Construction Industry Strength Supported by Public- and Private-Sector Investment
First written in FY2018-Q1. 7 of 28 entries say "Worsened", first in FY2020. Latest entry: FY2026-H1.
PS Construction moved to the "Worse" side of this theme in 2022, 1 year after the typical company in this theme (2021).
The whole theme swung hardest in 2025: 4 of 12 companies on the "Worse" side.
8 other companies' latest entry also says "Restated".
- FY2026-H1RestatedAnnual report
「In the construction industry in which our group operates, private-sector capital investment remains resilient, and the building market, particularly in urban areas, is performing strongly. Public investment for disaster prevention, disaster mitigation and national resilience also continues, securing stable business opportunities in the civil engineering market.」
The company continues to describe the strength of the building market against a backdrop of private-sector capital investment and the stability of the civil engineering market supported by public investment for disaster prevention, disaster mitigation and national resilience. - FY2025-H1The building market remains strong, supported by energy-saving measures and renovation investment.Annual report
「Although rising construction costs are restraining housing demand, the building market continues to perform strongly as companies increase private-sector capital investment and investment in renovation businesses, including energy-saving measures. A certain volume of orders is also expected from public construction investment, and the civil engineering market is expected to remain resilient.」
While recognizing that rising construction costs are restraining housing demand, the company explains that the building market remains strong due to increased private-sector capital investment, energy-saving measures and renovation investment, and that the civil engineering market also remains resilient. - FY2024The building and civil engineering markets continue to perform strongly.Annual report
「The building market has turned buoyant as private-sector capital investment deferred due to the COVID-19 pandemic and higher prices has resumed. In the civil engineering business, public construction investment remains strong, supported by measures to address aging infrastructure, including maintenance and repair, and national resilience measures, and is expected to remain resilient for some time.」
The company shifted from its previous view that the building market was contracting and competition was intensifying to the view that the building market was buoyant due to the resumption of private-sector capital investment, while public investment in civil engineering remained strong. - FY2024-Q3The building market remains strong, led by R&D facilities and semiconductor-related plants.Annual report
「In the construction industry in which our group operates, private-sector capital investment, particularly in R&D facilities and semiconductor-related plants, has become more active, and the building market continues to perform strongly. A certain volume of orders is also expected from public construction investment, and the civil engineering market is expected to remain resilient.」
The company explains that private-sector capital investment in R&D facilities and semiconductor-related plants has become more active, keeping the building market strong. A certain volume of orders is also expected from public construction investment, and the civil engineering market is expected to remain resilient. - FY2024-Q2Both the building and civil engineering markets are expected to remain strong for the time being.Annual report
「In the construction industry in which our group operates, the building market is expected to remain strong, supported by private-sector capital investment driven by the semiconductor industry's business cycle and inbound demand. Public construction investment, including maintenance and repair, is also expected to continue generating a high volume of orders, and the civil engineering market is likewise expected to remain buoyant for the time being.」
Compared with the previous view that the building market was contracting and competition for orders was intensifying, the company now expects the building market to remain strong on the back of private-sector capital investment, while high public construction investment is expected to keep the civil engineering market buoyant for the time being. - FY2024-Q1Competition for building orders easing and private investment recovering, while civil-engineering investment remains activeAnnual report
「In the construction industry in which our Group operates, the building market, which had faced fierce competition for orders, has stabilized, and the market as a whole has continued without contracting, supported by companies' active private-sector capital investment. However, further rises in fuel and material prices remain a concern depending on overseas conditions, and securing profitability continues to be required. Meanwhile, public construction investment, including measures addressing aging expressways, is active, and the civil-engineering business is expected to remain firm for some time, including disaster prevention and mitigation and national resilience measures.」
The view has changed from a rapid contraction in the construction market and fierce competition for orders through the previous fiscal year to the view that the overall market is not contracting, given easing competition for orders and robust private-sector capital investment. At the same time, materials-price risk and the resilience of civil engineering investment are also noted. - FY2023WorsenedAnnual report
「In the construction industry in which our Group operates, securing profits in private-sector building construction, which faces profitability risks from soaring fuel and material prices, has become even more difficult due to fierce competition for orders. However, the market has continued without contracting overall as capital investment plans have resumed. Meanwhile, public construction investment, including measures addressing aging expressways, is active and is expected to remain firm for some time, including disaster prevention and mitigation and national resilience measures.」
Public construction investment is active and remains firm, while securing profits in private-sector building construction has become even more difficult due to price competition and higher costs. - FY2023-Q3WorsenedAnnual report
「In the building sector, orders for private-sector building construction continue to recover, but construction demand is showing signs of weakening as construction costs rise due to higher material and resource prices, intensifying fierce competition for orders. Accurate project selection is required to secure profitability. Meanwhile, in civil engineering, construction investment in aging-infrastructure improvements, including expressway renewal projects, remains firm, making improvements in productivity and profitability essential.」
The company states that conditions in private-sector building construction are worsening as demand weakens and competition intensifies, while investment in aging infrastructure remains firm in civil engineering, where improvements in productivity and profitability are essential. - FY2023-Q2WorsenedAnnual report
「In the construction industry in which our Group operates, orders for private-sector building construction are recovering, but fierce competition for orders and high material and resource prices have made it extremely difficult to secure profitability. Meanwhile, in civil engineering, construction investment in national resilience measures against severe natural disasters caused by climate change and aging-infrastructure improvements remains firm.」
The company states that orders for private-sector building construction are recovering, but securing profitability is extremely difficult due to fierce competition for orders and high material and resource prices. It also states that investment in national resilience and aging-infrastructure improvements in civil engineering remains firm. - FY2023-Q1Civil-engineering investment remains solid and private-sector capital investment is expected to recover, but higher material prices are a downside riskAnnual report
「In the construction industry in which our Group operates, civil-engineering construction investment, including aging-infrastructure improvements, remains firm, and a gradual recovery in private-sector capital investment is expected in building construction as companies' investment stance changes. However, construction material prices have also risen sharply due to the impact of overseas conditions, potentially weighing on construction investment, which is recovering from the pandemic-related downturn, and this is one of the concerns for the future construction market.」
The company expects civil-engineering construction investment to remain firm and private-sector capital investment to recover gradually, while also noting that higher material prices may weigh on construction investment during its recovery. - FY2022WorsenedAnnual report
「In the construction industry in which our Group operates, public construction investment in infrastructure improvements, including disaster prevention and mitigation and measures to address aging infrastructure, remains firm, but fierce price competition is occurring in private-sector capital investment and other areas.」
The company explains that public construction investment remains firm, while fierce price competition in private-sector capital investment has made the overall environment for winning orders more challenging. - FY2022-Q3WorsenedAnnual report
「In the construction industry in which our Group operates, civil-engineering construction investment in national resilience measures against severe natural disasters caused by climate change and aging-infrastructure improvements remains firm, and we are actively pursuing civil-engineering orders. However, we face the effects of fierce competition for building orders amid stagnation in private-sector capital investment caused by the pandemic, leaving the overall environment for winning orders challenging.」
The company states that civil-engineering investment remains firm, but that it faces stagnating private-sector capital investment and fierce competition for building orders, making the overall environment for winning orders in the construction industry challenging. - FY2022-Q2Shrinking building market alongside peak civil-engineering renewal investmentAnnual report
「The building market has contracted rapidly following the end of the special demand associated with the Tokyo Olympic and Paralympic Games, and fierce competition for orders continues. Meanwhile, in civil engineering, construction investment in public projects such as recovery from natural disasters and disaster prevention and mitigation measures, as well as aging-infrastructure improvements, remains firm. In particular, orders for large-scale renewal and repair work and six-laning of expressways are reaching a full-scale peak.」
The company describes a shrinking market and intensifying competition in the building sector following the end of special demand, while noting that public investment and aging-infrastructure improvements remain firm in civil engineering and that orders for large-scale renewal and repair work and other projects have reached a full-scale peak. - FY2022-Q1Full-scale peak in orders for large-scale renewal and repair workAnnual report
「Meanwhile, in civil engineering, construction investment in public projects such as recovery from natural disasters and disaster prevention measures, as well as aging-infrastructure improvements, remains firm, and orders for large-scale renewal and repair work and six-laning of expressways are reaching a full-scale peak.」
The company states its view that, while public investment and construction investment in aging-infrastructure improvements remain firm, orders for large-scale renewal and repair work and six-laning of expressways have reached a full-scale peak. - FY2021WorsenedAnnual report
「In the construction industry, work has continued while thorough infection-prevention measures have been implemented, although some projects were suspended. In terms of orders, signs of a slowdown have emerged, particularly in the private sector, due to the postponement and reassessment of capital investment.」
The company states that, while public investment remains high, the pandemic has led to the postponement and reassessment of private-sector capital investment, making conditions in the construction industry more challenging. - FY2021-Q3Government support measures for public investment, while competition for private-sector orders intensifiesAnnual report
「In the construction industry in which our Group operates, the government has adopted economic support measures, including the Five-Year Acceleration Plan for Disaster Prevention, Disaster Mitigation and National Resilience. However, competition for private-sector construction orders has intensified due to companies' restraint of capital investment and other factors.」
The company identifies the government's Five-Year Acceleration Plan for Disaster Prevention, Disaster Mitigation and National Resilience as a new business-environment factor, while noting that competition for private-sector construction orders has intensified due to restrained capital investment and other factors. - FY2021-Q2Construction investment is expected, but concerns remain over restrained corporate capital investmentAnnual report
「In the construction industry in which our Group operates, construction investment in disaster prevention and mitigation and aging-infrastructure improvements is expected, but we anticipate that the effects of COVID-19, including companies' restraint of capital investment, will become more pronounced going forward.」
The company explains that construction investment in disaster prevention and mitigation and aging-infrastructure improvements is expected, while the impact of COVID-19 from companies' restraint of capital investment will intensify going forward. - FY2021-Q1Public investment remains firm, while private-sector building orders are facing greater cautionAnnual report
「In the construction industry in which our Group operates, the direct impact of COVID-19 is relatively limited compared with other industries, but a worsening of corporate earnings is inevitably spreading caution toward capital investment, and competition for orders in the building business, which is centered on private-sector construction, is intense. Meanwhile, in civil engineering, construction investment in public projects such as recovery from natural disasters and disaster prevention measures, as well as aging-infrastructure improvements, remains firm. Full-scale orders for six-laning expressways and large-scale renewal and repair work are expected to continue, and the qualitative shift in investment from new construction to maintenance and repair is expected to accelerate further.」
The company presents differing business conditions between the public and private sectors: public investment and aging-infrastructure improvements remain firm, while caution is spreading toward private-sector capital investment and competition for building orders is intense. - FY2020WorsenedAnnual report
「In the building business, a more cautious stance toward capital investment is unavoidable due to the impact of COVID-19, and an even more challenging environment for winning orders is expected.」
The company stated that construction investment remains firm, led by public investment, while the pandemic is expected to make private-sector capital investment and the environment for building orders even more challenging. - FY2020-Q3Public investment increasing, housing investment declining, competition for orders continuingAnnual report
「In the construction industry in which our Group operates, public investment in recovery from natural disasters and disaster prevention measures is on an upward trend. In private-sector construction, there is a certain level of demand from redevelopment projects in the Tokyo metropolitan area and factory equipment investment, but housing investment, measured by the number of housing starts, is declining, and competition for orders is intense.」
Public investment has moved onto an upward trend, supported by recovery from natural disasters and disaster prevention measures, while housing investment has declined and competition for orders remains intense despite a certain level of demand in private-sector construction. - FY2020-Q2Construction investment remains firm, but competition for orders is intensifyingAnnual report
「In the construction industry in which our Group operates, construction investment, including disaster-prevention and disaster-mitigation measures and the development of aging infrastructure, remains firm. However, competition for orders is tending to intensify.」
The company describes business conditions as follows: construction investment in disaster prevention and mitigation and aging-infrastructure improvements remains firm, while competition for orders is becoming increasingly intense. - FY2020-Q1Public investment increasing, private-sector demand leveling offAnnual report
「In the construction industry, public investment, which had been declining, has begun to increase as the implementation of supplementary budgets gathers pace, and is showing resilience. In private-sector construction, there is a certain level of demand from redevelopment projects in the Tokyo metropolitan area, rationalization and labor-saving investment in response to labor shortages and aging equipment, and maintenance and renewal investment, but the recent growth in demand has leveled off.」
The company explains that public investment has shifted to an upward trend as implementation of supplementary budgets gathers pace, while private-sector construction demand, although present to a certain extent, has leveled off. - FY2019-Q3RestatedAnnual report
「In the construction industry, government construction investment has peaked, and that situation remains unchanged, but demand for construction investment has remained firm. In private-sector construction in particular, investment appetite is strong, supported by favorable corporate earnings, while redevelopment projects in the Tokyo metropolitan area and construction demand related to the Tokyo Olympic and Paralympic Games are contributing to generally favorable business conditions across the industry.」
While recognizing that government construction investment has peaked, the company continues to state its view that business conditions in the construction industry are favorable, supported by private-sector construction, redevelopment in the Tokyo metropolitan area and Tokyo Olympic and Paralympic-related demand. - FY2019-Q2RestatedAnnual report
「In the construction industry in which our Group operates, public construction investment has peaked, and that situation remains unchanged, but investment in measures to address labor shortages and improve productivity is increasing, and corporate earnings in the construction industry have generally remained favorable.」
While recognizing that public construction investment has peaked, the company continues to state its view that corporate earnings in the construction industry are generally favorable, supported by increased investment to address labor shortages and improve productivity. - FY2019-Q1RestatedAnnual report
「In the construction industry, government construction investment has peaked, and that situation remains unchanged, but private-sector construction investment has continued to increase year on year and demand has remained firm.」
While recognizing that government construction investment has peaked, the company continues to view construction demand as firm, supported by the positive trend in private-sector construction investment, redevelopment in the Tokyo metropolitan area and Tokyo Olympic-related demand. - FY2018RestatedAnnual report
「In the construction industry in which our Group operates, public construction investment has peaked, and that situation remains unchanged, but total investment, including private-sector construction investment, remains at a high level and demand has remained firm.」
The company continues to state its view that public construction investment remains high after peaking and that demand remains firm, including private-sector construction investment. - FY2018-Q2Public investment remains high despite peakingAnnual report
「In the construction industry in which our company operates, public investment has peaked, and that situation remains unchanged, but investment remains at a high level and demand has remained firm. Private-sector investment appetite is also strong, supported by favorable corporate earnings, while labor-saving investment driven by labor shortages and Olympic-related construction demand have supported solid corporate earnings.」
The company explains that public investment remains high after peaking, while private investment is also strong, supported by labor-saving investment and Olympic-related demand. - FY2018-Q1First statedAnnual report
「In the construction industry, public investment is beginning to increase, while housing investment is moving broadly sideways, but budgets related to public investment are being implemented and the market is becoming increasingly resilient. In private-sector construction, many companies are proceeding with redevelopment in central urban areas, new accommodation facilities in response to the increase in inbound tourists, equipment investment for rationalization and labor saving against a backdrop of labor shortages, and investment in maintenance and renewal, including construction demand related to the Tokyo Olympic and Paralympic Games. As a result, business conditions across the industry have generally remained strong.」
The company describes overall favorable conditions in the construction industry, supported by increased public investment, Olympic-related demand, central-city redevelopment, new accommodation facilities, companies' rationalization and labor-saving investment, and maintenance and renewal investment.