Construction
FollowDownload sector report (PDF)1 companies ranked against comparable companies in four Morning company classes. Fiscal year 2021. Source: Brønnøysund Register Centre. Methodology
Ranking · 2021 · Morning class Large
No ranked companies in this class this year.
The rank is the rank in the class. A class with fewer than ten companies is compared with the whole sector. Full ranking · Press mode
Biggest moves · Morning class Large
Climbers and fallers need at least two fiscal years with a score. Coming when next year's figures are fetched.
Top lists in the sector · 2021 · Morning class Large
Size
The largest by revenue and employees, and who earns the most per employee.
Highest revenue
No company meets the requirement this year.
Operating revenue.
Most employees
No company meets the requirement this year.
Employees according to the Central Coordinating Register.
Highest revenue per employee
No company meets the requirement this year.
Only companies with at least 5 employees.
Profit and balance
Who earns the most, who loses the most, and who has the strongest balance sheet.
Highest operating margin
No company meets the requirement this year.
Operating result divided by operating revenue.
Largest profit
No company meets the requirement this year.
Profit before tax.
Largest loss
No company meets the requirement this year.
Profit before tax, the largest negative.
Most solid
No company meets the requirement this year.
Equity ratio: equity divided by total assets.
Growth and movement
Who grows and falls the most in revenue, and who has climbed or fallen the most on the index since the year before.
Fastest growth
No company meets the requirement this year.
Revenue growth from the year before, only from at least NOK 10 million in revenue.
Largest revenue decline
No company meets the requirement this year.
Revenue decline from the year before, only from at least NOK 10 million in revenue.
Biggest climbers
Requires an index for two financial years.
Change in index points from the year before.
Biggest fallers
Requires an index for two financial years.
Change in index points from the year before.
The lists cover ranked companies in the class: operating companies with at least NOK 1m in revenue, without holding companies and excluded ones. Size lists (revenue, profit, employees) count each group once. Source: Brønnøysund Register Centre. Amounts in other currencies are converted at Norges Bank's rates.
Positions in the sector · 2021 · Morning class Large
Each company is placed by profitability and solidity, measured as a place from 0 to 100 against the others in the same sector and Morning company class. The bubble shows revenue. Hover over or tap a bubble for the figures, filter by profile or search for a company.
Too few ranked companies to draw the map.
Summary · fiscal year 2021 · Morning class Large
0 of 2 companies have negative equity.
All figures are for fiscal year 2021. Ranked: 0 operating companies. Holding companies, excluded companies and companies without enough data are shown but not ranked. How to read the index
- Growth is not included in the index: it needs the previous year's accounts.
- Consistency is not included in the index: it needs accounts for several years.
Climbers and fallers · Morning class Large
Climbers need at least two fiscal years. They appear once next year's accounts are fetched or history is imported.
Needs attention · 2021 · Morning class Large
2 companies show at least one warning sign. Showing the 2 most important.
- watchBolig Partner ASCurrent ratio below 1 (0.67)
- watchKF Entreprenør ASLoss before tax
Sector map · 2021 · Morning class Large
Too few ranked companies to draw the map.
Ownership structure (2025)
- Companies with shareholder data
- 33,531
- Companies with one owner
- 68%
- Companies where one owner holds more than half
- 80%
- Split
- companies 31% · private persons 68% · foreign 1%
- Owned from the same municipality
- 87%
- Owners over 60 (average per company)
- 30%
- Ownership change 2007–2025
- 62% of the companies had a change in owners · majority owner changed in 41.9% · new foreign majority in 0.6%
Average per company, not weighted by size. Source: the Norwegian Tax Administration's shareholder register as of 2025. Figures may be older than today's ownership. Private persons are not shown by name.
Who owns the sector
The 1 ranked companies in 2021, weighted by revenue and split by who sits at the top of the chain of majority owners in the shareholder register for 2025.
| Top of the ownership chain | Share of revenue | Companies |
|---|---|---|
| Not in the shareholder register | 100% | 1 |
The chain is followed while the owner holds more than half of the shares. Persons are never named. Public ownership is recognised by the owner's name (the state, a ministry, a county, a municipality). The ownership is from the shareholder register for 2025 and may have changed since. Source: the Norwegian Tax Administration's shareholder register and annual accounts from the Brønnøysund Register Centre.
In our articles
- Construction: profitability, risk and outlook
- Real estate and finance earn margins eight times the typical industryNo. 17 of 22 on median operating margin
- Boards in shipping, mining and oil are the oldest; one in seven shipping directors is 70 or overNo. 16 of 22 on median board age
Scenario analysis: the sector's weakest year
The sector's weakest year was 2021, with a median operating margin of 1.8%.
Based on the 10 fiscal years we have. The analysis grows as more years are fetched or imported.
| Fiscal year | Median operating margin | Median equity ratio |
|---|---|---|
| 2017 | – | – |
| 2018 | – | – |
| 2019 | – | – |
| 2020 | – | – |
| 2021 · weakest year | 1.8% | 35.9% |
| 2022 | 2.5% | 14.2% |
| 2023 | 4.4% | 33.1% |
| 2024 | 4.1% | 33.2% |
| 2025 | 4.0% | 32.8% |
| 2026 | 7.8% | 28.8% |
In 2021, 1 ranked companies did better than the sector, 0 about the same and 0 weaker.
Held up best in 2021
- 1Områdesikring ASequity ratio 35.9%1.8%
Better than the sector: operating margin at or above the sector median and no loss or negative equity. Weaker: operating margin below the median and a loss or negative equity. Otherwise about the same as the sector. Methodology
Drivers in the sector
Interest rates, prices and exchange rates that shape the sector's year, next to the sector's median operating margin. The drivers are context and are not part of the index.
Construction cost index for dwellings (indeks (2015 = 100))
Construction cost index for dwellings rose 4.3% in 2025; the sector's median operating margin fell 0.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Construction cost index for dwellings, annual average | 124.2 | 135.1 | 141.1 | 146.4 | 152.7 | 158.4 (so far) |
| Change from the year before | +8.7% | +8.8% | +4.4% | +3.7% | +4.3% | +3.7% |
| Sector's median operating margin | 1.8% | 2.5% | 4.4% | 4.1% | 4.0% | 7.8% |
Source: SSB (08651, CC BY 4.0). Source · fetched 7 November 2026
Policy rate (prosent)
Policy rate fell 0.20 percentage points in 2025; the sector's median operating margin fell 0.1 percentage points.
| Measure | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|
| Policy rate, annual average | 0.08 | 1.32 | 3.54 | 4.50 | 4.30 | 4.17 (so far) |
| Change from the year before | −0.28 percentage points | +1.24 percentage points | +2.22 percentage points | +0.96 percentage points | −0.20 percentage points | −0.12 percentage points |
| Sector's median operating margin | 1.8% | 2.5% | 4.4% | 4.1% | 4.0% | 7.8% |
Source: Norges Bank (IR, NLOD 2.0). Source · fetched 7 November 2026
When policy rate fell in 2025, 9,357 of 19,354 ranked companies kept their operating margin at or above the year before. Among the largest: Veidekke Entreprenør AS (2.9% → 3.5%), Skanska Norge AS (2.4% → 2.7%), Hent AS (5.7% → 5.9%), Nye Veier AS (−12.2% → −5.5%), NCC Norge AS (−3.8% → 0.6%).
We show the drivers and the margin side by side and claim no cause. Sensitivity per company is not computed until we have at least 10 years of accounts per company: with three years such figures are false precision.
The sector in Norway (SSB)
The whole industry as Statistics Norway counts it: every enterprise, not only the limited companies we rank. Use these figures as background for the ranking above.
Enterprises, employment and turnover · 2024
- Enterprises
- 59,444
- −1.1% from 2023
- Persons employed
- 267,499
- −2.7% from 2023
- Turnover
- NOK 757.6 bn
- +0.0% from 2023
- Gross operating margin
- 6.8%
- Gross operating surplus divided by turnover
All enterprises, sole proprietorships included.
Bankruptcies in the industry
854 enterprise bankruptcies in the last four quarters (2025K4–2026K3). Change −11.3% against the four quarters before (963). That is about 14.4 per 1,000 enterprises.
Foreign-controlled enterprises · 2024
- Share of enterprises
- 1.7%
- Share of persons employed
- 14.7%
- Share of turnover
- 18.6%
SSB publishes this for groups of industries only. The figures are for the group “Bygge- og anleggsvirksomhet”.
Production index · Bygge- og anleggsvirksomhet
96.8 index, 2021 = 100, seasonally adjusted · 2026M09
−0.9% against 2025M09.
Monthly, 2023M09 to 2026M09.
Source: Statistics Norway (SSB), table 12910, table 10790, table 08085, table 13430. CC BY 4.0. Our industry codes (SN2025) are linked to SSB’s (SN2007) with SSB’s correspondence table in Klass.
Outlook: SSB's figures for the industry and the macro picture
Statistics Norway's own statistics for the whole industry and the companies' expectations, where SSB has them, and SSB's forecasts for the Norwegian economy. Actual figures and expectations are kept apart.
SSB has no separate turnover, investment or business tendency statistics for this sector. The macro picture covers the whole economy.
SSB's forecasts
Statistics Norway's economic forecasts (table 12880), published 15 September 2026. Marked years are forecasts.
| 2025 | 2026forecast | 2027forecast | 2028forecast | 2029forecast | |
|---|---|---|---|---|---|
| GDP mainland Norway | 1.7 % | 1.4 % | 2.1 % | 1.5 % | 1.9 % |
| Unemployment rate (LFS, level) | 4.5 % | 4.6 % | 4.4 % | 4.3 % | 4.2 % |
| Consumer price index | 3.1 % | 3.2 % | 2.5 % | 2.2 % | 2.1 % |
| Money market rate (level) | 4.4 % | 4.5 % | 4.6 % | 4.0 % | 3.8 % |
| Housing investment | −3.6 % | 0.3 % | −0.8 % | 2.8 % | 5.4 % |
| House prices | 5.5 % | 3.1 % | 3.5 % | 4.0 % | 4.6 % |
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.
Latest bankruptcies and liquidations
- Fagmontøren Sander Eidstumo AS 833169602 Voluntary liquidation · 6 November 2026 · 0 MNOK (2025)
- Agenda Utvikling AS 921774974 Voluntary liquidation · 5 November 2026 · 0 MNOK (2025)
- Alshorfei Viken Byggservice AS 931408305 Voluntary liquidation · 5 November 2026
- Asker og Bærum Energi AS 964059233 Voluntary liquidation · 5 November 2026 · 0 MNOK (2025)
- Bygg-Vest AS 919060751 Bankruptcy · 5 November 2026 · 21 MNOK (2025)
- E & O Drift AS 920694128 Voluntary liquidation · 5 November 2026 · 0 MNOK (2025)
- EP Anlegg AS 997596382 Voluntary liquidation · 5 November 2026 · 0 MNOK (2025)
- Gravassryggen AS 913016203 Bankruptcy · 5 November 2026 · 12 MNOK (2024)
Industry codes (NACE)
| Code | Description |
|---|---|
| 41* | Oppføring av bygninger (hele hovedgruppen) |
| 41.000 | Oppføring av bygninger |
| 42* | Anleggsvirksomhet (hele hovedgruppen) |
| 42.110 | Bygging av veier og motorveier |
| 42.120 | Bygging av jernbaner og undergrunnsbaner |
| 42.130 | Bygging av broer og tunneler |
| 42.210 | Bygging av vann- og kloakkanlegg |
| 42.221 | Bygging av anlegg for elektrisitet og telekommunikasjon til sjøs |
| 42.222 | Bygging av anlegg for elektrisitet og telekommunikasjon på land |
| 42.910 | Bygging av havne- og damanlegg |
| 42.990 | Bygging av andre anlegg ikke nevnt annet sted |
| 43* | Spesialisert bygge- og anleggsvirksomhet (hele hovedgruppen) |
| 43.110 | Riving av bygninger og andre byggverk |
| 43.120 | Grunnarbeid |
| 43.130 | Prøveboring |
| 43.210 | Elektrisk installasjonsarbeid |
| 43.221 | Rørleggerarbeid |
| 43.222 | Kuldeanlegg-, varmepumpearbeid og installasjon av peiser |
| 43.223 | Ventilasjonsarbeid |
| 43.230 | Installasjon av isoleringsmateriale |
| 43.240 | Annet installasjonsarbeid |
| 43.310 | Stukkatørarbeid og pussing |
| 43.320 | Snekkerarbeid |
| 43.330 | Gulvlegging og tapetsering |
| 43.340 | Maler- og glassarbeid |
| 43.350 | Annen ferdiggjøring av bygninger |
| 43.410 | Takarbeid |
| 43.420 | Annen spesialisert byggevirksomhet i forbindelse med oppføring av bygninger |
| 43.500 | Spesialisert byggevirksomhet i forbindelse med anleggsarbeid |
| 43.600 | Formidlingstjenester innenfor spesialisert bygge- og anleggsvirksomhet |
| 43.910 | Murerarbeid |
| 43.990 | Annen spesialisert bygge- og anleggsvirksomhet ikke nevnt annet sted |