Declining Public Investment and Challenging Market Conditions
First written in FY2016-Q3. 14 of 32 entries say "Softened", first in FY2017. Latest entry: 2026-08-07.
Asia Air Survey moved to the "Worse" side of this theme in 2018, 2 years before the typical company in this theme (2020).
The whole theme swung hardest in 2024: 8 of 26 companies on the "Worse" side.
19 other companies' latest entry also says "Restated".
- FY2026-H1WorsenedAnnual report
「In some fields, the business environment was temporarily affected by factors including delays in the enactment of annual budgets for public works and sluggish investment related to renewable energy.」
In addition to the previous risk focused on declining public investment, delays in the approval of annual budgets and sluggish growth in renewable energy-related investment were cited as temporary actual impacts on the business environment. - FY2025-H1SoftenedAnnual report
「Public investment has remained resilient.」
The previous risk wording indicating declining public investment and difficult market conditions is absent, and the statement continues to explain that public investment remains resilient and the market is progressing steadily. - FY2024-Q2SoftenedAnnual report
「The market progressed steadily.」
The previous risk wording indicating declining public investment and difficult market conditions is absent, and the statement explains that the market remains steady against a backdrop of related public- and private-sector investment. - FY2024-Q1SoftenedAnnual report
「The market progressed steadily on the back of public investment and private-sector investment, including energy-related investment.」
The previous wording indicating declining public investment and difficult market conditions is absent, and the statement explains that the market remains steady against a backdrop of related public- and private-sector investment. - FY2023RestatedAnnual report
「Regarding the outlook for Japan's economy, the public works budget is expected to remain at approximately the same level as the previous year's budget, and the economy is gradually recovering, partly due to the effects of various measures implemented under the COVID-19 environment. However, the impact on the economy remains highly uncertain due to global inflation, yen depreciation, the prolonged situation in Ukraine and instability in the Middle East, and conditions are expected to remain unpredictable.」
The statement expects the public works budget to remain at approximately the previous year's level, while explaining that economic uncertainty will continue due to inflation, yen depreciation, the situation in Ukraine and the situation in the Middle East, among other factors. - FY2023-Q3RestatedAnnual report
「With the development of key initiatives including national resilience, decarbonization and DX (digital transformation), the market has progressed steadily on the back of public investment in the maintenance and management of social infrastructure facilities, the development of national infrastructure information, and disaster prevention and mitigation, as well as private-sector investment in areas including energy.」
The previous risk wording concerning declining public investment and difficult market conditions is absent, and the statement continues to explain that the market remains steady due to public- and private-sector investment related to national resilience, decarbonization and DX. - FY2023-Q2SoftenedAnnual report
「The market performed steadily, supported by private investment in areas including decarbonization and energy, as well as public investment in the maintenance and management of social infrastructure facilities, the development of national infrastructure information, and disaster prevention and mitigation, following the implementation of priority measures for national resilience, decarbonization, and DX (digital transformation).」
The previous risk wording concerning declining public investment and difficult market conditions is absent, and the statement explains that the market remained steady against a backdrop of public- and private-sector investment, including investment related to DX and decarbonization. - FY2022SoftenedAnnual report
「The market has progressed steadily on the back of public investment in the maintenance and management of social infrastructure facilities, the development of national infrastructure information, disaster prevention and mitigation, and national resilience.」
The previous risk wording indicating declining public investment and difficult market conditions is absent, and the statement says that the market progressed steadily due to public investment related to national resilience. - FY2022-Q2RestatedAnnual report
「Public investment aimed at strengthening national resilience, including the maintenance and management of social infrastructure facilities, the development of national infrastructure information, and disaster prevention and mitigation, as well as various initiatives toward a decarbonized society, continued to perform steadily.」
There is no wording indicating declining public investment or difficult market conditions, and the statement explains that initiatives related to national resilience and the transition to a decarbonized society continued to progress steadily. - FY2022-Q1RestatedAnnual report
「With the direct impact of the COVID-19 pandemic on the construction-related industry relatively limited, public investment in the maintenance and management of social infrastructure facilities, the development of national infrastructure information, and disaster prevention and mitigation continued to perform steadily.」
There is no wording indicating declining public investment or difficult market conditions, and the statement says that public investment related to national resilience continued to progress steadily. - FY2021SoftenedAnnual report
「The market has progressed steadily on the back of public investment in the maintenance and management of social infrastructure facilities, the development of national infrastructure information, disaster prevention and mitigation, and national resilience.」
The previous risk description indicating an overall decline in public investment and difficult market conditions is absent from this description of the industry environment, which states that the related market progressed steadily. - FY2021-Q3SoftenedAnnual report
「With the direct impact of the COVID-19 pandemic on the construction-related industry relatively limited, market expansion has been expected from public investment in social infrastructure maintenance and management, disaster prevention and mitigation, and national resilience.」
The statement does not directly indicate an overall decline in public investment or difficult market conditions, and instead expresses expectations for market expansion from related public investment. - FY2021-Q2SoftenedAnnual report
「Although the construction-related industry surrounding our Group has been affected by the COVID-19 pandemic, market expansion is expected from public investment in social infrastructure maintenance and management, disaster prevention and mitigation, and national resilience.」
There is no direct reference to declining public investment or difficult market conditions, and the description has been softened to express expectations for market expansion from related public investment while also citing the impact of infectious diseases. - FY2021-Q1SoftenedAnnual report
「The market has remained firm due to public investment related to the maintenance and management of social infrastructure facilities, as well as the implementation of budgets aimed at disaster prevention and mitigation and the promotion of national resilience.」
The previous risk wording focused on declining public investment and challenging market conditions is absent from this description of the industry environment, which states that conditions have remained firm due to the implementation of related budgets. - FY2020SoftenedAnnual report
「The construction-related industry surrounding our Group remained solid, driven by rising demand for disaster prevention and mitigation-related projects and social infrastructure facility maintenance and management-related projects against the backdrop of national resilience budgets and supplementary budgets.」
The previous description, which focused on an overall decline in public investment and difficult conditions, has been softened to explain that demand related to disaster prevention and mitigation and social infrastructure maintenance remains firm. - FY2020-Q3ReframedAnnual report
「Although public investment remained solid in areas including disaster prevention and mitigation, social infrastructure maintenance and management, and national resilience, sufficient attention must be paid to declines in public investment and private-sector demand caused by the COVID-19 pandemic.」
The previous wording, which indicated difficult conditions for public investment overall, has been recast to describe public investment in disaster prevention and mitigation as firm while identifying a decline in demand due to infectious diseases as a risk. - FY2020-Q1ReframedAnnual report
「The construction-related industry surrounding our Group remained in an environment where market expansion was expected from investment in disaster prevention and mitigation and national resilience, despite difficult order conditions.」
Rather than explicitly indicating an overall decline in public investment, the statement points to a challenging order environment while expressing expectations for market expansion driven by investment in disaster prevention, disaster mitigation and national resilience. - FY2019-Q3SoftenedAnnual report
「Public investment has remained firm, particularly in disaster prevention and mitigation and national resilience, partly because of the effects of supplementary budgets, creating expectations for future order conditions.」
The risk cited in the previous quarter, namely sluggish growth in public investment, has been softened to state that public investment remains resilient and the future order environment is expected to be favorable. Meanwhile, intensified market competition and measures to secure personnel remain separate challenges. - FY2019-Q1WorsenedAnnual report
「Amid sluggish growth in public investment and intensifying market competition, conditions remained such that an expansion in orders was expected from the execution of supplementary budgets for disaster prevention and mitigation and national resilience.」
The statement explicitly identifies sluggish growth in public investment and intensifying market competition, indicating heightened risk related to the difficult market environment. It also notes expectations for an expansion in orders from the supplementary budget. - FY2018SoftenedAnnual report
「Public investment in disaster prevention and mitigation and measures for maintaining and managing social infrastructure facilities remained solid, but an unpredictable situation continued amid market competition.」
The previous references to an overall decline in public investment and a difficult market environment have been removed, while public investment is described as solid and uncertainty arising from market competition is noted. - FY2018-Q3WorsenedAnnual report
「Public investment overall is on a gradual decline, and the difficult market environment is expected to continue because of a decline in earthquake reconstruction-related projects, intensifying market competition, and other factors.」
In addition to the previous quarter's explanation that public investment remained firm, the statement explicitly notes a gradual overall decline in public investment and a decline in earthquake reconstruction-related projects, and indicates that the difficult market environment is expected to continue. - FY2018-Q2RestatedAnnual report
「With support from the national supplementary budget, public investment in disaster prevention and mitigation measures aimed at strengthening national resilience and the maintenance and management of social infrastructure facilities remained firm, but the market continued to face difficult conditions because of a decline in earthquake reconstruction-related projects and intensifying market competition.」
While public investment is described as firm, the statement continues to describe a difficult market environment caused by a decline in earthquake reconstruction-related projects and intensifying market competition. - FY2018-Q1SoftenedAnnual report
「Public investment, including disaster prevention and mitigation measures aimed at strengthening national resilience and the maintenance and management of social infrastructure facilities, remained firm, but the market environment continued to be difficult because of a decline in earthquake reconstruction-related projects and intensifying market competition.」
The previous description of an overall decline in public investment has been softened to state that it remained firm. Meanwhile, the decline in earthquake reconstruction-related projects is cited as an actual factor, and difficult conditions, including intensifying market competition, remain. - FY2017SoftenedAnnual report
「Public investment, particularly in disaster prevention and mitigation measures and the maintenance and management of social infrastructure facilities, remained solid, but the industry continued to face difficult conditions, including intensifying market competition.」
The description has changed from a risk centered on the overall decline in public investment to one stating that public investment related to disaster prevention and mitigation and facility maintenance and management remains solid. Meanwhile, intensifying market competition is identified as a new source of difficulty. - FY2017-Q3RestatedAnnual report
「Public investment overall is on a gradual decline, and the difficult market environment is expected to continue.」
The statement continues to indicate that the gradual decline in public investment and the difficult market environment are expected to continue. - FY2017-Q2RestatedAnnual report
「Although the supplementary budget for fiscal 2016 was expected to provide a boost, public investment overall continued to decline gradually, including earthquake reconstruction support services, resulting in a difficult market environment.」
The gradual decline in public investment and earthquake reconstruction support services, as well as the difficult market environment, continue to be identified as risks. - FY2017-Q1RestatedAnnual report
「Although the effects of the supplementary public investment budget for fiscal 2016 were anticipated, the overall gradual decline continued, including in disaster recovery-related projects, resulting in a difficult market environment.」
The statement expresses expectations for the effects of supplementary budget spending on public investment while noting that the overall decline continued, including in public investment and disaster recovery-related projects. - FY2016WorsenedAnnual report
「Although supplementary budgets were being executed, public investment overall was on a declining trend, and the market environment remained difficult as operations related to reconstruction following the Great East Japan Earthquake also moved toward contraction.」
In addition to the decline in public investment, the statement newly specifies the contraction of operations related to reconstruction following the Great East Japan Earthquake. - FY2016-Q3First statedAnnual report
「Public investment overall is on a gradual decline, and the difficult market environment is expected to continue.」
The statement describes the declining trend in public investment as the current market environment and indicates that difficult conditions are expected to continue.