“Norway’s construction market is entering a slow recovery phase, led by a growth in energy-efficient renovation projects fueled by sustainability goals and rising energy costs.”
Norway’s construction sector is poised for a gradual turnaround following three consecutive years of decline, with total construction output expected to grow approximately 2% in 2025 and further on with 6% in 2026. While new construction starts remaining at record lows, the total renovation and maintenance segment emerge as a growth engine, projected to expand from €21.9 billion in 2024 to €23.7 billion by 2027. This shift is driven by an ageing building stock and accelerating demand for energy-efficient upgrades as sustainability policies, elevated energy costs, and tightening regulatory requirements reshape investment priorities across both private and public sectors.
The market outlook reveals a tale of two segments with diverging trajectories through the forecast period. Public construction will see significant momentum from major hospital projects in Oslo, driving production value growth of 12% in 2026, while private sector activity faces a more gradual recovery hampered by sustained high interest rates and economic uncertainty. Energy efficiency renovations are becoming a key investment criterion also in the segment of non-residential. As developers, tenants, and financiers increasingly prioritize energy performance to meet operational cost reduction goals and regulatory compliance, with lenders beginning to integrate energy metrics into financing decisions.
Get the full picture of Europe’s construction market outlook to 2028 at the 100th EUROCONSTRUCT Jubilee Conference.
100th EUROCONSTRUCT-Conference
24 & 25 November 2025
Les Salons Hoche Paris, France
European construction market forecasts towards 2028
Reinventing the construction industry
For any questions regarding the 100th EC-Conference please contact BDOAdvisory.euroconstruct100@bdo.fr
