Decline in architectural industry is expected
A recent survey made by Architectural Enterprises and the Prognosis Center showed that the architectural market continued to grow last year. But tough times are expected in years to come.
Finansavisen newspaper reported that the figures show revenues from the architectural market being approximately NOK 8.5 billion last year, an increase of almost 12% over 2015.
This year’s growth is an expected 4.4%. The forecast for 2019 is a market decline of 4.5%.
The forecast predicts less housing, and more office assignments in the immediate years ahead.
Magne Wiggen, of the architectural firm, MMW, said of the main findings, ‘we have received feedback that the financial shift is the result of banks not providing loans beyond five times income, which has had a direct impact on housing projects.’
© NTB Scanpix / Norway Today