Norway’s construction industry will continue to expand for five years, with investment in transport infrastructure continuing to drive growth, according to a recent report.
The government’s fourth National Transport Plan 2014–2023 calls for a series of new infrastructure projects worth around US$86.5 billion. Nearly 1,300km of new trunk roads and 380km of four-lane motorway will be opened, as noted by the Norwegian Ministry of Transport and Communications
The overall construction industry’s output value rose at an annual average rate of over 7% in real terms during 2010–2014. But there will be a deceleration to 3.9% a year on average in 2015-2019, according to the Construction Industry Centre report from business risk consultancy7472 Timetric.
However, the construction industry is expected to face rising labour and construction costs. Activity will be constrained by the relatively weak economic growth picture combined with a slowdown in spending on oil infrastructure, the report noted.
By sector type, residential construction is the largest market in the Norwegian construction industry, accounting for 45% of the industry’s total value in 2014.
The government’s fourth National Transport Plan 2014–2023 calls for a series of new infrastructure projects worth around US$86.5 billion. Nearly 1,300km of new trunk roads and 380km of four-lane motorway will be opened, as noted by the Norwegian Ministry of Transport and Communications
The overall construction industry’s output value rose at an annual average rate of over 7% in real terms during 2010–2014. But there will be a deceleration to 3.9% a year on average in 2015-2019, according to the Construction Industry Centre report from business risk consultancy
However, the construction industry is expected to face rising labour and construction costs. Activity will be constrained by the relatively weak economic growth picture combined with a slowdown in spending on oil infrastructure, the report noted.
By sector type, residential construction is the largest market in the Norwegian construction industry, accounting for 45% of the industry’s total value in 2014.
