Market Research Report
Construction in Norway - Key Trends and Opportunities to 2025 (H1 2021)
|Published by||GlobalData||Product code||969018|
|Published||Content info||47 Pages
Delivery time: 1-2 business days
|Construction in Norway - Key Trends and Opportunities to 2025 (H1 2021)|
|Published: April 20, 2021||Content info: 47 Pages||
Prior to the Coronavirus (COVID-19) outbreak, the Norwegian construction industry had been growing at a healthy pace, recording an annual average growth rate of 4.1% between 2016 and 2019. However, the industry was adversely affected by the disruption caused due to COVID-19. The country's construction industry contracted by 3.1% in 2020, as construction activity was brought to a standstill across many parts of the country, due to the impact of COVID-19 containment measures.
The industry is expected to recover in 2021 and register growth of 1.6% in real terms that year, supported by the government's focus on upgrading the country's transport infrastructure. In the 2021 budget, the government allocated NOK80 billion (US$7.7 billion) for the development of transport infrastructure. The government expects that investments on these projects will help boost the road and hydraulic engineering sector, thereby contributing to the overall economy and construction industry. The government's focus on renewable energy is also expected to support industry's output. Under the "green transition package", the government plans to spend NOK3.5 billion (US$384.5 million) to develop the country's renewable energy infrastructure by 2023. Over the remaining part of the forecast period (2021-2025), GlobalData expects industry output to register an average annual growth of 2.2%.
However, with the number of new cases rising again in March 2021, on 16th March, the government announced fresh lockdown restrictions in Oslo. Under this, the government shut down all non-essential shops and in-restaurant dining in 52 municipalities surrounding the capital. The uncertain economic conditions, as well as the slowdown in projects owing to renewed containment measures, is expected to weigh on growth in the first half of the year.
This report provides detailed market analysis, information, and insights into the Norwegian construction industry, including -
This report provides a comprehensive analysis of the construction industry in Norway. It provides -