Market contraction due to population decline, aging and restrained public investment
First written in FY2016. 23 of 27 entries say "Restated". Latest entry: FY2026.
The whole theme swung hardest in 2020: 21 of 36 companies on the "Worse" side.
12 other companies' latest entry also says "Mitigated".
- FY2026MitigatedAnnual report
「To address the risk of market contraction resulting from domestic and overseas economic downturns and fiscal consolidation, we are implementing measures centered on optimizing our business portfolio, leveraging our comprehensive regional capabilities, and promoting development-oriented businesses.」
To address the risk of market contraction, the company disclosed measures combining a portfolio spanning architecture, civil engineering and real estate, regional rootedness, industrial land development, company-led projects and an equity ratio exceeding 40%. - FY2026-H1RestatedAnnual report
「In the construction industry, public investment and private-sector capital investment remained firm, but residential construction was weak, partly due to a reactionary decline in demand following the rush demand ahead of amendments to the Building Energy Efficiency Act and other legislation.」
While public and private-sector capital investment were firm, the company described residential construction as weak due to the reactionary decline in demand following the rush demand ahead of amendments to the Building Energy Efficiency Act and other legislation. - FY2025-H1WorsenedAnnual report
「During the interim consolidated accounting period, Japan's economy recovered moderately, with corporate earnings improving and signs of a recovery in capital investment. However, the economic outlook remained uncertain due to rising geopolitical risks, including heightened tensions in the Middle East, and concerns about an economic downturn associated with monetary tightening in various countries.」
While noting a recovery in corporate earnings and capital investment, the company explicitly identified heightened tensions in the Middle East, rising geopolitical risks and concerns about an economic downturn associated with monetary tightening in various countries, specifying the factors contributing to economic uncertainty. - FY2024WorsenedAnnual report
「The outlook for the future operating environment remains uncertain, due to factors including higher resource and raw material prices and supply constraints resulting from geopolitical risks and the further prolongation of the weaker yen. In Japan's construction market, demand from both the public and private sectors is expected to remain firm, but concerns include persistently high construction material prices, higher labor costs and project delays resulting from the application of overtime caps under the amended Labor Standards Act.」
In addition to the previous risks related to population decline, public investment and the economic environment, the company explicitly identified resource and raw material prices, supply constraints, and higher labor costs and project delays resulting from overtime caps as concerns, broadening the range of risk factors. - FY2024-Q1RestatedAnnual report
「In the construction industry, public, private residential and private-sector capital investment remained firm, but severe impacts from soaring construction material prices and delivery delays meant that difficult operating conditions continued.」
While public and private investment were described as firm, the company stated that difficult conditions in the construction industry continued due to soaring construction material prices and delivery delays. - FY2023-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.」
The company stated that no new risks had arisen and that there had been no material changes in existing risks. - FY2023-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.」
The company stated that no new business or other risks had arisen and that there had been no material changes in existing risks. - FY2022RestatedAnnual report
「In addition, over the medium to long term, we will need to address declining construction demand due to population decline and the shortage of workers in the industry, as well as resolve social issues, including those addressed by the SDGs.」
We continue to recognize the decline in construction demand due to population decline as a medium- to long-term environmental issue. - FY2022-Q3RestatedAnnual report
「In the construction industry, public and residential investment remained firm and private-sector capital investment showed signs of recovery. However, concerns about a resurgence of COVID-19 infections and soaring construction material prices meant that conditions remained challenging, with no full-scale recovery in overall construction investment.」
While public and residential investment were firm and private-sector capital investment showed signs of recovery, the company described construction investment as remaining in challenging conditions without a full-scale recovery due to concerns about a resurgence of infections and soaring construction material prices. - FY2022-Q2RestatedAnnual report
「In the construction industry, public and residential investment remained firm, while private-sector capital investment showed signs of recovery. However, overall construction investment continued to lack momentum, partly due to soaring construction material prices and other factors.」
While public and residential investment were firm, private-sector capital investment was affected by soaring construction material prices and other factors, and the company continued to report that overall construction investment lacked momentum. - FY2021RestatedAnnual report
「Over the medium to long term, the shortage of workers in the construction industry is expected to become more serious as the population declines and ages.」
We continue to recognize the medium- to long-term impact of population decline and ageing on construction demand and the availability of workers. - FY2021-Q3RestatedAnnual report
「In the construction industry, public investment remained firm, but companies' appetite for private-sector capital investment declined against a backdrop of deteriorating corporate earnings, while residential investment remained weak due to worsening employment and income conditions. As a result, overall construction investment lacked momentum.」
While public investment was firm, private-sector capital investment and residential investment were weak, and the company continued to report that overall construction investment lacked momentum. It also explicitly stated that there had been no material changes in business and other risks. - FY2021-Q2RestatedAnnual report
「In the construction industry, public investment remained firm, but companies' appetite for private-sector capital investment declined as corporate earnings deteriorated, while residential investment remained weak due to worsening employment and income conditions. As a result, overall construction investment lacked momentum.」
While public investment was firm, private-sector capital investment and residential investment were weak, and the company continued to report that overall construction investment lacked momentum. - FY2020-Q3RestatedAnnual report
「In the construction industry, public investment remained firm, but private-sector capital investment and residential investment showed cautious trends, leaving overall construction investment somewhat lacking in momentum.」
While public investment was firm, private-sector capital investment and residential investment were cautious, and overall construction investment was described as somewhat lacking in momentum. The company explicitly stated that there had been no material changes in business and other risks. - FY2020-Q2RestatedAnnual report
「In the construction industry, public investment remained strong, but private-sector capital investment and residential investment showed cautious trends, leaving overall construction investment somewhat lacking in momentum.」
While public investment remained strong, private-sector capital investment and residential investment were cautious, and overall construction investment was described as somewhat lacking in momentum. The company explicitly stated that there had been no material changes in business and other risks. - FY2020-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.」
The company explicitly stated that no new business or other risks had arisen and that there had been no material changes in existing risks. - FY2019RestatedAnnual report
「Meanwhile, over the medium to long term, construction demand is expected to decline as the population decreases and ages, and the shortage of workers in the construction industry is expected to become more serious.」
We continue to recognize the decline in construction demand associated with population decline and ageing as a medium- to long-term risk. - FY2019-Q3RestatedAnnual report
「In the construction industry, residential and public investment lacked momentum, but companies' appetite for capital investment remained strong, leaving construction investment generally firm.」
While noting the lack of momentum in residential and public investment, the company described construction investment as generally firm, supported by companies' appetite for capital investment. It explicitly stated that no new business or other risks had arisen and that there had been no material changes. - FY2019-Q2RestatedAnnual report
「In the construction industry, residential investment lacked momentum, but public investment remained firm and companies' appetite for capital investment continued to be strong, leaving construction investment generally firm.」
While noting the lack of momentum in residential investment, the company described construction investment as generally firm, supported by public investment and companies' appetite for capital investment. It explicitly stated that there had been no material changes in business and other risks. - FY2019-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.」
The company explicitly stated that no new business or other risks had arisen and that there had been no material changes in existing risks. - FY2018-Q3RestatedAnnual report
「In the construction industry, public and residential investment remained at certain levels, while private-sector capital investment continued to trend upward against a backdrop of strong corporate performance, leaving construction investment generally firm.」
Public and residential investment remained at certain levels, while private-sector capital investment was on an upward trend, and construction investment was described as firm. The company explicitly stated that no new business or other risks had arisen and that there had been no material changes. - FY2018-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.」
The company explicitly stated that no new risks had arisen and that there had been no material changes in existing risks. - FY2018-Q1RestatedAnnual report
「In the construction industry, public investment remained firm, supported by supplementary budget measures, while companies' appetite for capital investment remained strong against a backdrop of strong performance. Although condominium sales lacked momentum, residential investment was generally firm, resulting in private investment remaining at a high level.」
While public and private investment were reported to have remained at high or firm levels, the company explicitly stated that there were no material changes in business and other risks. - FY2017-Q3RestatedAnnual report
「In the construction industry, private-sector capital investment, supported by strong corporate earnings, was firm, as were public and residential investment, leaving overall construction investment firm.」
Public investment, residential investment and private-sector capital investment were firm, and overall construction investment was described as firm. No new business or other risks arose, and no material changes were reported. - FY2017-Q2RestatedAnnual report
「In the construction industry, public investment was on a declining trend but remained at a certain level, while private-sector capital investment was firm, supported by strong corporate earnings, and residential investment also increased. Overall construction investment therefore remained firm.」
While recognizing the declining trend in public investment, the company described overall construction investment, including private-sector capital investment and residential investment, as firm. No material changes were reported in business and other risks. - FY2017-Q1RestatedAnnual report
「In the construction industry, public investment declined moderately but remained at a certain level, while private-sector capital investment increased and residential investment showed signs of recovery, resulting in relatively firm overall construction investment.」
Although public investment declined moderately, it remained at a certain level, and overall construction investment was described as firm. No material changes were reported in business and other risks. - FY2016First statedAnnual report
「Over the medium to long term, the competitive environment is expected to become increasingly challenging due to market contraction associated with population decline and ageing, restraints on new public investment and other factors.」
We recognize medium- to long-term market contraction, restraints on new public investment and intensifying competition as external risks.