Risk of Declining Public Investment and Public Works
First written in FY2016. 21 of 36 entries say "Restated". Latest entry: 2026-08-07.
The whole theme swung hardest in 2024: 8 of 26 companies on the "Worse" side.
19 other companies' latest entry also says "Restated".
- 2026-08-07RestatedEarnings
「Regarding the business environment surrounding our group, public investment has remained firm against a backdrop of sustained construction demand related to disaster prevention and mitigation and national resilience measures.」
The company has reaffirmed the firmness of public investment while also mentioning downward pressure, including higher raw material prices. - FY2026SoftenedAnnual report
「Looking at budget trends for the national and local governments, public works volumes are expected to remain at high levels from fiscal 2026 onward due to the continuation of measures including disaster preparedness and mitigation and national resilience initiatives.」
Expectations that public works volumes will remain high from fiscal 2026 onward have been expressed, reducing concern about a decline in public works. However, the impact of budget cuts and other factors on performance continues to be described among the risks related to the business and other matters. - 2026-05-12RestatedEarnings
「Public investment has remained firm against a backdrop of sustained construction demand related to disaster prevention and mitigation and national resilience measures.」
The company continues to describe the firmness of public investment supported by disaster prevention and mitigation and national resilience initiatives. - FY2026-H1RestatedAnnual report
「The business environment surrounding the Group became challenging, despite generally steady public investment supported by recovery and reconstruction following natural disasters, disaster preparedness and mitigation, and the promotion of national resilience, due to persistently high construction material prices, labor shortages, rising labor costs, and other factors.」
While maintaining the resilience of public investment supported by disaster preparedness and mitigation and national resilience measures, it describes challenging conditions caused by persistently high construction material prices, labor shortages, and rising labor costs. - FY2025WorsenedAnnual report
「Although a substantial public works budget was secured on a nominal basis, real growth remained sluggish due to higher unit construction costs. Project progress was also affected by labor shortages and responses to the 2024 problem, while high raw material prices driven by persistently high crude oil prices, yen depreciation, and other factors created numerous factors weighing on the Group's performance. Overall, conditions remained challenging.」
Although the public works budget was secured, sluggish real growth, the impact on project progress of labor shortages and the 2024 problem, and high raw material prices emerged as specific factors weighing on performance. - FY2025-H1RestatedAnnual report
「The business environment surrounding the Group became challenging, despite generally firm public investment supported by rising construction demand driven by disaster preparedness and mitigation and measures to strengthen national resilience, due to persistently high construction material prices, rising labor costs, and other factors.」
While maintaining the view that public investment is generally firm, it notes that the challenging business environment is continuing due to persistently high construction material prices and rising labor costs. - FY2024-Q3RestatedAnnual report
「The business environment surrounding the Group was characterized by steady public investment, supported by rising construction demand driven by disaster preparedness and mitigation and measures to strengthen national resilience. However, raw material prices have remained high due to rising labor costs, yen depreciation, and other factors, and the impact of the 2024 problem in construction and logistics is expected to become increasingly apparent. The need to monitor changes in the business environment will therefore continue.」
While maintaining the view that public investment is steady, it adds the 2024 problem in construction and logistics as a new concern in the business environment. - FY2024-Q2RestatedAnnual report
「The business environment surrounding the Group was characterized by steady public investment, supported by rising construction demand driven by disaster preparedness and mitigation and measures to strengthen national resilience. However, high prices caused by rising labor costs and other factors, along with persistently high raw material prices due to the continued depreciation of the yen, mean that trends in crude oil prices and foreign exchange rates will continue to require close attention.」
While public investment remains steady, it continues to describe uncertainty in the business environment arising from high prices, yen depreciation, and persistently high raw material prices. - FY2024-Q1RestatedAnnual report
「The business environment surrounding the Group was characterized by generally steady public investment, supported by rising construction demand driven by disaster preparedness and mitigation and measures to strengthen national resilience, although progress was slow in some regions due to the impact of unified local elections, adverse weather, and other factors.」
While public investment was generally steady, it continues to describe delays in project progress in some regions due to the impact of unified local elections and adverse weather. - FY2023Emergence of regional disparities in budgets and delays in public works executionAnnual report
「Overall public investment remained steady, but significant regional differences emerged in budgets, project volumes, and execution progress, and some regions experienced delays in public works progress.」
While overall public investment remained steady, regional differences in budgets, project volumes, and execution progress, as well as delays in public works, are specifically described as part of the performance environment. - FY2023-Q3RestatedAnnual report
「Public investment remained steady, supported by rising construction demand driven by disaster preparedness and mitigation and measures to strengthen national resilience, but the need to closely monitor trends in crude oil prices and foreign exchange rates, which have a significant impact on performance, continued.」
It continues to describe steady public investment supported by disaster preparedness and mitigation and measures to strengthen national resilience, while noting the need to monitor the impact on performance of trends in crude oil prices and foreign exchange rates. - FY2023-Q2RestatedAnnual report
「Public investment remained steady, supported by rising construction demand driven by disaster preparedness and mitigation and measures to strengthen national resilience, but the need to closely monitor factors that could weigh on performance, including surging crude oil prices and yen depreciation, continued.」
It continues to describe the resilience of public investment supported by disaster preparedness and mitigation and measures to strengthen national resilience, as well as downward pressure on performance from surging crude oil prices and yen depreciation. - FY2023-Q1RestatedAnnual report
「Public investment remained steady, supported by rising construction demand driven by disaster preparedness and mitigation and measures to strengthen national resilience, but the need to closely monitor factors that could weigh on performance, including surging crude oil prices and yen depreciation, continued.」
It continues to describe the resilience of public investment supported by disaster preparedness and mitigation and measures to strengthen national resilience, as well as downward pressure on performance from surging crude oil prices and yen depreciation. - FY2022MitigatedAnnual report
「To minimize the impact of fiscal conditions, the Group analyzes in detail the infrastructure challenges faced by the national and local governments, promotes the design and solicitation of orders for products and construction methods that contribute to extending service life, improving performance, and reducing environmental impact, and seeks to expand demand beyond its core road business into fields including airports, ports, railways, and parks, thereby expanding its market.」
In response to the risk of dependence on public works budgets and other sources, it identifies analysis of infrastructure challenges, proposals for its own products and construction methods, and market expansion into airports, ports, railways, parks, and other fields as countermeasures. - FY2022-Q3RestatedAnnual report
「While high levels of public investment are expected, supported by rising construction demand driven by disaster preparedness and mitigation and measures to strengthen national resilience, factors that could weigh on performance, including continued crude oil price inflation, still require close attention.」
It continues to describe expectations for high levels of public investment supported by disaster preparedness and mitigation and measures to strengthen national resilience, along with downward pressure from surging crude oil prices and other factors. - FY2022-Q2SoftenedAnnual report
「While high levels of public investment are expected, supported by rising construction demand driven by disaster preparedness and mitigation and measures to strengthen national resilience, factors that could weigh on performance, including continued crude oil price inflation, still require close attention.」
Rather than expressing concern about a decline in public investment, it indicates expectations for high levels of public investment supported by disaster preparedness and mitigation and measures to strengthen national resilience. However, downward pressure from surging crude oil prices and other factors remains. - FY2022-Q1SoftenedAnnual report
「The business environment surrounding the Group is characterized by rising construction demand driven by disaster preparedness and mitigation and measures to strengthen national resilience, while factors that could weigh on performance, including surging crude oil prices, also require close attention.」
Rising construction demand driven by disaster preparedness and mitigation and measures to strengthen national resilience is explicitly identified, indicating an improving trend in demand for public works. However, downward pressure from surging crude oil prices remains. - FY2021RestatedAnnual report
「The business environment surrounding the Group remained challenging, despite firm public works, as competition for orders continued to intensify while crude oil prices began to rise after bottoming out.」
While describing public works as firm, it continues to note the challenging business environment arising from intensified competition for orders and trends in crude oil prices. - FY2021-Q2RestatedAnnual report
「The business environment surrounding the Group remained challenging, despite firm public investment, owing to intensified competition for orders and the need to respond to fluctuations in crude oil prices.」
While describing public investment as firm, it reiterates the challenging business environment, including intensified competition for orders and the need to respond to crude oil price fluctuations. - FY2021-Q1RestatedAnnual report
「The business environment surrounding the Group remained challenging, despite steady public investment, owing to intensified competition for orders and the need to respond to fluctuations in crude oil prices.」
Public investment remains steady, but the challenging business environment, including intensified competition for orders and the need to respond to crude oil price fluctuations, continues. - FY2020ReframedAnnual report
「Because public works account for a high proportion of the road paving business, performance could be affected by cuts in public works budgets resulting from the financial condition of the national and local governments, as well as by cost reductions and the status of budget execution.」
The changing environment for public investment is organized as risks arising from cuts to public works budgets, cost reductions, and budget execution, rather than from overall trends in public investment. It also notes rising construction demand driven by disaster recovery and reconstruction and measures to address aging infrastructure. - FY2020-Q3ReframedAnnual report
「The business environment surrounding the Group remained challenging, despite public investment performing steadily, due to the effects of natural disasters caused by typhoons and intensifying competition for orders.」
Public investment was described as performing steadily, while the effects of natural disasters caused by typhoons, rather than the previously cited fluctuations in raw material prices, were identified as a factor contributing to the challenging business environment. - FY2020-Q2SoftenedAnnual report
「The business environment surrounding the Group remained challenging, despite public investment becoming increasingly firm, due to fluctuations in raw material prices, including crude oil prices, and intensifying competition for orders.」
Public investment is now described as becoming increasingly firm, an improvement from the previous description that it was remaining firm. However, the challenging conditions caused by competition for orders and fluctuations in raw material prices continue. - FY2020-Q1RestatedAnnual report
「The business environment surrounding the Group remained challenging, despite public investment remaining firm, due to fluctuations in raw material prices, including soaring crude oil prices, and intensifying competition for orders.」
Public investment remains firm, while the challenging business environment caused by fluctuations in raw material prices and intensifying competition for orders continues. - FY2019RestatedAnnual report
「The business environment surrounding the Group remained challenging, despite public investment remaining firm, due to fluctuations in raw material prices, including soaring crude oil prices, and intensifying competition for orders.」
Public investment remains firm, while the challenging business environment caused by intensifying competition for orders and other factors continues. - FY2019-Q3RestatedAnnual report
「The business environment surrounding the Group remained challenging, despite public investment remaining firm, due to fluctuations in raw material prices, including soaring crude oil prices, and intensifying competition for orders.」
Public investment has remained firm, while the challenging business environment caused by intensifying competition for orders and other factors continues to be noted. - FY2019-Q2RestatedAnnual report
「The business environment surrounding the Group remained challenging, despite public investment remaining firm, due to fluctuations in raw material prices, including soaring crude oil prices, and intensifying competition for orders.」
Public investment has remained firm, while the challenging business environment caused by fluctuations in raw material prices and competition for orders continues to be noted. - FY2019-Q1RestatedAnnual report
「The business environment surrounding the Group remained challenging, despite public investment remaining firm, due to intensifying competition for orders and fluctuations in material prices.」
Public investment has remained firm, while the challenging business environment caused by intensifying competition for orders and fluctuations in material prices continues to be noted. - FY2018-Q3SoftenedAnnual report
「The business environment surrounding the Group remained challenging, despite public investment remaining firm, due to intensifying competition for orders and fluctuations in material prices.」
Public investment was described as remaining firm. Although concerns regarding public investment remain, the wording describing the challenging conditions has changed from the previous quarter’s “becoming increasingly firm and performing steadily.” The challenging conditions caused by competition for orders and fluctuations in material prices continue. - FY2018-Q2SoftenedAnnual report
「The business environment surrounding the Group remained challenging, despite public investment becoming increasingly firm and performing steadily, due to intensifying competition for orders and fluctuations in material prices.」
Public investment is now described as becoming increasingly firm and performing steadily, strengthening the improvement from the previous description. However, the challenging conditions caused by competition for orders and fluctuations in material prices continue. - FY2018-Q1SoftenedAnnual report
「The business environment surrounding the Group remained challenging, despite public investment becoming increasingly firm, due to intensifying competition for orders and fluctuations in material prices.」
Public investment is now described as becoming increasingly firm, an improvement from the previous description that it was merely holding firm. However, the challenging conditions caused by competition for orders and fluctuations in material prices continue. - FY2017SoftenedAnnual report
「The business environment surrounding the Group remained challenging, despite public investment remaining firm, due to intensifying competition for orders and fluctuations in material prices.」
The previous description of public works-related expenditures as flat has changed to public investment remaining firm. Although an increase in public investment is expected going forward, the impact of policy developments on performance remains a risk. - FY2017-Q3RestatedAnnual report
「The business environment surrounding the Group remained challenging, as public works-related expenditures were flat year on year against the initial budget, while competition for orders intensified and raw material prices fluctuated.」
Public works-related expenditures were described as flat year on year against the initial budget, while the challenging business environment, including intensifying competition for orders, continued to be noted. - FY2017-Q2RestatedAnnual report
「The business environment surrounding the Group remained challenging, as public works-related expenditures in the initial budget for fiscal 2016 were flat year on year in the general account, while competition for orders intensified and raw material prices fluctuated.」
Public works-related expenditures were described as flat year on year against the initial budget, while the challenging business environment, including intensifying competition for orders, continued to be noted. - FY2017-Q1SoftenedAnnual report
「Regarding public works-related expenditures in the initial budget for fiscal 2016, the general account budget was flat year on year, but the business environment remained challenging, including due to intensifying competition for orders.」
The previous filing referred to a moderate decline in public investment, whereas the current quarter states that public works-related expenditures were flat year on year against the initial budget. The reference to a decline has therefore been softened. However, the challenging conditions caused by competition for orders remain. - FY2016First statedAnnual report
「The business environment surrounding the Group remained challenging, as public investment declined moderately and fluctuations in material prices and intensifying competition for orders continued.」
The Company identifies the moderate decline in public investment as an external factor that could affect performance.