Public construction investment remains firm, while private investment shows mixed trends across sectors
First written in FY2021-Q1. 8 of 17 entries say "Restated". Latest entry: 2026-05-13.
The whole theme swung hardest in 2025: 4 of 12 companies on the "Worse" side.
2 other companies' latest entry also says "Other".
- 2026-05-13OtherEarnings
「Private residential investment within private-sector construction investment weakened due to the reaction to the rush demand in the previous fiscal year ahead of the mandatory adoption of energy-efficiency standards and other measures. Overall construction investment, however, remained generally firm.」
The company describes a demand environment in which public investment remained solid while private residential investment weakened following the reversal of rush demand. - FY2026-H1The decline in residential investment following the prior surge is presented alongside the resilience of non-residential investmentAnnual report
「Public construction investment remained firm, supported by ongoing demand to renew aging infrastructure. Private residential investment was sluggish due to the decline following the prior surge in demand ahead of the mandatory adoption of energy-efficiency standards, but private non-residential investment remained firm because companies' willingness to invest in facilities was strong. Overall, construction investment continued to show firm momentum.」
The demand picture was updated to show resilient public investment, supported by demand to renew infrastructure, while private residential investment was sluggish due to the decline following the prior year's surge in demand to meet energy-efficiency standards. Non-residential investment remained firm, supported by companies' willingness to invest in facilities. - FY2025Office and factory demand is expected to increase, while logistics facilities are saturatedAnnual report
「Companies' appetite for capital investment remains firm, and demand for new offices in major cities and factory construction is expected to support growth. Meanwhile, large logistics facilities are saturated, particularly in the Tokyo metropolitan area, and are expected to remain broadly at the previous fiscal year's level in real terms.」
The demand picture was updated from previously firm demand for logistics facilities and factories to sector differences: demand for offices and factories in major cities is expected to increase, while large-scale logistics facilities are considered saturated, particularly in the Tokyo metropolitan area. - FY2025-H1Office and factory demand remains firm, while logistics facilities are saturatedAnnual report
「Companies' appetite for capital investment remains firm, and demand for new offices in major cities and factory construction is expected to support growth. Meanwhile, large logistics facilities are saturated, particularly in the Tokyo metropolitan area, and are expected to remain broadly at the previous fiscal year's level in real terms.」
New office and factory construction in major cities is expected to increase, while large-scale logistics facilities are considered saturated, particularly in the Tokyo metropolitan area. The disclosure describes the differences in demand by sector. - FY2024-Q3Public investment remains firm, while private-sector construction starts are stalledAnnual report
「In the construction industry, the Group's main business, both public and private construction investment remained resilient. However, construction costs are unlikely to decline from their elevated levels, and private construction investment, particularly in residential and non-residential projects, showed signs of new construction starts stalling. Public construction investment remained firm, as budgets for public works, including the five-year accelerated action plan for disaster prevention and mitigation and national resilience, had been secured.」
The disclosure states that both public and private construction investment remained resilient, while prolonged elevated construction costs caused new residential and non-residential private-sector construction starts to stall. The caution over construction starts was added to the previous quarter's resilience centered on warehouses, logistics facilities and semiconductor-related factories. - FY2024-Q2Private construction investment remains firm, including factories related to the semiconductor industryAnnual report
「In the construction industry, the Group's main business, private construction investment remained firm, reflecting strong demand for new warehouses, logistics facilities and factories, particularly those serving semiconductor-related industries, driven by companies' willingness to invest in facilities. Public construction investment also remained firm, as budgets for public works, including the five-year accelerated action plan for disaster prevention and mitigation and national resilience, had been secured.」
In the private sector, demand for new factories, particularly those serving semiconductor-related industries, was strong in addition to demand for warehouses and logistics facilities. In the public sector, conditions remained firm, supported by budgets related to national resilience. - FY2024-Q1RestatedAnnual report
「In the construction industry, the Group's main business, demand for non-residential properties such as warehouses and factories in private construction investment remained firm. Public construction investment also remained firm, including measures addressing aging infrastructure, under the five-year accelerated action plan for disaster prevention and mitigation and national resilience.」
Demand for non-residential properties such as warehouses and factories remained firm in the private sector, while public investment also remained firm, supported by disaster prevention and mitigation, national resilience and measures addressing aging infrastructure. - FY2023-Q3Recovery and resilience in construction investment continueAnnual report
「Private construction investment remained firm, supported by continued strong demand for logistics facilities and factories, and deferred capital investment also began to recover as corporate performance improved with the economic recovery. Public construction investment remained firm as measures to prevent and mitigate damage from natural disasters, recovery and reconstruction measures, and measures addressing aging infrastructure were advanced under national resilience policies.」
The disclosure states that strong demand for logistics facilities and factories and resilient public construction investment continued, while deferred private capital investment began to recover as corporate performance improved with the economic recovery. - FY2023-Q2RestatedAnnual report
「Demand for logistics facilities and factories in private construction investment remained firm, and, as economic activity normalized with COVID-19, deferred capital investment began to recover. Public construction investment remained firm, supported by disaster prevention and mitigation measures, recovery and reconstruction measures, and measures addressing aging infrastructure under national resilience policies.」
The disclosure reconfirms the demand picture of firm demand for logistics facilities and factories and resilient public construction investment, together with signs of recovery in deferred capital investment. - FY2023-Q1Signs of a recovery in private capital investment are emergingAnnual report
「Demand for logistics facilities and factories in private construction investment remained firm, and, as economic activity normalized with COVID-19, deferred capital investment began to recover. Public construction investment remained firm, supported by disaster prevention and mitigation measures, recovery and reconstruction measures, and measures addressing aging infrastructure under policies to strengthen national resilience.」
The disclosure states that, in addition to firm demand for logistics facilities and factories and resilient public construction investment, deferred private capital investment began to recover as economic activity normalized with COVID-19. This adds signs of recovery to the previous demand picture, which included weakness in certain industries. - FY2022-Q3RestatedAnnual report
「In the construction industry, public construction investment is expected to remain firm, supported by disaster prevention and mitigation measures and natural disaster recovery and reconstruction projects resulting from the continuation of national resilience policies. In private construction investment, manufacturing performance improved as exports recovered, deferred capital investment began to recover, and demand for logistics facilities and other properties is expected to remain firm as lifestyles change. Although personal consumption is also expected to improve, it is thought that considerable time will still be required for the lost inbound demand to return, and capital investment related to these areas is expected to remain cautious」
The disclosure reconfirms the sector differences: public investment remains firm, manufacturing capital investment is recovering and demand for logistics facilities remains firm, while inbound-related capital investment remains cautious. - FY2022-Q2RestatedAnnual report
「Manufacturing performance improved as exports recovered, and deferred capital investment began to recover. Meanwhile, the disappearance of inbound demand and the impact of refraining from going out on personal consumption were substantial, and the difficult earnings environment continued, particularly in the accommodation, food and beverage, and services sectors. Companies in those sectors remained cautious about capital investment.」
The disclosure reconfirms the sector differences in private construction investment: manufacturing capital investment was beginning to recover, while accommodation, food and beverage, and services companies remained cautious about investment. - FY2022-Q1RestatedAnnual report
「Manufacturing performance improved as exports recovered, and deferred capital investment began to recover, while demand for logistics facilities and other properties remained firm as lifestyles changed. On the other hand, the disappearance of inbound demand and the impact of refraining from going out on personal consumption were substantial. The difficult earnings environment therefore continued, particularly in the accommodation, food and beverage, and services sectors, and companies in those sectors remained cautious about capital investment.」
The disclosure reconfirms the sector differences in private construction investment: manufacturing capital investment was recovering and demand for logistics facilities remained firm, while accommodation, food and beverage, and services companies remained cautious about investment. - FY2021RestatedAnnual report
「Public construction investment remained firm, supported by measures to prevent and mitigate damage from natural disasters, recovery and reconstruction measures, and measures addressing aging infrastructure under the national resilience policy. Private construction investment saw increasingly apparent deterioration in manufacturing performance, particularly among export-related companies, and lower willingness to invest in facilities such as accommodation facilities due to worsening employment and income conditions and the disappearance of inbound demand. Meanwhile, demand for logistics facilities and other properties remained firm as lifestyles changed.」
The full-year results reconfirm the sector differences: public investment remained resilient, while manufacturing and accommodation-related private investment was weak and demand for logistics facilities remained firm. - FY2021-Q3RestatedAnnual report
「Private construction investment was affected by the spread of COVID-19, with deterioration in employment and income conditions, weaker performance in manufacturing, particularly export-related industries, and lower willingness to invest in facilities such as accommodation facilities following the disappearance of inbound demand. Meanwhile, demand for logistics facilities and other properties remained firm as lifestyles diversified. Public construction investment also remained resilient, supported by the promotion of national resilience policies, including measures to prevent and mitigate damage from repeated natural disasters, measures addressing aging infrastructure, and demand for disaster recovery and reconstruction.」
The disclosure presents the same sector breakdown: private investment in housing, manufacturing and accommodation-related facilities remained weak, while demand for logistics facilities and other properties remained firm amid the spread of COVID-19. It reconfirms that public construction investment remains resilient, supported by national resilience measures, disaster prevention and mitigation, aging infrastructure measures, and recovery and reconstruction demand. - FY2021-Q2RestatedAnnual report
「Private construction investment was affected by the spread of COVID-19, with declining personal consumption, weaker housing demand due to deterioration in employment and income conditions, deteriorating performance in manufacturing, particularly export-related industries, and lower willingness to invest in facilities such as accommodation facilities following the disappearance of inbound demand. Meanwhile, demand for logistics facilities and other properties remained firm as lifestyles diversified. Public construction investment also remained resilient, supported by the promotion of national resilience policies, including measures to prevent and mitigate damage from repeated natural disasters, measures addressing aging infrastructure, and demand for disaster recovery and reconstruction.」
The disclosure reconfirms the sector breakdown amid the spread of COVID-19: capital investment in housing, manufacturing and accommodation facilities was weakening, while demand for logistics facilities and other properties remained firm and public construction investment remained resilient. - FY2021-Q1First statedAnnual report
「Public construction investment remained resilient, but private construction investment was affected by the decline in personal consumption associated with the spread of COVID-19. This led to weaker housing demand and lower willingness to invest in facilities such as factories and accommodation facilities, while investment in logistics-related facilities remained firm, also supported by the trend toward refraining from going out.」
The disclosure describes sector differences in construction demand amid the spread of COVID-19: public investment remained resilient, while housing, factories and accommodation facilities weakened and logistics-related capital investment remained firm.