Housing start-ups are at the highest level since 1980, and growth is particularly powerful in Oslo.
According to figures from Byggenæringens Landsforening (BNL), shown in a fresh market report for the 2nd half-year, the industry has experienced a growth of 4.2% so far this year.
According to forecasts, the residential sector is expecting a growth of 16.8% during 2016, and the commissioning of 34,000 new homes.
‘Population growth and urbanization makes it necessary to build many new homes in Norway in the coming years, especially in and around the major cities’, said administrative director, Jon Sandnes, of BNL.
The construction industry can also rejoice, as the state’s historically high spending on roads and railways is expected to increase 25% over the period 2015-2018.
The oil collapse and falling industrial production, however, have led to lower demand for private commercial construction.
Renovation of existing housing has contributed to the growth of the construction industry.
BNL expects growth from the 69.9 billion Norwegians spent on renovations in 2015.
‘Norwegians seem to redecorate increasingly often’, said Sandnes.
Source: NTB scanpix / Norway Today