In real terms, Norway's construction industry will continue to expand over the forecast period (2015-2019), with investment in transport infrastructure projects continuing to drive growth. Industry growth is expected to be supported by the government's plan to improve the country's transport infrastructure.
In 2013, the government announced the fourth National Transport Plan (NTP) 2014-2023, under which a series of infrastructure projects will be launched. Under the plan, the government intends to invest NOK508.0 billion (US$86.5 billion) in various transport infrastructure projects.
In real terms, the industry's output value rose at a compound annual growth rate (CAGR) of 7.17% during the review period (2010-2014), however, this is forecast to decelerate to 3.91% over the forecast period due to weakening economic growth.
Timetric's Construction in Norway - Key Trends and Opportunities to 2019 report provides detailed market analysis, information and insights into the Norwegian construction industry, including:
The Norwegian construction industry's growth prospects by market, project type and type of construction activity
Analysis of equipment, material and service costs for each project type in Norway
Critical insight into the impact of industry trends and issues, and the risks and opportunities they present to participants in the Norwegian construction industry
Profiles of the leading operators in the Norwegian construction industry
Data highlights of the largest construction projects in Norway
This report provides a comprehensive analysis of the construction industry in Norway. It provides:
Historical (2010-2014) and forecast (2015-2019) valuations of the construction industry in Norway using construction output and value-add methods
Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by project type
Breakdown of values within each project type, by type of activity (new construction, repair and maintenance, refurbishment and demolition) and by type of cost (materials, equipment and services)
Analysis of key construction industry issues, including regulation, cost management, funding and pricing
Detailed profiles of the leading construction companies in Norway
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Assess business risks, including cost, regulatory and competitive pressures
Evaluate competitive risk and success factors
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The infrastructure construction market is expected to grow over the forecast period, driven by investments in road, rail and port infrastructure. In an aim to encourage regional development and improve the overall urban environment, the government is focusing on developing modern transport infrastructure. Accordingly, the government plans to increase its spending under the NTP, from NOK301.3 billion (US$51.3 billion) for 2010-2019 to NOK508.0 billion (US$86.5 billion) for 2014-2023.
According to Statistics Norway, house prices remained buoyant during the first half of 2015. The weighted average house price index grew by 6.9%, from 170.7 in the first half of 2014 to 182.4 in the first half of 2015. This was preceded by annual growth of 2.7%, 4.1%, 6.7% and 8.0% in 2014, 2013, 2012 and 2011 respectively. Property prices varied; the multi-family category recorded the largest increase during the first half of 2015 and rose by 10.4%, whereas detached house prices grew by only 5.6%.
In its 2015 budget, the government pledged to increase expenditure on transport infrastructure development by 14.1% - from NOK47.9 billion (US$7.6 billion) in 2014 to NOK54.6 billion (US$8.0 billion) in 2015. The government plans to allocate NOK26.8 billion (US$3.9 billion) to road development and NOK21.0 billion (US$3.1 billion) towards rail infrastructure development, increases of 18.0% and 21.0% respectively over the 2014 budget expenditure.
In March 2015, the Norwegian National Rail Administration signed a contract with Italian construction company Ghella, and infrastructure and renewable energy group Acciona to construct a 20km twin rail tunnel for the Follo Line Project. The project will provide a link between Oslo and Ski, and will reduce travel times by 50%.