Decline in Public Works and Delays in Budget Execution
First written in FY2017-Q1. 19 of 36 entries say "Restated". Latest entry: FY2027-H1.
Wakita & moved to the "Worse" side of this theme in 2018, 1 year before the typical company in this theme (2019).
The whole theme swung hardest in 2024: 7 of 31 companies on the "Worse" side.
26 other companies' latest entry also says "Restated".
- FY2027-H1RestatedAnnual report
「Public investment remained firm, supported by national resilience measures and efforts to address aging infrastructure. Private investment also showed signs of recovery, underpinned by solid corporate earnings. However, in addition to further increases in construction costs, the increasingly severe shortage of skilled construction workers has kept conditions in the construction industry challenging.」
The assessment continues to indicate firm public investment and a recovery in private investment, while recognizing that the operating environment remains challenging owing to surging construction costs and a shortage of skilled workers. - FY2026SoftenedAnnual report
「Public investment remained firm against the backdrop of government policies on strengthening national resilience, safety, disaster prevention, disaster mitigation and the renewal of aging infrastructure. Private investment also remained firm, supported by solid corporate earnings.」
Both public and private investment are said to have remained firm, and the previous demand-side concerns continue to be expressed less strongly. - 2026-04-09SoftenedEarnings
「In the market environment for the construction equipment business, public investment remained firm against the backdrop of policies for strengthening national resilience. Private investment also showed signs of recovery, supported by steady corporate earnings.」
Demand from public and private investment was described as firm and recovering, rather than declining or being delayed. - FY2026-H1SoftenedAnnual report
「Public investment remained stable, driven by government policies on strengthening national resilience, safety, disaster prevention and disaster mitigation. In addition to solid corporate earnings, improving economic conditions supported private investment, which also remained firm.」
Against the previous demand concerns centered on declining public investment and delays in budget execution, public investment is described as stable and private investment as firm, further weakening the expression of demand-side risks. - FY2025-Q1SoftenedAnnual report
「Public investment remained firm and stable, and private capital investment also showed signs of recovery. However, the industry continued to face challenging conditions due to rising construction costs, tighter labor regulations and shortages of workers in the civil engineering and construction sectors.」
Public investment is described as firm and stable, and private capital investment as recovering, weakening the previous demand concerns centered on declining public works and delays in budget execution. Construction costs, labor regulations and worker shortages remain concerns. - FY2024-Q3RestatedAnnual report
「Public investment remained firm and stable, and private capital investment also showed signs of recovery. However, the industry continued to face challenging conditions due to rising construction costs and shortages of workers in the civil engineering and construction sectors.」
The company continues to describe stable public investment and signs of recovery in private capital investment, while challenging industry conditions persist due to rising construction costs and labor shortages. - FY2024-Q2RestatedAnnual report
「Public investment remained firm and stable, and private capital investment also showed signs of recovery. However, the industry continued to face challenging conditions due to rising construction costs and shortages of workers in the civil engineering and construction sectors.」
The company reconfirms its view that public investment remains firm and private capital investment is recovering, while challenging industry conditions continue due to rising construction costs and shortages of workers in the civil engineering and construction sectors. - FY2024-Q1RestatedAnnual report
「In the construction equipment business, our core business, public investment remained firm and private capital investment also showed signs of recovery. However, the industry continued to face challenging conditions due to rising construction costs and shortages of workers in the civil engineering and construction sectors.」
The previously stated view is reiterated: public investment remains firm and private capital investment is recovering, while challenging conditions continue due to rising construction costs and shortages of workers in the civil engineering and construction sectors. - FY2023RestatedAnnual report
「In the construction equipment industry, our group's core business, public investment is expected to remain firm and private capital investment is expected to recover. However, the industry is expected to continue facing uncertain and unpredictable conditions due to soaring material and energy prices and shortages of workers in the civil engineering and construction sectors.」
The company points to firm public investment and expected recovery in private capital investment, while reconfirming challenging conditions caused by soaring material and energy prices and labor shortages. - FY2023-Q3RestatedAnnual report
「In the construction equipment business, our core business, public investment remained firm and private capital investment also showed signs of recovery. However, the industry continued to face challenging conditions due to soaring material and energy prices and shortages of workers in the civil engineering and construction sectors.」
The previously stated view is reiterated: public investment remains firm and private capital investment is recovering, while challenging conditions continue due to soaring material and energy prices and shortages of workers in the civil engineering and construction sectors. - FY2023-Q2RestatedAnnual report
「In the construction equipment business, our core business, public investment remained firm and private capital investment also showed signs of recovery. However, the industry continued to face challenging conditions due to soaring material and energy prices and shortages of workers in the civil engineering and construction sectors.」
The previously stated view is reiterated: public investment remains firm and private capital investment shows signs of recovery, while challenging conditions continue due to soaring material and energy prices and shortages of workers in the civil engineering and construction sectors. - FY2023-Q1ReframedAnnual report
「In the construction equipment business, our core business, public investment remained firm and private capital investment also showed signs of recovery. However, the industry continued to face challenging conditions due to soaring material and energy prices and shortages of workers in the civil engineering and construction sectors.」
The composition has shifted to firm public investment and signs of recovery in private capital investment, while challenging conditions continue due to soaring material and energy prices and shortages of workers. - FY2022ReframedAnnual report
「In the construction equipment industry, our group's core business, private capital investment showed signs of recovery but had not reached a full recovery. We expect public investment to continue to perform firmly, supported by measures to strengthen national resilience and other initiatives.」
The explanation has shifted from declining and sluggish private capital investment to signs of recovery in private capital investment, while public investment remains firm due to measures to strengthen national resilience and other initiatives. - FY2022-Q3RestatedAnnual report
「In the construction equipment industry, our group's core business, private capital investment showed signs of recovery but had not reached a full recovery, while public investment continued to perform firmly, supported by measures to strengthen national resilience and other initiatives.」
The demand mix continues to be characterized by private capital investment not reaching a full recovery, while public investment remains firm against the backdrop of measures to strengthen national resilience and other initiatives. - FY2022-Q2RestatedAnnual report
「In the construction equipment business, our core business, private capital investment has not reached a full recovery amid an uncertain outlook, while public investment has continued to perform firmly, supported by measures to strengthen national resilience and other initiatives.」
The demand mix continues to be characterized by private capital investment not reaching a full recovery, while public investment remains firm against the backdrop of measures to strengthen national resilience and other initiatives. - FY2022-Q1RestatedAnnual report
「In the construction equipment business, private capital investment declined due to the deterioration in corporate earnings resulting from the renewed spread of the COVID-19 pandemic, while the construction market remained firm, led by public investment.」
This reconfirms the demand mix: the construction market led by public investment remains firm, while private capital investment is on a declining trend due to deteriorating corporate earnings. - FY2021RestatedAnnual report
「Public investment, including restoration and reconstruction-related projects following natural disasters, remained firm, while private capital investment was on a declining trend due to the spread of the COVID-19 pandemic.」
The demand mix continues to be characterized by firm public investment and declining private capital investment due to the impact of the pandemic. - FY2021-Q3WorsenedAnnual report
「Public investment, including infrastructure upgrades due to aging and reconstruction-related projects following natural disasters, remained firm, while private capital investment was on a declining trend due to the impact of the COVID-19 pandemic. Challenging conditions continued, including the suspension or postponement of some construction projects and soaring labor costs resulting from higher construction material prices and chronic shortages of construction workers.」
While public investment remained firm, private capital investment was on a declining trend, and the suspension and postponement of construction projects and soaring material prices and labor costs continued. - FY2021-Q2WorsenedAnnual report
「Public investment, including reconstruction-related projects following natural disasters, remained firm, while private capital investment was expected to decline due to the economic downturn. At the same time, challenging conditions continued, including the suspension or postponement of some construction projects due to the COVID-19 pandemic, and soaring labor costs resulting from higher construction material prices and chronic shortages of construction workers.」
While public investment is said to remain firm, the company explicitly identifies an expected decline in private capital investment due to the economic downturn, suspension and postponement of construction projects due to the pandemic, and soaring construction material prices and labor costs. - FY2021-Q1ReframedAnnual report
「The environment surrounding our group remained challenging. Public investment remained firm, and private capital investment also remained strong, mainly in redevelopment projects and large-scale projects in the Tokyo metropolitan area. At the same time, the impact of the COVID-19 pandemic on some construction projects, soaring construction costs due to shortages of construction workers, and securing sufficient labor remained issues.」
The explanation has shifted from focusing on declining public investment and regional disparities to the view that public and private capital investment remain firm, while the impact of the pandemic on construction projects, labor shortages and soaring construction costs are issues. - FY2020RestatedAnnual report
「Because the construction equipment business primarily handles civil engineering and construction machinery, a substantial reduction in public investment or a decline in private capital investment resulting from a sharp change in economic conditions could reduce utilization rates for rental assets and intensify price competition among competitors, potentially affecting our group's operating results and financial position.」
Cuts in public investment and declining private capital investment continue to be disclosed as key business environment risks for the construction equipment business. - FY2020-Q3ReframedAnnual report
「As Tokyo Olympic and Paralympic-related construction entered its final phase, public works and private capital investment remained firm, mainly due to redevelopment projects and large-scale projects in the Tokyo metropolitan area. However, conditions remained challenging, including labor shortages and soaring labor and material costs.」
While public works and private capital investment were said to have remained firm, the explanation points to the final phase of Tokyo Olympics-related construction, the concentration of demand in redevelopment and large-scale projects in the Tokyo metropolitan area, and labor shortages and soaring labor, personnel and material costs. Its composition has shifted from the previous focus on declining public investment and regional disparities. - FY2020-Q2ReframedAnnual report
「Private construction demand, including redevelopment projects in central urban areas, large-scale projects in the Tokyo metropolitan area and railway infrastructure-related works, remained firm. At the same time, conditions requiring close monitoring continued, including chronic labor shortages and soaring material costs.」
The explanation has shifted from focusing on regional disparities in public investment to a combination of private construction demand from redevelopment, large-scale projects and railway infrastructure-related works in central urban areas and the Tokyo metropolitan area, together with labor shortages and soaring material costs. - FY2020-Q1RestatedAnnual report
「Although private capital investment remained firm, including redevelopment projects in urban areas and the construction of new factories and logistics facilities in the Tokyo metropolitan area, conditions requiring close monitoring continued, including soaring construction costs and the impact of regional disparities in public investment.」
While private capital investment in urban areas remained firm, soaring construction costs and regional disparities in public investment continue to be identified as conditions requiring close monitoring. - FY2019WorsenedAnnual report
「Looking ahead, construction demand is expected to remain firm in the short term, supported by domestic infrastructure-related works, including disaster prevention and mitigation, private construction investment in logistics facilities and condominiums, and redevelopment projects in urban areas. At the same time, concerns are emerging, including declining public works in regional areas, rising material costs and construction delays caused by labor shortages, and we expect operating conditions to remain unpredictable and challenging.」
While demand from private construction in urban areas is expected to remain firm, declining public works in regional areas, rising material costs and construction delays caused by labor shortages have emerged as concerns. - FY2019-Q3ReframedAnnual report
「Although reconstruction-related projects in Tohoku showed signs of winding down, private capital investment remained firm, including redevelopment projects in urban areas and the construction of new factories and logistics facilities in the Tokyo metropolitan area.」
This indicates a shift in the regional and sectoral composition of demand: reconstruction-related projects in Tohoku are winding down, while private capital investment in urban areas and the Tokyo metropolitan area remains firm. - FY2019-Q2RestatedAnnual report
「Against this backdrop, private capital investment remained firm, including redevelopment projects in urban areas and the construction of new factories and logistics facilities in the Tokyo metropolitan area. Nationwide, however, the impact of regional disparities became more pronounced due to declining public investment and other factors, and conditions continued to require cautious management decisions.」
While private capital investment in urban areas and the Tokyo metropolitan area remained firm, declining public investment nationwide and pronounced regional disparities continued to require cautious management decisions. - FY2019-Q1WorsenedAnnual report
「Against this backdrop, although signs of improvement began to emerge in private capital investment, including redevelopment projects in urban areas and the construction of new factories and logistics facilities in the Tokyo metropolitan area, the impact of regional disparities became more pronounced nationwide due to declining public investment and other factors, and challenging operating conditions continued.」
While private capital investment in urban areas showed signs of improvement, the impact of regional disparities resulting from declining public investment was described as pronounced, giving more concrete form to the previously stated challenging environment. - FY2018WorsenedAnnual report
「Looking ahead, construction demand is expected to remain firm, supported by private construction investment in accommodation and logistics facilities, as well as redevelopment projects and Olympic-related construction in urban areas. At the same time, issues are emerging, including widening regional disparities resulting from the concentration of construction work mainly in urban areas and changes in the procurement environment for equipment, materials and labor, and we expect challenging operating conditions to continue.」
While private capital investment and demand in urban areas are expected to remain firm, widening regional disparities resulting from the concentration of construction work in urban areas and changes in the procurement environment for equipment, materials and labor have emerged as new issues. - FY2018-Q3RestatedAnnual report
「Against this backdrop, although signs of improvement began to emerge in private capital investment, including redevelopment projects in major metropolitan areas, operating conditions remained challenging due to delays in public works caused by soaring construction material and labor costs.」
The previously stated view of the business environment is reiterated: private capital investment in major metropolitan areas showed signs of improvement, while public works continued to be delayed by soaring construction material and labor costs. - FY2018-Q2ReframedAnnual report
「Against this backdrop, although signs of improvement began to emerge in private capital investment, including redevelopment projects in major metropolitan areas, operating conditions remained challenging due to delays in public works caused by soaring construction material and labor costs.」
This indicates differences across regions and areas of activity: private capital investment, including redevelopment in major metropolitan areas, showed signs of improvement, while public works were delayed by soaring construction material and labor costs. - FY2018-Q1RestatedAnnual report
「Against this backdrop, although some signs of improvement began to emerge in the environment surrounding our group, particularly infrastructure redevelopment in the Tokyo metropolitan area ahead of the Tokyo Olympics, operating conditions remained challenging nationwide due to the impact of declining public investment and other factors.」
The regional disparity between signs of improvement from infrastructure redevelopment in the Tokyo metropolitan area ahead of the Tokyo Olympics and challenging conditions nationwide due to declining public investment continues to be noted. - FY2017RestatedAnnual report
「Against this backdrop, the Group's core construction equipment business began to show somewhat brighter signs in the Tokyo metropolitan area in the latter half of the period, although a decline in public works themselves and delays in budget execution in regional areas were observed」
The decline in local public works and delays in budget execution continue to be cited as environmental factors affecting the construction equipment business. - FY2017-Q3RestatedAnnual report
「In regional areas, declines in public works and delays in budget execution were generally observed,」
The decline in public works and delays in budget execution continue to be cited as factors affecting the operating environment for construction equipment businesses in regional areas. - FY2017-Q2RestatedAnnual report
「Nationwide, the operating environment has remained difficult, with conditions continuing to stagnate due to the decline in public works and delays in budget execution.」
The nationwide stagnation caused by the decline in public works and delays in budget execution continues to be highlighted. - FY2017-Q1First statedAnnual report
「Nationwide, the operating environment has remained difficult due to the decline in public works and delays in budget execution.」
Dependence on public works and delays in budget execution are cited as factors contributing to the difficult operating environment surrounding the Group.