{"schema_version":1,"as_of":"2026-11-03T00:43:17+09:00","asset":{"id":"jp_construction_labor","name":"建設労務単価（公共工事・全国加重平均）","category":"人件費","unit":"JPY/人日","currency":"JPY","frequency":"annual","max_age_days":450,"basis":"MLIT public works labour weighted average 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建設業の人材確保・育成施策","url":"https://www.mlit.go.jp/report/press/tochi_fudousan_kensetsugyo14_hh_000001_00331.html"},{"limit":"当年の積算用単価。引上げ率が10年続くという予測でも、民間修繕見積りの単価でもない。","point":"2026年の設計労務単価は引上げられたが、会社負担の必要経費を含む総人件費ではない。","title":"国交省 公共工事設計労務単価","url":"https://www.mlit.go.jp/report/press/tochi_fudousan_kensetsugyo14_hh_000001_00337.html"}],"headline":"人手不足だけでなく、工法・発注・既存建物の制約を確認する","model_version":"price-research-20261025-v4","numeric_prices_derived_from_evidence":false,"numerical_limit":"現行の年率とケース配分は、労務・資材の実測ウエイトや生産性を積み上げて推計したものではない。設計労務単価と建築補修の工事費は別の価格概念である。","owner_implication":"不動産・鉄道・工場の所有者では、会計上の償却費が変わらなくても維持更新の現金支出が増え得る。施工会社では費用増を受注価格・変更契約へ転嫁できる時期と、受注残の固定価格リスクを確認する。","probabilities_calibrated":false,"reviewed_on":"2026-10-25","revision":"20261025-r1","scenario_conditions":["発注減と工法改善が人材制約を上回り実質費用が低下","省人化が人材・資材の負担を概ね相殺","技能者確保と更新需要で共通物価を少し上回るという仮説","人手・資材・設備更新が同時に負担となり実質費用が上昇","供給能力の不足と修繕需要の集中が続き、工程の代替が難しい"],"signposts":["職種・地域別の不足と実際の工事単価、契約変更の時期を確認","工事の受注残・延期・平準化と省人化の実績を確認","所有企業の維持更新投資と能力増設を区分して確認"],"upside_mechanism":"技能者確保と設備更新の必要性が重なり、個々の現場で代替しにくい工程が制約になれば、工事費は物価以上に上がり得る。","payload_sha":"518aeac99f83e75599591ba6260171fd1589926610a02802099bf31fd470407d"},"history_check":null,"history":[{"period":"2022-03","source_period":"2022-03-01","period_end":"2022-03-01","value":21084},{"period":"2023-03","source_period":"2023-03-01","period_end":"2023-03-01","value":22227},{"period":"2024-03","source_period":"2024-03-01","period_end":"2024-03-01","value":23600},{"period":"2025-03","source_period":"2025-03-01","period_end":"2025-03-01","value":24852},{"period":"2026-03","source_period":"2026-03-01","period_end":"2026-03-01","value":25834}],"exposures":[{"ticker":"1379","asset_id":"jp_construction_labor","name":"ホクト","kind":"text_candidate","direction":"未確認","evidence":"一方、新築・建て替え時には建設資材と労務費の上昇が反映されるため、設備更新の現金支出が帳簿上の償却費を上回りやすい。","evidence_url":"/jp-stock/ai-analysis/?t=1379","updated_at":"2026-11-01T22:45:59+00:00"},{"ticker":"1383","asset_id":"jp_construction_labor","name":"ベルグアース","kind":"text_candidate","direction":"未確認","evidence":"契約単価だけでなく苗一本当たりの粗利益と、廃棄率や外部労務費の変化を追わなければ、価格決定力を過大評価する。","evidence_url":"/jp-stock/ai-analysis/?t=1383","updated_at":"2026-11-01T22:45:59+00:00"},{"ticker":"1384","asset_id":"jp_construction_labor","name":"ホクリヨウ","kind":"text_candidate","direction":"未確認","evidence":"飼養密度の低下、鶏舎の建て替え、労務費の増加を販売価格に十分転嫁できなければ、資本効率は悪化する。","evidence_url":"/jp-stock/ai-analysis/?t=1384","updated_at":"2026-11-01T22:45:59+00:00"},{"ticker":"1430","asset_id":"jp_construction_labor","name":"ファーストコーポレーション","kind":"text_candidate","direction":"未確認","evidence":"施工量は労務費を売上の約30%、日当を約2.5万円と置いて約33万人日と推定した。","evidence_url":"/jp-stock/ai-analysis/?t=1430","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1431","asset_id":"jp_construction_labor","name":"Lib Work","kind":"text_candidate","direction":"未確認","evidence":"地震復旧の支援は顧客との信頼を育むが、短期の新規引渡しや労務費には逆風になり得る。","evidence_url":"/jp-stock/ai-analysis/?t=1431","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1433","asset_id":"jp_construction_labor","name":"ベステラ","kind":"text_candidate","direction":"未確認","evidence":"労務費と資材費は物価を上回って上がり、値上げが通らなければ利益が削られる。","evidence_url":"/jp-stock/ai-analysis/?t=1433","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1447","asset_id":"jp_construction_labor","name":"SAAFホールディングス","kind":"text_candidate","direction":"未確認","evidence":"2025年度の住宅着工が落ち込み、ゼネコンの下請けでも資材費・労務費の転嫁が遅れる。","evidence_url":"/jp-stock/ai-analysis/?t=1447","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"150A","asset_id":"jp_construction_labor","name":"JSH","kind":"text_candidate","direction":"未確認","evidence":"受入人年を中立の3600からやや楽観の4650に近づけ、ただし労務費を控除した増分投下資本利益率で再確認する。","evidence_url":"/jp-stock/ai-analysis/?t=150A","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"151A","asset_id":"jp_construction_labor","name":"ダイブグループ","kind":"text_candidate","direction":"未確認","evidence":"売上の大部分を占める派遣では、働いた人の労務費を含む派遣料金が売上に計上されるため、紹介手数料だけの事業とは売上高の意味が異なる。","evidence_url":"/jp-stock/ai-analysis/?t=151A","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1719","asset_id":"jp_construction_labor","name":"安藤・間","kind":"text_candidate","direction":"未確認","evidence":"人が足りなければ受注を売上に変えられず、労務費の上昇は利益率を削る。","evidence_url":"/jp-stock/ai-analysis/?t=1719","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1720","asset_id":"jp_construction_labor","name":"東急建設","kind":"text_candidate","direction":"未確認","evidence":"労務量は開示が無く、技能者の労務費を売上の約 35%、日当を約 2.5 万円と置いて約 363 万人日と推定した。","evidence_url":"/jp-stock/ai-analysis/?t=1720","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1766","asset_id":"jp_construction_labor","name":"東建コーポレーション","kind":"text_candidate","direction":"未確認","evidence":"2つ目は建築の粗利率で、資材高と労務費で下がっている。","evidence_url":"/jp-stock/ai-analysis/?t=1766","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1768","asset_id":"jp_construction_labor","name":"ソネック","kind":"text_candidate","direction":"未確認","evidence":"ゼネコンは取れる仕事を選び、資材と労務費の値上がりを値段に乗せるようになった。","evidence_url":"/jp-stock/ai-analysis/?t=1768","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1770","asset_id":"jp_construction_labor","name":"藤田エンジニアリング","kind":"text_candidate","direction":"未確認","evidence":"鋼材や設備機器、労務費が物価を上回って上がり、上場のサブコンの多くが、価格の転嫁を定着させている。","evidence_url":"/jp-stock/ai-analysis/?t=1770","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1771","asset_id":"jp_construction_labor","name":"日本乾溜工業","kind":"text_candidate","direction":"未確認","evidence":"人手不足で労務費が上がっても、発注者の予定価格が追いつかなければ利幅は削られる。","evidence_url":"/jp-stock/ai-analysis/?t=1771","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1777","asset_id":"jp_construction_labor","name":"川崎設備工業","kind":"text_candidate","direction":"未確認","evidence":"受注は請負契約で、資材や労務費の上昇はスライド条項（価格の見直し）の交渉で対応する。","evidence_url":"/jp-stock/ai-analysis/?t=1777","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1780","asset_id":"jp_construction_labor","name":"ヤマウラ","kind":"text_candidate","direction":"未確認","evidence":"資材と労務費の上昇、株式報酬を含む人への投資がのしかかる。","evidence_url":"/jp-stock/ai-analysis/?t=1780","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1793","asset_id":"jp_construction_labor","name":"大本組","kind":"text_candidate","direction":"未確認","evidence":"労務費の上昇は、利益率を直接削る。","evidence_url":"/jp-stock/ai-analysis/?t=1793","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1803","asset_id":"jp_construction_labor","name":"清水建設","kind":"text_candidate","direction":"未確認","evidence":"一括請負契約が中心である限り、同種の資材高・労務費高騰が再び起きれば、価格転嫁が追いつかず同様の工事損失が再発するリスクがある。","evidence_url":"/jp-stock/ai-analysis/?t=1803","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1808","asset_id":"jp_construction_labor","name":"長谷工コーポレーション","kind":"text_candidate","direction":"未確認","evidence":"資材高・労務費高騰は業界全体で定着しつつある価格転嫁の動きを後押ししており、上場ゼネコン・サブコンの9割近くで完成工事総利益率が改善している。","evidence_url":"/jp-stock/ai-analysis/?t=1808","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1810","asset_id":"jp_construction_labor","name":"松井建設","kind":"text_candidate","direction":"未確認","evidence":"数量の開示が無いため、労務費を売上の約35%、日当を約2.5万円と置いて、施工量を約130万人日と推定した。","evidence_url":"/jp-stock/ai-analysis/?t=1810","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1811","asset_id":"jp_construction_labor","name":"錢高組","kind":"text_candidate","direction":"未確認","evidence":"労務費を売上の約 35%、日当を約 2.5 万円として施工量を約 120 万人日、1人日あたり売上を 7.14 万円とした。","evidence_url":"/jp-stock/ai-analysis/?t=1811","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1813","asset_id":"jp_construction_labor","name":"不動テトラ","kind":"text_candidate","direction":"未確認","evidence":"不動テトラも、資材や労務費の上昇を価格に乗せて採算を守りたい。","evidence_url":"/jp-stock/ai-analysis/?t=1813","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1814","asset_id":"jp_construction_labor","name":"大末建設","kind":"text_candidate","direction":"未確認","evidence":"労務費を売上の約35%、日当を約2.5万円と置くと、施工量は約148万人日、1人日あたり売上は7.14万円になる。","evidence_url":"/jp-stock/ai-analysis/?t=1814","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1815","asset_id":"jp_construction_labor","name":"鉄建建設","kind":"text_candidate","direction":"未確認","evidence":"労務費の上昇は利益率を削る。","evidence_url":"/jp-stock/ai-analysis/?t=1815","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1827","asset_id":"jp_construction_labor","name":"ナカノフドー建設","kind":"text_candidate","direction":"未確認","evidence":"現地は労務費が日本の半分ほどなので、1人日あたり売上を3.5万円とし、約174万人日と推定した。","evidence_url":"/jp-stock/ai-analysis/?t=1827","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1828","asset_id":"jp_construction_labor","name":"田辺工業","kind":"text_candidate","direction":"未確認","evidence":"大型の新設工事は入札と競り合いで値段が決まり、資材費や労務費の上昇を価格に乗せにくい。","evidence_url":"/jp-stock/ai-analysis/?t=1828","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1833","asset_id":"jp_construction_labor","name":"奥村組","kind":"text_candidate","direction":"未確認","evidence":"人が足りなければ受注があっても売上に変えられず、労務費の上昇は利益率を削る。","evidence_url":"/jp-stock/ai-analysis/?t=1833","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1847","asset_id":"jp_construction_labor","name":"イチケン","kind":"text_candidate","direction":"未確認","evidence":"三つ目は、資材と労務費の上昇を価格に転嫁できるようになったことだ。","evidence_url":"/jp-stock/ai-analysis/?t=1847","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1848","asset_id":"jp_construction_labor","name":"富士ピー・エス","kind":"text_candidate","direction":"未確認","evidence":"資材と労務費の上昇は、受注した後に転嫁しにくい。","evidence_url":"/jp-stock/ai-analysis/?t=1848","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1850","asset_id":"jp_construction_labor","name":"南海辰村建設","kind":"text_candidate","direction":"未確認","evidence":"従業員が 500 人ほどの小さな会社は、大手のように技能者を囲い込めず、労務費の上昇も直撃する。","evidence_url":"/jp-stock/ai-analysis/?t=1850","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1860","asset_id":"jp_construction_labor","name":"戸田建設","kind":"text_candidate","direction":"未確認","evidence":"開示は無いため、技能者の労務費を売上の約35%、日当を約2.5万円と置いて、施工量を約508万人日と推定した。","evidence_url":"/jp-stock/ai-analysis/?t=1860","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1861","asset_id":"jp_construction_labor","name":"株式会社　熊谷組","kind":"text_candidate","direction":"未確認","evidence":"人が足りなければ受注があっても売上に変えられず、労務費の上昇は利益率を削る。","evidence_url":"/jp-stock/ai-analysis/?t=1861","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1867","asset_id":"jp_construction_labor","name":"植木組","kind":"text_candidate","direction":"未確認","evidence":"人が足りなければ工事を受けても施工できず、労務費は上がり続ける。","evidence_url":"/jp-stock/ai-analysis/?t=1867","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1869","asset_id":"jp_construction_labor","name":"名工建設","kind":"text_candidate","direction":"未確認","evidence":"軌道の保守は労務の割合が高いので、労務費を売上の45%、日当を2.5万円と置き、施工量を約93万人日、1人日あたり売上を約5.56万円とした。","evidence_url":"/jp-stock/ai-analysis/?t=1869","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1870","asset_id":"jp_construction_labor","name":"矢作建設工業","kind":"text_candidate","direction":"未確認","evidence":"施工量は、労務費を売上の約35%、日当を約2.5万円と置いて約157万人日と推定。","evidence_url":"/jp-stock/ai-analysis/?t=1870","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1871","asset_id":"jp_construction_labor","name":"ピーエス・コンストラクション","kind":"text_candidate","direction":"未確認","evidence":"人手不足で労務費が上がれば、価格に載せきれない恐れもある。","evidence_url":"/jp-stock/ai-analysis/?t=1871","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1887","asset_id":"jp_construction_labor","name":"日本国土開発","kind":"text_candidate","direction":"未確認","evidence":"施工量は開示が無いため、技能者の労務費を売上の約35%、日当を約2.5万円と置き、約129.5万人日と推定した。","evidence_url":"/jp-stock/ai-analysis/?t=1887","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1892","asset_id":"jp_construction_labor","name":"徳倉建設","kind":"text_candidate","direction":"未確認","evidence":"施工量は開示が無く、技能者の労務費を売上の約 35%、日当を約 2.5 万円と置いて 62.8 万人日と推定した。","evidence_url":"/jp-stock/ai-analysis/?t=1892","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1897","asset_id":"jp_construction_labor","name":"金下建設","kind":"text_candidate","direction":"未確認","evidence":"業界全体では仕事を選び、資材と労務費の上昇を値段に乗せる流れが定着しつつある。","evidence_url":"/jp-stock/ai-analysis/?t=1897","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1899","asset_id":"jp_construction_labor","name":"福田組","kind":"text_candidate","direction":"未確認","evidence":"2035年の6.5%という数字は、一度も届いたことのない水準で、人手不足と労務費の上昇が続く中では楽観が過ぎる。","evidence_url":"/jp-stock/ai-analysis/?t=1899","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1904","asset_id":"jp_construction_labor","name":"大成温調","kind":"text_candidate","direction":"未確認","evidence":"ただし工期の長い案件では、労務費の上振れや設計変更が数年分の改善を消しうる。","evidence_url":"/jp-stock/ai-analysis/?t=1904","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1914","asset_id":"jp_construction_labor","name":"日本基礎技術","kind":"text_candidate","direction":"未確認","evidence":"人手不足と労務費","evidence_url":"/jp-stock/ai-analysis/?t=1914","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1939","asset_id":"jp_construction_labor","name":"四電工","kind":"text_candidate","direction":"未確認","evidence":"数量は人員で決まり、単価は労務費の上昇に合わせて上がる。","evidence_url":"/jp-stock/ai-analysis/?t=1939","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1944","asset_id":"jp_construction_labor","name":"きんでん","kind":"text_candidate","direction":"未確認","evidence":"工事の単価に労務費を乗せられる体質が、買収後は、より広い顧客に及ぶ。","evidence_url":"/jp-stock/ai-analysis/?t=1944","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1946","asset_id":"jp_construction_labor","name":"トーエネック","kind":"text_candidate","direction":"未確認","evidence":"人手不足で、労務費の上昇分を価格に転嫁しやすい環境でもある。","evidence_url":"/jp-stock/ai-analysis/?t=1946","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1960","asset_id":"jp_construction_labor","name":"サンテック","kind":"text_candidate","direction":"未確認","evidence":"有価証券報告書も、競合による受注価格の低下と、資材費・労務費の上昇を最初のリスクに挙げる。","evidence_url":"/jp-stock/ai-analysis/?t=1960","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1967","asset_id":"jp_construction_labor","name":"ヤマト","kind":"text_candidate","direction":"未確認","evidence":"資材と労務費は物価を超えて上がる局面があった。","evidence_url":"/jp-stock/ai-analysis/?t=1967","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1972","asset_id":"jp_construction_labor","name":"三晃金属工業","kind":"text_candidate","direction":"未確認","evidence":"三つ目は、労務費の上昇と職人の確保だ。","evidence_url":"/jp-stock/ai-analysis/?t=1972","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1976","asset_id":"jp_construction_labor","name":"明星工業","kind":"text_candidate","direction":"未確認","evidence":"完成工事高の約半分が労務費（自社と協力会社）とみて、1 人年あたり約 1,000 万円で割り、約 2,700 人年とした。","evidence_url":"/jp-stock/ai-analysis/?t=1976","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"1981","asset_id":"jp_construction_labor","name":"協和日成","kind":"text_candidate","direction":"未確認","evidence":"技能者の不足と労務費の上昇は業界の共通の課題で、価格転嫁が遅れれば利益を削る。","evidence_url":"/jp-stock/ai-analysis/?t=1981","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"2163","asset_id":"jp_construction_labor","name":"アルトナー","kind":"text_candidate","direction":"未確認","evidence":"請負・受託は顧客の開発仕事をまとまりとして引き受け、協力会社への外注費と自社技術者の労務費を負担する。","evidence_url":"/jp-stock/ai-analysis/?t=2163","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"2164","asset_id":"jp_construction_labor","name":"地域新聞社","kind":"text_candidate","direction":"未確認","evidence":"既存設備の減価償却は過去の取得価格に縛られるが、用紙・印刷・システムの更新投資と労務費は将来の値段で支払う。","evidence_url":"/jp-stock/ai-analysis/?t=2164","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"2195","asset_id":"jp_construction_labor","name":"アミタホールディングス","kind":"text_candidate","direction":"未確認","evidence":"物価が上がっても輸送費、労務費、修繕費が上がれば利幅は保てない。","evidence_url":"/jp-stock/ai-analysis/?t=2195","updated_at":"2026-11-01T22:46:00+00:00"},{"ticker":"2354","asset_id":"jp_construction_labor","name":"YE DIGITAL","kind":"text_candidate","direction":"未確認","evidence":"だが受託開発は新しい売上のたびに技術者の確保が必要で、労務費と品質保証費用が増える。","evidence_url":"/jp-stock/ai-analysis/?t=2354","updated_at":"2026-11-01T22:46:01+00:00"},{"ticker":"2488","asset_id":"jp_construction_labor","name":"JTP","kind":"text_candidate","direction":"未確認","evidence":"物価3%の前提では10年間の労務費と多くの管理費が上昇する。","evidence_url":"/jp-stock/ai-analysis/?t=2488","updated_at":"2026-11-01T22:46:01+00:00"},{"ticker":"250A","asset_id":"jp_construction_labor","name":"シマダヤ","kind":"text_candidate","direction":"未確認","evidence":"製造固定費、原材料費、労務費、販売運賃が増えると、価格改定の効果が表れるまで利益が圧迫される。","evidence_url":"/jp-stock/ai-analysis/?t=250A","updated_at":"2026-11-01T22:46:01+00:00"},{"ticker":"253A","asset_id":"jp_construction_labor","name":"ETSグループ","kind":"text_candidate","direction":"未確認","evidence":"入札価格や工期の条件で競う場面があり、労務費の上昇をいつでも顧客へ転嫁できるわけではない。","evidence_url":"/jp-stock/ai-analysis/?t=253A","updated_at":"2026-11-01T22:46:01+00:00"},{"ticker":"256A","asset_id":"jp_construction_labor","name":"飛島ホールディングス","kind":"text_candidate","direction":"未確認","evidence":"大型案件は一度受けると簡単には撤退できず、設計変更を認めない発注者、上がる労務費、引き受け手の減る協力会社の組み合わせが利益を奪う。","evidence_url":"/jp-stock/ai-analysis/?t=256A","updated_at":"2026-11-01T22:46:01+00:00"},{"ticker":"261A","asset_id":"jp_construction_labor","name":"日水コン","kind":"text_candidate","direction":"未確認","evidence":"技術者不足と労務費の先行","evidence_url":"/jp-stock/ai-analysis/?t=261A","updated_at":"2026-11-01T22:46:01+00:00"},{"ticker":"2961","asset_id":"jp_construction_labor","name":"日本調理機","kind":"text_candidate","direction":"未確認","evidence":"ステンレスなどの材料や施工労務費も上がるので、それだけで利益率が拡大するわけではない。","evidence_url":"/jp-stock/ai-analysis/?t=2961","updated_at":"2026-11-01T22:46:02+00:00"},{"ticker":"2978","asset_id":"jp_construction_labor","name":"ツクルバ","kind":"text_candidate","direction":"未確認","evidence":"工事請負は労務費・建材費の転嫁余地があるが、買い手の予算が上限になる。","evidence_url":"/jp-stock/ai-analysis/?t=2978","updated_at":"2026-11-01T22:46:02+00:00"},{"ticker":"3053","asset_id":"jp_construction_labor","name":"株式会社ペッパーフードサービス","kind":"text_candidate","direction":"未確認","evidence":"外食市場は、コロナ後に人流が戻って回復しているが、食材価格の上昇と人手不足による労務費の増加が収益を圧迫する。","evidence_url":"/jp-stock/ai-analysis/?t=3053","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3236","asset_id":"jp_construction_labor","name":"プロパスト","kind":"text_candidate","direction":"未確認","evidence":"ただ、資材と労務費の上昇を価格に転嫁できる契約かどうかが分かれ目だ。","evidence_url":"/jp-stock/ai-analysis/?t=3236","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"323A","asset_id":"jp_construction_labor","name":"フライヤー","kind":"text_candidate","direction":"未確認","evidence":"AIStepやZealoxでは動画だけでなく講師の添削や就業支援が差別化要因になる一方、その労務費はゼロにはできない。","evidence_url":"/jp-stock/ai-analysis/?t=323A","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"341A","asset_id":"jp_construction_labor","name":"トヨコー","kind":"text_candidate","direction":"未確認","evidence":"物価が年3%上がる世界では、工事価格の上昇は原材料費・労務費の上昇と合わせて見る必要がある。","evidence_url":"/jp-stock/ai-analysis/?t=341A","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3420","asset_id":"jp_construction_labor","name":"ケー・エフ・シー","kind":"text_candidate","direction":"未確認","evidence":"鋼材と労務費の上昇を価格に移せず、価格競争も続く。","evidence_url":"/jp-stock/ai-analysis/?t=3420","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3431","asset_id":"jp_construction_labor","name":"宮地エンジニアリンググループ","kind":"text_candidate","direction":"未確認","evidence":"鋼材と労務費の上昇","evidence_url":"/jp-stock/ai-analysis/?t=3431","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3447","asset_id":"jp_construction_labor","name":"信和","kind":"text_candidate","direction":"未確認","evidence":"加えて、施工は労務費の比率が高く、人手不足と賃上げの圧力が利益率を削る。","evidence_url":"/jp-stock/ai-analysis/?t=3447","updated_at":"2026-11-01T22:46:03+00:00"},{"ticker":"3648","asset_id":"jp_construction_labor","name":"ＡＧＳ","kind":"text_candidate","direction":"未確認","evidence":"労務費の上昇をすべて価格に転嫁できるという証拠はない。","evidence_url":"/jp-stock/ai-analysis/?t=3648","updated_at":"2026-11-01T22:46:04+00:00"},{"ticker":"372A","asset_id":"jp_construction_labor","name":"レント","kind":"text_candidate","direction":"未確認","evidence":"大手の調達価格の優位、機械の電動化、排ガス規制、安全規制、労務費の上昇も重要だ。","evidence_url":"/jp-stock/ai-analysis/?t=372A","updated_at":"2026-11-01T22:46:04+00:00"},{"ticker":"3741","asset_id":"jp_construction_labor","name":"セック","kind":"text_candidate","direction":"未確認","evidence":"2026年3月期の製造費用には労務費約27億円、外注費約41億円が計上され、社員365人の教育や待遇向上も継続している。","evidence_url":"/jp-stock/ai-analysis/?t=3741","updated_at":"2026-11-01T22:46:04+00:00"},{"ticker":"378A","asset_id":"jp_construction_labor","name":"ヒット","kind":"text_candidate","direction":"未確認","evidence":"設備の減価償却は取得当時の費用で計算されるが、将来の更新工事は資材・労務費の高騰を反映する。","evidence_url":"/jp-stock/ai-analysis/?t=378A","updated_at":"2026-11-01T22:46:04+00:00"},{"ticker":"3904","asset_id":"jp_construction_labor","name":"カヤック","kind":"text_candidate","direction":"未確認","evidence":"大会制作、スポンサー、配信、教育などが成長の源泉だが、イベント運営は労務費や会場費が増える。","evidence_url":"/jp-stock/ai-analysis/?t=3904","updated_at":"2026-11-01T22:46:05+00:00"},{"ticker":"3954","asset_id":"jp_construction_labor","name":"昭和パックス","kind":"text_candidate","direction":"未確認","evidence":"紙の価格は高止まりし、物流費と労務費も上がっている。","evidence_url":"/jp-stock/ai-analysis/?t=3954","updated_at":"2026-11-01T22:46:05+00:00"},{"ticker":"3987","asset_id":"jp_construction_labor","name":"エコモット","kind":"text_candidate","direction":"未確認","evidence":"機器レンタルは需要があっても修理と更新に現金を要し、労務費は物価とともに増える。","evidence_url":"/jp-stock/ai-analysis/?t=3987","updated_at":"2026-11-01T22:46:05+00:00"},{"ticker":"4056","asset_id":"jp_construction_labor","name":"ニューラルグループ","kind":"text_candidate","direction":"未確認","evidence":"受注増だけでなく、労務費、外注費、本社共通費を引いた営業利益の改善が条件となる。","evidence_url":"/jp-stock/ai-analysis/?t=4056","updated_at":"2026-11-01T22:46:05+00:00"},{"ticker":"407A","asset_id":"jp_construction_labor","name":"UNICONホールディングス","kind":"text_candidate","direction":"未確認","evidence":"ただし、材料費と労務費も上昇するため、名目売上の伸びがそのまま利益成長になるわけではない。","evidence_url":"/jp-stock/ai-analysis/?t=407A","updated_at":"2026-11-01T22:46:05+00:00"},{"ticker":"4119","asset_id":"jp_construction_labor","name":"日本ピグメントホールディングス","kind":"text_candidate","direction":"未確認","evidence":"人件費の上昇も重く、国内工場は労務費の増加を価格改定で吸収する必要がある。","evidence_url":"/jp-stock/ai-analysis/?t=4119","updated_at":"2026-11-01T22:46:06+00:00"},{"ticker":"4169","asset_id":"jp_construction_labor","name":"ENECHANGE","kind":"text_candidate","direction":"未確認","evidence":"法定点検の市場規模が大きくても、現場作業には資格者の確保、品質管理、労務費、安全事故対応が必要だ。","evidence_url":"/jp-stock/ai-analysis/?t=4169","updated_at":"2026-11-01T22:46:06+00:00"},{"ticker":"416A","asset_id":"jp_construction_labor","name":"富士ユナイトホールディングス","kind":"text_candidate","direction":"未確認","evidence":"地域企業を買収して売上が増えても、設備更新や労務費が想定より大きければ、買収価格を回収できない。","evidence_url":"/jp-stock/ai-analysis/?t=416A","updated_at":"2026-11-01T22:46:06+00:00"},{"ticker":"4262","asset_id":"jp_construction_labor","name":"ニフティライフスタイル","kind":"text_candidate","direction":"未確認","evidence":"ドアーズで工事が増えても、元請け比率の上昇は材料費・労務費・クレーム対応という別の負担を運ぶ。","evidence_url":"/jp-stock/ai-analysis/?t=4262","updated_at":"2026-11-01T22:46:06+00:00"},{"ticker":"4275","asset_id":"jp_construction_labor","name":"カーリット","kind":"text_candidate","direction":"未確認","evidence":"労務費、原材料費、償却の増加が利益を削り、ボトリングは改修で 1 ラインが止まった。","evidence_url":"/jp-stock/ai-analysis/?t=4275","updated_at":"2026-11-01T22:46:06+00:00"},{"ticker":"4284","asset_id":"jp_construction_labor","name":"ソルクシーズ","kind":"text_candidate","direction":"未確認","evidence":"余剰現金約12億円は労務費と外注費の運転資金を控除した保守的な部分だけとし、2025年の買い戻しと増配、上位株主の分散を根拠に、余った現金は株主に戻る価値として全額評価する。","evidence_url":"/jp-stock/ai-analysis/?t=4284","updated_at":"2026-11-01T22:46:06+00:00"},{"ticker":"4414","asset_id":"jp_construction_labor","name":"フレクト","kind":"text_candidate","direction":"未確認","evidence":"売上原価に含まれる年間の労務費約18.2億円と外注費約23.6億円の合計は月約3.5億円であり、純現金は約2か月分に相当する。","evidence_url":"/jp-stock/ai-analysis/?t=4414","updated_at":"2026-11-01T22:46:06+00:00"},{"ticker":"4418","asset_id":"jp_construction_labor","name":"JDSC","kind":"text_candidate","direction":"未確認","evidence":"労務費・委託費・買収後の運転資金に必要な約14.9億円を控除して事業外の余裕を約25億円と見積もる。","evidence_url":"/jp-stock/ai-analysis/?t=4418","updated_at":"2026-11-01T22:46:07+00:00"},{"ticker":"4433","asset_id":"jp_construction_labor","name":"ヒト・コミュニケーションズ・ホールディングス","kind":"text_candidate","direction":"未確認","evidence":"今後10年は、業界全体の需要増加よりも、どの航空会社の便をいくつ受託し、一便当たりの労務費をどれだけ下げられるかが収益を決める。","evidence_url":"/jp-stock/ai-analysis/?t=4433","updated_at":"2026-11-01T22:46:07+00:00"},{"ticker":"4437","asset_id":"jp_construction_labor","name":"gooddaysホールディングス","kind":"text_candidate","direction":"未確認","evidence":"大型改修工事の引き渡しが先送りされると期末売上と入金が同時に減る一方、現場の労務費や借入金の利息は残る。","evidence_url":"/jp-stock/ai-analysis/?t=4437","updated_at":"2026-11-01T22:46:07+00:00"},{"ticker":"460A","asset_id":"jp_construction_labor","name":"BRANU","kind":"text_candidate","direction":"未確認","evidence":"建設業は人手不足と高齢化、資材費や労務費の上昇に直面している。","evidence_url":"/jp-stock/ai-analysis/?t=460A","updated_at":"2026-11-01T22:46:07+00:00"},{"ticker":"4712","asset_id":"jp_construction_labor","name":"KeyHolder","kind":"text_candidate","direction":"未確認","evidence":"制作・物流の取引先集中と労務費上昇","evidence_url":"/jp-stock/ai-analysis/?t=4712","updated_at":"2026-11-01T22:46:07+00:00"},{"ticker":"4783","asset_id":"jp_construction_labor","name":"NCD","kind":"text_candidate","direction":"未確認","evidence":"2026年3月期の減益には従業員の賃上げ、外注先からの労務費転嫁、収益性の高い案件の終了が影響した。","evidence_url":"/jp-stock/ai-analysis/?t=4783","updated_at":"2026-11-01T22:46:08+00:00"},{"ticker":"4814","asset_id":"jp_construction_labor","name":"ネクストウェア","kind":"text_candidate","direction":"未確認","evidence":"現金は労務費と前受履行のため事業に必要とし、追加で足していない。","evidence_url":"/jp-stock/ai-analysis/?t=4814","updated_at":"2026-11-01T22:46:08+00:00"},{"ticker":"4833","asset_id":"jp_construction_labor","name":"Def consulting","kind":"text_candidate","direction":"未確認","evidence":"2026年6月末の現預金3.13億円は、同四半期の営業損失1.48億円と人員の労務費を賄う運転資金であり、取引所預け金約1.37億円は運用担保なので、今の余剰現金には入れない。","evidence_url":"/jp-stock/ai-analysis/?t=4833","updated_at":"2026-11-01T22:46:08+00:00"},{"ticker":"5075","asset_id":"jp_construction_labor","name":"アップコン","kind":"text_candidate","direction":"未確認","evidence":"材料費と労務費が上がる局面で公共入札に負ければ、売上を伸ばしても営業利益が増えないおそれがある。","evidence_url":"/jp-stock/ai-analysis/?t=5075","updated_at":"2026-11-01T22:46:08+00:00"},{"ticker":"5076","asset_id":"jp_construction_labor","name":"インフロニア・ホールディングス株式会社","kind":"text_candidate","direction":"未確認","evidence":"労務費の上昇が受注単価に転嫁され、売上は物価並みに伸びる。","evidence_url":"/jp-stock/ai-analysis/?t=5076","updated_at":"2026-11-01T22:46:08+00:00"},{"ticker":"5079","asset_id":"jp_construction_labor","name":"ノバック","kind":"text_candidate","direction":"未確認","evidence":"労務費・資材費の上昇を請負金額へ転嫁できるかが、利益率を左右する。","evidence_url":"/jp-stock/ai-analysis/?t=5079","updated_at":"2026-11-01T22:46:08+00:00"},{"ticker":"5391","asset_id":"jp_construction_labor","name":"エーアンドエーマテリアル","kind":"text_candidate","direction":"未確認","evidence":"会社は燃料と労務費の上昇に合わせて価格を改め、2026 年 3 月期は 4 億円強の増益要因になった。","evidence_url":"/jp-stock/ai-analysis/?t=5391","updated_at":"2026-11-01T22:46:09+00:00"},{"ticker":"549A","asset_id":"jp_construction_labor","name":"ヒトトヒトホールディングス","kind":"text_candidate","direction":"未確認","evidence":"労務費を価格に転嫁する交渉は続けているものの、物価上昇を上回る値上げが恒常的に通ったという定量的な証拠は確認できない。","evidence_url":"/jp-stock/ai-analysis/?t=549A","updated_at":"2026-11-01T22:46:09+00:00"},{"ticker":"5533","asset_id":"jp_construction_labor","name":"エリッツホールディングス","kind":"text_candidate","direction":"未確認","evidence":"これは2026年の買収で取得する低利回り事業と、配当後の利益の積み上がりで自己資本が約108億円に増える一方、仲介料の制約・労務費と賃料の上昇が利益の伸びを抑えるためである。","evidence_url":"/jp-stock/ai-analysis/?t=5533","updated_at":"2026-11-01T22:46:09+00:00"},{"ticker":"575A","asset_id":"jp_construction_labor","name":"前澤ホールディングス","kind":"text_candidate","direction":"未確認","evidence":"値上げ分が樹脂、鋳物、物流、現場労務費の増加を吸収できるかが試金石になる。","evidence_url":"/jp-stock/ai-analysis/?t=575A","updated_at":"2026-11-01T22:46:09+00:00"},{"ticker":"5888","asset_id":"jp_construction_labor","name":"DAIWA CYCLE","kind":"text_candidate","direction":"未確認","evidence":"修理の手間も労務費が上がれば必ずしも高い利幅にはならない。","evidence_url":"/jp-stock/ai-analysis/?t=5888","updated_at":"2026-11-01T22:46:09+00:00"},{"ticker":"5900","asset_id":"jp_construction_labor","name":"ダイケン","kind":"text_candidate","direction":"未確認","evidence":"2026年2月期は労務費の増加と買収の一時費用も重なった。","evidence_url":"/jp-stock/ai-analysis/?t=5900","updated_at":"2026-11-01T22:46:09+00:00"},{"ticker":"5911","asset_id":"jp_construction_labor","name":"横河ブリッジホールディングス","kind":"text_candidate","direction":"未確認","evidence":"鋼材と労務費の上昇","evidence_url":"/jp-stock/ai-analysis/?t=5911","updated_at":"2026-11-01T22:46:09+00:00"},{"ticker":"5921","asset_id":"jp_construction_labor","name":"川岸工業","kind":"text_candidate","direction":"未確認","evidence":"施工の人手不足と労務費の上昇は、業界全体の利益を削る構造的な要因だ。","evidence_url":"/jp-stock/ai-analysis/?t=5921","updated_at":"2026-11-01T22:46:09+00:00"},{"ticker":"5958","asset_id":"jp_construction_labor","name":"三洋工業","kind":"text_candidate","direction":"未確認","evidence":"施工を協力会社に頼るため、職人の不足と労務費の上昇が直撃する。","evidence_url":"/jp-stock/ai-analysis/?t=5958","updated_at":"2026-11-01T22:46:09+00:00"},{"ticker":"5959","asset_id":"jp_construction_labor","name":"岡部","kind":"text_candidate","direction":"未確認","evidence":"人手不足で工事が遅れ、鋼材と労務費は高止まりしている。","evidence_url":"/jp-stock/ai-analysis/?t=5959","updated_at":"2026-11-01T22:46:09+00:00"},{"ticker":"6054","asset_id":"jp_construction_labor","name":"リブセンス","kind":"text_candidate","direction":"未確認","evidence":"2025年末の純現金36.4億円から、求人広告費・労務費・家賃などの支払いと運転資金を確保するため年間売上56.4億円の約３か月分14.1億円を控除し、当面の事業に必ずしも要らない22.3億円を分ける。","evidence_url":"/jp-stock/ai-analysis/?t=6054","updated_at":"2026-11-01T22:46:09+00:00"},{"ticker":"619A","asset_id":"jp_construction_labor","name":"オリバー","kind":"text_candidate","direction":"未確認","evidence":"原材料や外注労務費だけが上がる局面では粗利が薄くなる。","evidence_url":"/jp-stock/ai-analysis/?t=619A","updated_at":"2026-11-01T22:46:10+00:00"},{"ticker":"622A","asset_id":"jp_construction_labor","name":"テクノクラフト","kind":"text_candidate","direction":"未確認","evidence":"従業員が巡回しなくても遅延や危険を察知できるため、労務費が上昇するほど導入の経済的な意味が増す。","evidence_url":"/jp-stock/ai-analysis/?t=622A","updated_at":"2026-11-01T22:46:10+00:00"},{"ticker":"6301","asset_id":"jp_construction_labor","name":"小松製作所","kind":"text_candidate","direction":"未確認","evidence":"中国建機需要の一巡、原材料・労務費の上昇、為替の影響が重なったためで、建機の循環に業績が素直に連動する体質は変わっていない。","evidence_url":"/jp-stock/ai-analysis/?t=6301","updated_at":"2026-11-01T22:46:10+00:00"},{"ticker":"6463","asset_id":"jp_construction_labor","name":"ＴＰＲ株式会社","kind":"text_candidate","direction":"未確認","evidence":"原価低減と労務費の回収で利益は守られているが、2027 年 3 月期の会社予想は中国の値下げを織り込み、経常利益が減る。","evidence_url":"/jp-stock/ai-analysis/?t=6463","updated_at":"2026-11-01T22:46:10+00:00"},{"ticker":"6471","asset_id":"jp_construction_labor","name":"日本精工株式会社","kind":"text_candidate","direction":"未確認","evidence":"重複する拠点の整理には労務費と時間がかかる。","evidence_url":"/jp-stock/ai-analysis/?t=6471","updated_at":"2026-11-01T22:46:10+00:00"},{"ticker":"6479","asset_id":"jp_construction_labor","name":"ミネベアミツミ","kind":"text_candidate","direction":"未確認","evidence":"タイ・中国等の生産拠点の労務費上昇も、円換算の採算を圧迫する方向に働く。","evidence_url":"/jp-stock/ai-analysis/?t=6479","updated_at":"2026-11-01T22:46:10+00:00"},{"ticker":"6586","asset_id":"jp_construction_labor","name":"マキタ","kind":"text_candidate","direction":"未確認","evidence":"原材料・労務費の上昇と値上げ力","evidence_url":"/jp-stock/ai-analysis/?t=6586","updated_at":"2026-11-01T22:46:11+00:00"},{"ticker":"6614","asset_id":"jp_construction_labor","name":"株式会社シキノハイテック","kind":"text_candidate","direction":"未確認","evidence":"原因は、資材費率の上昇、派遣単価の上昇による労務費、製品開発の減収、新しい基幹システムの償却だ。","evidence_url":"/jp-stock/ai-analysis/?t=6614","updated_at":"2026-11-01T22:46:11+00:00"},{"ticker":"6904","asset_id":"jp_construction_labor","name":"原田工業","kind":"text_candidate","direction":"未確認","evidence":"直近は微増にとどまり、米国の通商政策、材料費、労務費の高止まりが重しになっている。","evidence_url":"/jp-stock/ai-analysis/?t=6904","updated_at":"2026-11-01T22:46:11+00:00"},{"ticker":"7043","asset_id":"jp_construction_labor","name":"アルー","kind":"text_candidate","direction":"未確認","evidence":"顧客は研修成果と運営品質に対価を払うが、原価の多くは講師や設計担当者の労務費である。","evidence_url":"/jp-stock/ai-analysis/?t=7043","updated_at":"2026-11-01T22:46:11+00:00"},{"ticker":"7050","asset_id":"jp_construction_labor","name":"フロンティアインターナショナル","kind":"text_candidate","direction":"未確認","evidence":"さらに、現場の仕事にも労務費や施工費の上昇、大型案件の採算変動がある。","evidence_url":"/jp-stock/ai-analysis/?t=7050","updated_at":"2026-11-01T22:46:12+00:00"},{"ticker":"7081","asset_id":"jp_construction_labor","name":"コーユーレンティア","kind":"text_candidate","direction":"未確認","evidence":"労務費と資材費が上がって建設計画は遅れやすくなるが、工期が長引けば備品を借りる期間は伸びる。","evidence_url":"/jp-stock/ai-analysis/?t=7081","updated_at":"2026-11-01T22:46:12+00:00"},{"ticker":"7212","asset_id":"jp_construction_labor","name":"エフテック","kind":"text_candidate","direction":"未確認","evidence":"売価改定の効果は出ているが、関税や労務費の上昇を吸収するほどではない。","evidence_url":"/jp-stock/ai-analysis/?t=7212","updated_at":"2026-11-01T22:46:12+00:00"},{"ticker":"7231","asset_id":"jp_construction_labor","name":"トピー工業株式会社","kind":"text_candidate","direction":"未確認","evidence":"米国の子会社は、労務費と生産性の問題を抱え、損益の改善が課題だった。","evidence_url":"/jp-stock/ai-analysis/?t=7231","updated_at":"2026-11-01T22:46:12+00:00"},{"ticker":"7271","asset_id":"jp_construction_labor","name":"安永","kind":"text_candidate","direction":"未確認","evidence":"客先は毎年原価低減を求め、材料費や労務費の上昇を価格へ戻すのに時間がかかる。","evidence_url":"/jp-stock/ai-analysis/?t=7271","updated_at":"2026-11-01T22:46:12+00:00"},{"ticker":"7278","asset_id":"jp_construction_labor","name":"株式会社エクセディ","kind":"text_candidate","direction":"未確認","evidence":"海外従業員は約 8,800 人で、現地の労務費上昇も利益率を押し下げる。","evidence_url":"/jp-stock/ai-analysis/?t=7278","updated_at":"2026-11-01T22:46:12+00:00"},{"ticker":"7291","asset_id":"jp_construction_labor","name":"日本プラスト","kind":"text_candidate","direction":"未確認","evidence":"筆者が見ているのは、日産の縮小を海外とホンダ向けで補えるか、そして値下げ要請を労務費や関税の転嫁でどこまで取り返せるかだ。","evidence_url":"/jp-stock/ai-analysis/?t=7291","updated_at":"2026-11-01T22:46:12+00:00"},{"ticker":"7369","asset_id":"jp_construction_labor","name":"メイホーホールディングス","kind":"text_candidate","direction":"未確認","evidence":"施工会社では材料高、労務費、残業規制、工期の遅れが利益を削り、大型案件の受注残は収益保証ではない。","evidence_url":"/jp-stock/ai-analysis/?t=7369","updated_at":"2026-11-01T22:46:12+00:00"},{"ticker":"7464","asset_id":"jp_construction_labor","name":"セフテック","kind":"text_candidate","direction":"未確認","evidence":"全国30の事業所で在庫を持ち、輸送に頼る事業のため、運賃と労務費の上昇がそのまま費用に響く。","evidence_url":"/jp-stock/ai-analysis/?t=7464","updated_at":"2026-11-01T22:46:12+00:00"},{"ticker":"8887","asset_id":"jp_construction_labor","name":"シーラホールディングス","kind":"text_candidate","direction":"未確認","evidence":"建築費と労務費の上昇","evidence_url":"/jp-stock/ai-analysis/?t=8887","updated_at":"2026-11-01T22:46:15+00:00"},{"ticker":"9025","asset_id":"jp_construction_labor","name":"鴻池運輸","kind":"text_candidate","direction":"未確認","evidence":"2027 年 3 月期の営業利益は 8% 減る見込みで、採用の拡大と内製化の労務費が重くのしかかる。","evidence_url":"/jp-stock/ai-analysis/?t=9025","updated_at":"2026-11-01T22:46:15+00:00"},{"ticker":"9326","asset_id":"jp_construction_labor","name":"関通ホールディングス","kind":"text_candidate","direction":"未確認","evidence":"その半面、2026年2月期には労務費、発送運賃、賃借料が大きな原価となり、賃料だけでも年間41億円を超えた。","evidence_url":"/jp-stock/ai-analysis/?t=9326","updated_at":"2026-11-01T22:46:15+00:00"},{"ticker":"9346","asset_id":"jp_construction_labor","name":"ココルポート","kind":"text_candidate","direction":"未確認","evidence":"売上高増加率と営業利益増加率の差、労務費率、地代家賃、販管費率","evidence_url":"/jp-stock/ai-analysis/?t=9346","updated_at":"2026-11-01T22:46:15+00:00"},{"ticker":"9359","asset_id":"jp_construction_labor","name":"伊勢湾海運","kind":"text_candidate","direction":"未確認","evidence":"港湾運送は労務費が中心で、2024 年問題を背景に人件費の転嫁が進んでいる。","evidence_url":"/jp-stock/ai-analysis/?t=9359","updated_at":"2026-11-01T22:46:15+00:00"},{"ticker":"9556","asset_id":"jp_construction_labor","name":"INTLOOP","kind":"text_candidate","direction":"未確認","evidence":"ディクスの通信網・設備工事はAIが直ちに置き換えられない仕事だが、大手顧客の工事予算、下請けの施工力、建設人件費に依存する。","evidence_url":"/jp-stock/ai-analysis/?t=9556","updated_at":"2026-11-01T22:46:16+00:00"},{"ticker":"9622","asset_id":"jp_construction_labor","name":"株式会社スペース","kind":"text_candidate","direction":"未確認","evidence":"資材・労務費の上昇を全部は転嫁できない。","evidence_url":"/jp-stock/ai-analysis/?t=9622","updated_at":"2026-11-01T22:46:16+00:00"},{"ticker":"9739","asset_id":"jp_construction_labor","name":"NSW","kind":"text_candidate","direction":"未確認","evidence":"技術者・管理要員は連結2,536人で、売上原価の労務費と外注費を合わせると約332億円になる。","evidence_url":"/jp-stock/ai-analysis/?t=9739","updated_at":"2026-11-01T22:46:16+00:00"},{"ticker":"9753","asset_id":"jp_construction_labor","name":"アイエックス・ナレッジ","kind":"text_candidate","direction":"未確認","evidence":"ただし少数株主が即時の売却・配当を決めることはできず、労務費の運転資金も必要だ。","evidence_url":"/jp-stock/ai-analysis/?t=9753","updated_at":"2026-11-01T22:46:16+00:00"},{"ticker":"9799","asset_id":"jp_construction_labor","name":"旭情報サービス","kind":"text_candidate","direction":"未確認","evidence":"価格を上げる実績も、労務費を上回る超過収益の持続性としてはまだ証拠が足りない。","evidence_url":"/jp-stock/ai-analysis/?t=9799","updated_at":"2026-11-01T22:46:16+00:00"}],"exposure_count":136},"macro":{"version":"jp-coking-cif-relative-20261027-r1","as_of":"2026-10-27","target_date":"2036-10-25","jp_cpi":0.03,"jp_short_rate":0.02,"jp_long_rate":0.03,"usd_jpy_terminal":150,"basis":"日本CPI3%、短期2%、長期3%、2036年ドル円150円。"}}