The outlook for the residential market varies across Scandinavia. Despite signs of general improvement following several weak years, residential production is forecast to continue declining in Norway. While demand may eventually be boosted by increased purchasing power, rising interest rates and a large stock of unsold residential units are delaying recovery in the Norwegian market.
Public buildings are among the segments experiencing the strongest upswing. Order intakes are up significantly in Norway and Sweden, driven particularly by demand for hospitals, cultural buildings and sports facilities. In the commercial buildings sector, the picture is more nuanced: while there is growth in Norway, the trend in Sweden has been weaker, particularly in the industrial and logistics segments.
The civil engineering market is predicted to remain strong throughout the forecast period. Transport infrastructure, energy, water supply and sewerage are key drivers, with particularly strong growth anticipated in Sweden. Continued growth is also expected in the Norwegian market, albeit at a more moderate pace.
“The upturn is both somewhat stronger and somewhat broader than we anticipated in the spring. The public buildings sector is on the up, and major investments in transport infrastructure, energy, water supply and sewerage are keeping activity levels buoyant. Residential markets are showing signs of improvement in several geographies, but Norway is lagging overall and is expected to experience falling activity levels for some time to come. The outlook for different countries and market segments therefore varies considerably,” says Kristoffer Eide Hoen, Director of Insight and Analysis at Veidekke.
Production growth in 2026 is estimated at 7% in Norway, 9% in Sweden and 6% in Denmark. The forecast growth figures for 2027 are 3%, 4% and 2%, respectively. Compared to Veidekke’s spring forecast, the growth estimates for Scandinavia have been raised from 6% to 7% for 2026 and from 1% to 3% for 2027.
The market update is available on the Veidekke website, under About us | Investor relations | Reports and presentations | Market updates.
For further information, please contact:
Kristoffer Eide Hoen, Head of Insight and Analysis at Veidekke ASA Tel. +47 976 75 434 | Kristoffer.Eide.Hoen@veidekke.no
Veidekke is one of Scandinavia’s largest contractors. In addition to undertaking all types of building and civil engineering assignments, the group also maintains roads and produces asphalt and aggregates. Veidekke emphasises stakeholder involvement and local experience. Its annual turnover is approximately NOK 43 billion, and half of its 8,000 employees own shares in the company. Veidekke is listed on the Oslo Stock Exchange and has posted a profit every year since its inception in 1936.
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| Presentation market update autumn 2026 |