Construction: profitability, risk and outlook
20,336 ranked companies in Construction filed accounts for 2025. The median company had an operating margin of 4.0%, and 37.3% made a loss.
Morning Analytics. The text is written from the figures in the database by fixed rules. How it is calculated
The industry in figures
| Figure | Value |
|---|---|
| Ranked companies, fiscal year 2025 | 20,336 |
| Total revenue, ranked companies 2025 | 652,141 MNOK |
| Median operating margin 2025 | 4.0% |
| Median equity ratio 2025 | 32.8% |
| Share with a loss 2025 | 37.3% |
| Share with negative equity 2025 | 17.9% |
| Enterprises in the industry (SSB) 2024 | 59,444 (−1.1% from 2023) |
| Employed in the industry (SSB) 2024 | 267,499 (−2.7% from 2023) |
| Revenue in the industry (SSB) 2024 | 757,591 mill. kr (0.0% from 2023) |
| Bankruptcies 2025K4–2026K3 (change from the four quarters before) | 854 (−11.3%) |
| Share employed in foreign-controlled enterprises 2024 | 14.7% |
| Activity, twelve months to 2026M09 | −0.9% |
| Share of jobs in the ten largest municipalities 2025 | 39.0% |
| Share of the employed living in the ten largest municipalities 2025 | 28.0% |
| Public contracts won in the last twelve months | 885 · 79,550 MNOK |
The industry in SSB's figures
SSB counts 59,444 (−1.1% from 2023) enterprises and 267,499 (−2.7% from 2023) employed in Construction, with total revenue of 757,591 mill. kr (0.0% from 2023).
There were 854 (−11.3%) bankruptcies in the industry from 2025K4 to 2026K3.
The activity index shows a change of −0.9% from the same period a year earlier, latest figure 2026M09.
Source: SSB 12910, 10790, 08085.
The largest companies by revenue
Veidekke Entreprenør AS is largest with revenue of 16,186 MNOK in 2025, ahead of Skanska Norge AS, AF Gruppen Norge AS.
Source: Brønnøysundregistrene, 2025. 20,344 compared.
Most profitable among the large (operating margin)
Among companies with at least 50 MNOK in revenue, Helgeland Invest AS has the highest operating margin, 99.6%, ahead of AF Gruppen ASA, Gjelsten Holding AS. The median of the group is 4.5%.
Source: Brønnøysundregistrene, 2025. 1,917 compared.
Fastest growth among the large (revenue growth)
Sundquist AS grew fastest among the large, at 3,906, ahead of Victor Energy AS, Helgeland Invest AS. The median of the group is 6.7%.
Source: Brønnøysundregistrene, 2025. 1,917 compared.
Where the jobs are (employed by workplace)
Most of the industry's jobs are in Oslo, with 36,407 employed, ahead of Bergen, Trondheim.
Source: 13470, 2025. 357 compared.
Where the workers live (employed by residence)
Most of the people employed in the industry live in Oslo, with 18,283 people, ahead of Bergen, Trondheim.
Source: 08536, 2025. 357 compared.
Public contracts in the last twelve months
Companies in the industry won 885 public contracts in the last twelve months, spread over 491 companies. The largest buyers were Statens vegvesen, STATSBYGG, Forsvarsbygg.
Source: Doffin (DFØ).
The outlook: macro and drivers
SSB expects GDP mainland Norway at 1.4 % in 2026. SSB expects Unemployment rate (LFS, level) at 4.6 % in 2026. SSB expects Consumer price index at 3.2 % in 2026. SSB expects Money market rate (level) at 4.5 % in 2026. Construction cost index for dwellings changed +4.3% in 2025. Policy rate changed −20.2% in 2025.
SSB's forecasts
Statistics Norway's economic forecasts (table 12880), published 15 September 2026. Marked years are forecasts.
| 2024 | 2025 | 2026forecast | 2027forecast | 2028forecast | |
|---|---|---|---|---|---|
| GDP mainland Norway | 0.6 % | 1.7 % | 1.4 % | 2.1 % | 1.5 % |
| Unemployment rate (LFS, level) | 4.0 % | 4.5 % | 4.6 % | 4.4 % | 4.3 % |
| Consumer price index | 3.1 % | 3.1 % | 3.2 % | 2.5 % | 2.2 % |
| Money market rate (level) | 4.7 % | 4.4 % | 4.5 % | 4.6 % | 4.0 % |
| Housing investment | −12.2 % | −3.6 % | 0.3 % | −0.8 % | 2.8 % |
| House prices | 2.7 % | 5.5 % | 3.1 % | 3.5 % | 4.0 % |
SSB's forecast for the current and coming years. Per cent change from the year before, level where stated. table 12880, CC BY 4.0.
Source: SSB 12880, Norges Bank.
What the figures do not say
The figures are from the latest filed annual accounts and Statistics Norway's official statistics. They do not show order books, market shares or what has happened since the fiscal year, and SSB's forecasts are forecasts, not answers.