Improvement in the Order Environment Against a Backdrop of Public Investment and Private-Sector Capital Investment
First written in FY2017-Q1. 19 of 32 entries say "Reframed", first in FY2018. Latest entry: 2026-08-06.
Taisei Oncho moved to the "Worse" side of this theme in 2020.
The whole theme swung hardest in 2025: 3 of 11 companies on the "Worse" side.
8 other companies' latest entry also says "Restated".
- 2026-08-06RestatedEarnings
「In the construction industry, public investment, redevelopment projects in major metropolitan areas and capital investment, particularly in manufacturing, continued to be firm, supporting resilient demand. Demand for renovation, including equipment renewal and energy conservation at existing buildings, also continued.」
Public investment, redevelopment, capital investment in the manufacturing sector and renovation demand continue to be cited as the background to demand. - FY2026ReframedAnnual report
「High-value markets, particularly data centers and semiconductors, are expanding, while demand for renovations is also growing against a backdrop of soaring construction and energy costs.」
The explanation of the order environment explicitly notes growth in data centers, semiconductors, high-value-added markets and renovation demand, in addition to the previously cited redevelopment, manufacturing capital investment and medical facilities. - FY2026-H1RestatedAnnual report
「In the construction industry, continued public investment by government agencies, redevelopment centered on major metropolitan areas and capital investment by manufacturers have remained firm.」
It continues to identify continued public investment, redevelopment in major metropolitan areas and capital investment by manufacturers as supporting a firm order environment. - FY2025ReframedAnnual report
「Although public-sector construction investment, redevelopment in major metropolitan areas and private-sector capital investment in areas such as warehouses and factories have remained firm,」
The background to the order environment is organized around public-sector projects, redevelopment in major metropolitan areas and private-sector capital investment in areas such as warehouses and factories. - FY2025-H1ReframedAnnual report
「Although redevelopment projects centered on major metropolitan areas and capital investment by manufacturers have remained firm in the construction industry, concerns remain over deteriorating profitability, including as a result of higher construction costs caused by soaring prices for materials and equipment and labor costs.」
It identifies redevelopment projects in major metropolitan areas and capital investment by manufacturers as firm sources of demand, while also citing concerns over deteriorating profitability due to higher construction costs. - FY2024ReframedAnnual report
「As COVID-19 was reclassified as a Class 5 disease under the Infectious Diseases Control Law, economic activity moved toward normalization and the economy showed signs of recovery, with the Nikkei Stock Average reaching a record high. Meanwhile, uncertainty about the outlook continued in Japan and overseas, due to conflicts in various regions overseas, monetary tightening resulting from economic and price trends, and the impact of foreign exchange market movements.」
While the economic impact of COVID-19 has become limited and economic activity is moving toward normalization, it identifies overseas conflicts, monetary tightening and foreign exchange market movements as new sources of uncertainty. - FY2024-Q3ReframedAnnual report
「During the nine-month period of the current fiscal year, the Japanese economy saw COVID-19-related risks become limited and movements toward normalization of economic activity accelerate. In the construction industry, although construction demand remains on an upward trend, the industry faces the need to address the overtime-work cap regulations for the construction sector, in addition to the previously elevated prices and labor shortages.」
The explanation has shifted to one that presents both the reduced risk from COVID-19 and accelerated normalization of economic activity, and rising construction demand together with higher prices, labor shortages and the need to address the construction sector’s overtime-work cap regulations. - FY2024-Q2ReframedAnnual report
「Although construction demand is on an upward trend as economic activity normalizes, the construction industry remains in a situation requiring close monitoring, including soaring prices for materials and equipment and labor costs, shortages of construction workers and an aging workforce.」
While indicating the normalization of economic activity and an upward trend in construction demand following the reclassification of COVID-19 as a Class 5 disease, it continues to cite soaring materials and equipment prices and labor costs, labor shortages and an aging workforce as factors requiring close monitoring. - FY2023ReframedAnnual report
「In public investment, demand for maintenance and renewal associated with aging infrastructure remained firm, while private investment showed signs of recovery as efforts progressed to balance measures against COVID-19 with economic activity.」
The explanation has shifted from its previous focus on the Tokyo Olympics, redevelopment and demand related to the response to infectious diseases to one that identifies demand for maintenance and renewal of public infrastructure and recovery in private investment as demand drivers. - FY2023ReframedAnnual report
「In public investment, demand for maintenance and renewal associated with aging infrastructure remained firm, while private investment showed signs of recovery as efforts progressed to balance measures against COVID-19 with economic activity.」
In addition to the previous explanation of challenging conditions caused by soaring material prices and the weaker yen, it explicitly identifies demand for maintenance and renewal in public investment and recovery in private investment. - FY2023-Q3ReframedAnnual report
「The construction industry has been recovering relatively steadily, but concerns remain that challenging conditions will continue due to soaring material prices stemming from the weaker yen and the situation in Ukraine.」
While indicating that the construction industry is recovering relatively steadily, the explanation has shifted to one stating that challenging conditions will continue due to soaring material prices resulting from the weaker yen and the situation in Ukraine. - FY2023-Q2ReframedAnnual report
「The construction industry has been recovering relatively steadily, and construction investment has also shown signs of recovery. However, due in part to soaring construction material prices, challenging conditions are expected to continue.」
The explanation has shifted to one that presents both recovery in the construction industry and construction investment and concerns that challenging conditions will continue due to soaring construction material prices. - FY2023-Q1ReframedAnnual report
「The construction industry has generally remained firm, and construction investment has also shown signs of recovery. However, due in part to soaring construction material prices, it remains necessary to closely monitor changes in construction demand and needs.」
The explanation has shifted from a focus on individual trends in public and private investment to one in which the construction industry is generally firm and construction investment is recovering, while changes in material prices, demand and needs require close monitoring. - FY2022ReframedAnnual report
「Although market opportunities are expected in public investment from demand for maintenance and renewal associated with aging infrastructure and the promotion and redevelopment of healthcare systems in response to the COVID-19 pandemic, private construction investment has become uncertain as corporate capital investment has tended to be restrained due to the pandemic.」
The explanation has shifted to one that specifies maintenance and renewal and the promotion of healthcare systems as market opportunities supporting public investment, while describing private construction investment as uncertain because of restrained corporate capital investment. - FY2022-Q3ReframedAnnual report
「In the construction industry, public investment has been somewhat stagnant due to the impact of COVID-19, while private investment has shown signs of recovery.」
The explanation has shifted from the previous combination of firm public investment and recovery in private-sector capital investment to a situation in which public investment is somewhat stagnant while private investment is recovering. - FY2022-Q2ReframedAnnual report
「In the construction industry, cautious activity has continued due to the impact of COVID-19, while public investment has remained firm and private-sector capital investment has also shown signs of a modest recovery.」
The explanation has shifted from the previous description of declining demand for private-sector capital investment and a challenging market environment to one that presents both continued caution and the firmness of public investment and recovery in private-sector capital investment. - FY2022-Q1ReframedAnnual report
「The construction industry is expected to face challenging conditions, as it cannot avoid a decline in demand for private-sector capital investment due to companies’ cautious stance amid the spread of the infection.」
The explanation has shifted from an order environment supported by public investment and redevelopment demand to a challenging market environment centered on companies’ cautious stance amid the spread of the infection and declining demand for private-sector capital investment. - FY2021-Q3RestatedAnnual report
「Although market opportunities are expected from steady public investment, the promotion of disease-control measures in response to the COVID-19 pandemic and renovation demand, including office-environment reviews associated with expanded telework, concerns such as restrained private-sector capital investment due to lower corporate earnings have also become evident, leaving the outlook uncertain.」
It continues to indicate that public investment, disease-control measures and renovation demand associated with telework represent market opportunities, while restraint in private-sector capital investment has become evident. - FY2021-Q2ReframedAnnual report
「Although market opportunities are expected from steady public investment, the promotion of disease-control measures and renovation demand, including office-environment reviews associated with the expansion of telework, concerns such as restrained private-sector capital investment due to lower corporate earnings have also become evident.」
It presents public investment, disease-control measures and renovation demand associated with expanded telework as new market opportunities, while stating that restraint in private-sector capital investment has become evident. - FY2021-Q1ReframedAnnual report
「While redevelopment-related investment provided support, companies, particularly in the private sector, have begun reviewing their capital investment plans because of the cooling in overall economic sentiment caused by the COVID-19 pandemic, in addition to previously evident issues such as supply constraints caused by labor shortages and higher raw material costs. This has raised concerns about a lack of visibility in the future order environment.」
The explanation has shifted to one in which redevelopment-related investment provides support, while reviews of private-sector capital investment plans due to the COVID-19 pandemic create a lack of visibility in the order environment. - FY2020-Q2ReframedAnnual report
「Active construction demand related to the 2020 Tokyo Olympic and Paralympic Games and redevelopment-related investment, particularly in major metropolitan areas, remained strong, and the business environment remained resilient.」
In addition to construction demand related to the Tokyo Olympics, it explicitly identifies redevelopment-related investment, particularly in major metropolitan areas, as a source of demand. References to recent inbound demand have been removed. - FY2019-Q3RestatedAnnual report
「Against a backdrop of active construction demand related to the 2020 Tokyo Olympic and Paralympic Games, centered on the Tokyo metropolitan area, both public investment and private-sector capital investment remained strong, and the business environment remained resilient.」
It reconfirms the view that public investment and private-sector capital investment are strong, supported by active construction demand related to the Tokyo Olympic and Paralympic Games. - FY2019-Q2RestatedAnnual report
「Against a backdrop of infrastructure-related demand ahead of the 2020 Tokyo Olympic and Paralympic Games, centered on the Tokyo metropolitan area, and growing inbound demand, both public investment and private-sector capital investment remained strong, and the business environment remained resilient.」
It reconfirms the view that public investment and private-sector capital investment are strong, supported by infrastructure demand related to the Tokyo Olympic and Paralympic Games and inbound demand. - FY2019-Q1RestatedAnnual report
「Against a backdrop of infrastructure-related demand ahead of the 2020 Tokyo Olympic and Paralympic Games, centered on the Tokyo metropolitan area, and growing inbound demand, both public investment and private-sector capital investment remained strong, and the business environment remained steady.」
It continues to indicate that public investment and private-sector capital investment are strong, supported by infrastructure demand related to the Tokyo Olympic and Paralympic Games and inbound demand. - FY2018ReframedAnnual report
「Against a backdrop of growing redevelopment and inbound demand, both public and private investment remained strong, and the business environment remained firm.」
The explanation of the order environment has shifted from its previous focus on the Tokyo Olympics and infrastructure demand to the strength of public and private investment supported by redevelopment and inbound demand. - FY2018-Q3RestatedAnnual report
「Against a backdrop of growing infrastructure-related demand ahead of the 2020 Tokyo Olympic and Paralympic Games, public investment remained strong and private-sector capital investment was also on an upward trend. The business environment remained steady.」
It reconfirms the order environment supported by strong public investment and increased private-sector capital investment, against a backdrop of infrastructure demand ahead of the Tokyo Olympic and Paralympic Games. - FY2018-Q2RestatedAnnual report
「Against a backdrop of growing infrastructure-related demand ahead of the 2020 Tokyo Olympic and Paralympic Games, public investment remained at a high level and private-sector capital investment was also on an upward trend. As the order environment continued to improve, the business environment remained steady.」
It reconfirms the improvement in the order environment resulting from high public investment and increased private-sector capital investment, against a backdrop of infrastructure demand ahead of the Tokyo Olympic and Paralympic Games. - FY2018-Q1RestatedAnnual report
「Public investment remained at a high level, while private-sector capital investment was also on an upward trend. As the order environment continued to improve, the business environment remained steady.」
It reconfirms the improvement in the order environment against a backdrop of high public investment and an upward trend in private-sector capital investment. - FY2017RestatedAnnual report
「Although public investment was trending downward, it remained at a high level, while private investment was also on a gradual upward trend as corporate earnings improved. The favorable trend in the order environment continued.」
It reconfirms the view that the favorable trend in the order environment will continue, supported by high public investment and an upward trend in private investment. - FY2017-Q3RestatedAnnual report
「Public investment remained at a high level, while private-sector capital investment was also on an upward trend. As the order environment continued to improve, the business environment remained steady.」
It reconfirms the improvement in the order environment against a backdrop of high public investment and an upward trend in private-sector capital investment. - FY2017-Q2RestatedAnnual report
「Public investment remained at a high level, while private-sector capital investment was also on an upward trend. As the order environment continued to improve, the business environment remained resilient.」
It reconfirms the improvement in the order environment against a backdrop of high public investment and an upward trend in private-sector capital investment. - FY2017-Q1First statedAnnual report
「Although public investment was trending downward, it remained at a high level, while private-sector capital investment was also on a gradual upward trend. Against this backdrop of a continuing improvement in the order environment, the business environment remained firm.」
It describes the order environment, with public investment at a high level and private-sector capital investment on a gradual upward trend.