in labor-saving measures.」
The Company continues to describe the operating environment as characterized by firm public investment and a recovery in private investment. - FY2026-H1RestatedAnnual report
「Against this backdrop, in the Group's core construction business, public investment, centered on disaster prevention and infrastructure development, remained firm, and private investment also showed signs of recovery as capital investment, particularly in manufacturing, became more active. Meanwhile, structural issues such as further increases in construction material and labor costs and shortages of construction workers persisted, and difficult business conditions continued.」
Public investment is described as firm and private investment as recovering, while the view is expressed that difficult business conditions will continue due to rising construction costs and worker shortages. - FY2024-Q2RestatedAnnual report
「During the six-month cumulative period, there were no new business or other risks, nor any material changes to the business or other risks described in the securities report for the previous fiscal year.」
It is explicitly stated that there were no new business or other risks and no significant changes to existing risks. - FY2024-Q1RestatedAnnual report
「During the three-month cumulative period, there were no new business or other risks, nor any material changes to the business or other risks described in the securities report for the previous fiscal year.」
It is explicitly stated that there were no new business or other risks and no significant changes to existing risks. Public investment is described as firm, and private investment as showing signs of recovery in capital investment, while concerns over a downside in the global economy are also noted. - FY2023-Q1RestatedAnnual report
「Against this backdrop, in the Group's core construction business, public investment remained firm, while private investment remained firm in warehouses, logistics facilities and factories, supported by a recovery in companies' willingness to invest in capital equipment as the economy recovered.」
The continued strength of public investment and private investment, particularly in warehouses, logistics facilities and factories, is described. The previous assessment of construction demand continues. - FY2022-Q3RestatedAnnual report
「During the nine-month cumulative period, there were no new business or other risks, nor any material changes to the business or other risks described in the securities report for the previous fiscal year.」
It is explicitly stated that there were no new business or other risks and no significant changes to existing risks. - FY2022-Q2RestatedAnnual report
「In the construction industry, government construction investment is expected to remain firm, supported by the expansion of the national resilience policy and investment in disaster prevention and mitigation projects and measures to address aging social infrastructure. Private capital investment is also expected to continue showing signs of recovery, particularly in growth fields.」
The construction demand outlook is for firm government construction investment and a recovery trend in private capital investment. It is stated that there were no significant changes in business or other risks. - FY2022-Q1RestatedAnnual report
「In the construction industry, government construction investment is expected to remain firm, supported by the expansion of the national resilience policy and investment in disaster prevention and mitigation projects, such as urban stormwater measures, and measures to address aging social infrastructure. Private capital investment is also expected to remain difficult as economic activity is constrained by measures to prevent the spread of COVID-19, increasing uncertainty in the domestic economy.」
Government construction investment is expected to remain firm, while private capital investment is expected to remain difficult due to the impact of economic activity restrictions related to the pandemic. It is stated that there were no significant changes in business or other risks. - FY2021RestatedAnnual report
「Significant changes in the business environment affecting the construction industry, such as a substantial reduction in public works spending or a significant contraction in construction demand due to domestic or overseas economic downturns, could affect the performance of the Group.」
The risks of declining construction demand, reductions in public works spending and economic downturns, as well as competition and low bids in public works, continue to be described. - FY2021-Q3RestatedAnnual report
「Against this backdrop, in the Group's core construction business, public investment remained firm, while private capital investment remained at a lower level than the previous year due to uncertainty over the outlook caused by COVID-19.」
Public investment is described as firm, while private capital investment remained at a low level due to uncertainty caused by the pandemic. The previous assessment of risks related to the construction demand environment continues. - FY2021-Q2RestatedAnnual report
「Against this backdrop, in the Group's core construction business, public investment remained firm, while private capital investment remained at a lower level than the previous year due to uncertainty over the outlook caused by COVID-19.」
Public investment is described as firm, while private capital investment remained at a low level due to the pandemic. The previous assessment of risks related to the construction demand environment continues. - FY2021-Q1RestatedAnnual report
「Against this backdrop, concerns remain over the worsening shortage of construction engineers and skilled workers and rising material costs, and trends need to be monitored going forward.」
Regarding construction demand, government construction investment is expected to remain firm, while private capital investment is described as likely to remain difficult as economic activity is constrained by the pandemic. It is stated that there were no significant changes to existing risks in the demand environment. - FY2020WorsenedAnnual report
「In the construction industry, government construction investment is expected to remain firm, supported by the expansion of the national resilience policy and investment in disaster prevention and mitigation projects, such as urban stormwater measures, and measures to address aging social infrastructure. In private construction investment, economic activity is being constrained globally as the end of the COVID-19 pandemic remains uncertain, increasing uncertainty in the domestic economy, and difficult conditions are expected to continue.」
While a firm outlook is indicated for public investment supported by disaster prevention, disaster mitigation and measures to address aging infrastructure, private construction investment is described as likely to remain difficult due to COVID-19, increasing uncertainty in the demand environment. - FY2020-Q3RestatedAnnual report
「During the cumulative third quarter of the current consolidated fiscal year, there were no new business or other risks, nor any significant changes to the business or other risks described in the annual securities report for the previous fiscal year.」
It is stated that there were no significant changes to existing risks related to declining construction demand, trends in public and private investment, and competition and low bids in public works. - FY2020-Q2RestatedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, there were no new business or other risks, nor any significant changes to the business or other risks described in the annual securities report for the previous fiscal year.」
It is explicitly stated that there were no new business or other risks and no significant changes to existing risks. Public investment is described as resilient, private residential investment as weakening, and corporate capital investment as trending upward. - FY2020-Q1RestatedAnnual report
「During the cumulative first quarter of the current consolidated fiscal year, there were no new business or other risks, nor any significant changes to the business or other risks described in the annual securities report for the previous fiscal year.」
It is explicitly stated that there were no new business or other risks and no significant changes to existing risks. Public investment is described as resilient, while private capital investment, despite trending downward, is on a gradual recovery trend. - FY2019RestatedAnnual report
「Significant changes in the business environment affecting the construction industry, such as a substantial reduction in public works spending or a significant contraction in construction demand due to domestic or overseas economic downturns, could affect the performance of the Group.」
The risks of declining construction demand, reductions in public works spending and economic downturns, as well as competition and low bids in public works tenders affecting profit, continue to be described. - FY2019-Q3RestatedAnnual report
「Against this backdrop, in the Group's core construction business, public investment remained at a high level despite weakening, private investment in housing-related areas was broadly unchanged from the previous year, and corporate capital investment was trending upward, resulting in an overall favorable operating environment.」
The construction demand outlook is described as public investment remaining at a high level despite weakening, housing-related investment remaining flat, and corporate capital investment trending upward. It is stated that there were no significant changes in business or other risks. - FY2019-Q2RestatedAnnual report
「During the cumulative second quarter of the current consolidated fiscal year, there were no new business or other risks, nor any significant changes to the business or other risks described in the annual securities report for the previous fiscal year.」
It is explicitly stated that there were no new business or other risks and no significant changes to existing risks. - FY2019-Q1RestatedAnnual report
「Against this backdrop, in the Group's core construction business, public investment remained broadly in line with the previous year, while private investment was somewhat weak in housing-related areas but continued on a gradual recovery trend, led by corporate capital investment.」
Trends in public investment, private investment and corporate capital investment continue to be described as factors shaping construction demand. The first-quarter report states that there were no significant changes in business or other risks. - FY2018-Q3RestatedAnnual report
「Government construction investment is expected to continue declining gradually but remain at a high level. In private construction investment, although the outlook is uncertain, active redevelopment projects in the Tokyo metropolitan area and capital investment by civil engineering and infrastructure companies are expected to support a gradual recovery.」
The declining trend in government construction investment and its continued high level, the uncertain outlook for private construction investment, and the recovery outlook supported by redevelopment in the Tokyo metropolitan area and other factors continue to be described. - FY2018-Q2RestatedAnnual report
「Government construction investment is expected to continue declining gradually but remain at a high level. In private construction investment, although the outlook is uncertain, active redevelopment projects in the Tokyo metropolitan area and capital investment by civil engineering and infrastructure companies are expected to support a gradual recovery.」
As before, the declining trend in government construction investment and its continued high level, the uncertain outlook for private construction investment, and the recovery outlook supported by redevelopment in the Tokyo metropolitan area and other factors are described. - FY2018-Q1RestatedAnnual report
「Government construction investment is expected to continue declining gradually but remain at a high level. In private construction investment, although the outlook is uncertain, active redevelopment projects in the Tokyo metropolitan area and capital investment by civil engineering and infrastructure companies are expected to support a gradual recovery.」
The declining trend in government construction investment and its continued high level, the uncertain outlook for private construction investment, and the recovery outlook supported by redevelopment in the Tokyo metropolitan area and other factors are described. The assessment of construction demand trends is reiterated. - FY2017RestatedAnnual report
「Significant changes in the business environment affecting the construction industry, such as a substantial reduction in public works spending or a significant contraction in construction demand due to domestic or overseas economic downturns, could affect the performance of the Group.」
The risks of declining construction demand, reductions in public works spending and economic downturns, as well as competition and low bids in public works tenders affecting profit, continue to be described. - FY2017-Q3RestatedAnnual report
「Public investment is trending downward but remains at a high level. Although the outlook for private investment is somewhat uncertain, it is expected to remain firm, led by capital investment by civil engineering and infrastructure companies, and to continue on a recovery trend.」
The downward trend in public investment, its continued high level, and the uncertain outlook for private investment are described. Awareness of the need to assess trends in construction demand and public works remains unchanged. - FY2017-Q2RestatedAnnual report
「At present, public works are expected to continue to be awarded on an ongoing basis, including earthquake-recovery projects and measures to address aging infrastructure. However, we intend to carefully assess the scale at which these projects will continue and translate them into reliable earnings.」
While public works, including earthquake-recovery projects and measures to address aging infrastructure, are expected to continue, the need to carefully assess trends in the scale of contracts awarded continues to be noted. - FY2017-Q1RestatedAnnual report
「Public investment and private residential investment are trending downward but remain at high levels, while private capital investment is expected to remain on a recovery trend, supported by improvements in employment and income conditions and corporate earnings.」
The declining trends in public investment and private residential investment, and the need to carefully assess the scale of public works contracts, are described. Awareness of risks related to construction demand and public works trends remains unchanged. - FY2016First statedAnnual report
「Significant changes in the business environment affecting the construction industry, such as a substantial reduction in public works spending or a significant contraction in construction demand due to domestic or overseas economic downturns, could affect the performance of the Group.」
The risks of reductions in public works spending, economic downturns and declining construction demand are described. It also states that continued competition and low bids in public works tenders could affect gross profit from government construction projects.