Construction market

Sweden

Sweden’s economy is expected to grow by close to four percent in 2021. Development is driven by private consumption and gross investments that increase public consumption. Sections of the service industry, however, are still affected by effects of the pandemic. Collective building construction investments can grow in line with GNP growth, most likely due to both private and public construction. The forecast for production-started housing investments has improved and is expected to develop sideways in 2021 and then grow in 2022. Other building construction is expected to continue to rise in 2021 and then turn downward in 2022. It appears growth in total building construction will slow down in 2022 due to an expected drop in public building construction. Civil engineering investments are expected to grow at a good rate this year but may be hit by a slight downturn in 2022.

Norway

The Norwegian economy is expected to develop well in 2021. Economic growth is supported by household consumption stemming from government financial stimulation, deferred consumption and rising prices in housing. The manufacturing industry is showing muscle but oil related investments will probably decline in both 2021 and 2022. Collective building construction indicates continued robust development in both 2021 and 2022. Investments in premises are the primary driving force where industrial building construction increased at the beginning of 2021. Most likely other building construction will decline slightly in 2022. Housing investments are expected to remain unchanged in 2021 and then grow in 2022. The trend for civil engineering investments is very positive for 2021 with continued growth in 2022 at a slower pace.

Finland

After a downturn in the economy in 2020, Finnish GNP may grow by around three percent in 2021. Recovery will most likely be driven by private and public consumption. Gross investments dropped in 2020 and recovery in 2021 and 2022 is expected to be relatively mild. Housing construction and other building construction are expected to develop sideways in 2021. Both are expected to increase as the economy improves in 2022. Civil engineering construction is expected to see a slight decline in 2021 and then level out in 2022.

Housing

	2021	2022	2023
Sweden
Norway
Finland

Forecast for production-started housing investments, new production and renovations
Source: Navet Analytics

Other building construction

	2021	2022	2023
Sweden
Norway
Finland

Forecast for production-started other building construction investments, new production and renovations (Industry, office/retail etc. and public premises)
Source: Navet Analytics

Civil engineering

	2021	2022	2023
Sweden			–
Norway			–
Finland			–

Forecast for civil engineering investments
Source: Navet Analytics

	Worse forecast compared to the previous quarterly report
	Better forecast compared to the previous quarterly report
	Same forecast compared to the previous quarterly report