Prospects for weak growth

Regional Network contacts expect an increase in overall activity in 2023 Q3. In the period to winter, contacts expect growth to slow. Reduced construction activity and weaker household demand are dampening activity growth, while investment related to energy production, and commercial services continues to rise. A number of contacts also point out that the krone depreciation over the past year has helped improve Norwegian firms’ competitiveness. The number of contacts reporting capacity constraints continues to fall, while the supply of labour is little changed since the previous survey. Contacts expect annual wage growth of 5.4% in 2023 and 4.6% in 2024. At the same time, contacts report reduced profitability in Q3 compared with the same time in 2022.

Wide differences across sectors

In this survey, contacts report somewhat higher activity in Q3 (Chart 1), in line with expectations in May. As in previous surveys, the increase reflects a sharp rise in oil services and solid growth in services (Chart 2). At the same time, the decline in construction activity is accelerating and sales volumes in retail trade are falling. Contacts expect overall activity growth to slow in Q4. Oil services contacts expect the strongest growth, but services contacts also expect a continued rise in activity. Manufacturing, construction and retail trade contacts expect activity to decline in Q4.

Chart 1 Total output growth

Expected growth current quarter and next quarter. Seasonally adjusted. Percent

Chart 2 Output growth. All sectors

Expected growth current quarter and next quarter. Seasonally adjusted. Percent

Construction activity continues to fall

The decline in construction activity has been gathering pace in the second half of 2023. Residential construction is falling the most, but commercial building construction is also declining. A number of contacts cite reduced household demand for rehabilitation, conversion and extension projects. Contacts report solid growth related to infrastructure and transportation, but it is taking longer for a number of the public projects to commence owing to high construction costs. The krone depreciation has improved competitiveness and increased the number of contracts awarded to Norwegian contractors. Some contacts expect reconstruction following damage caused by Storm Hans to cushion the decline in construction in affected parts of Norway.

Increasing energy sector demand

Manufacturing contacts as a whole expect minor changes in activity between 2023 Q2 and Q3. Growth expectations for Q3 have been revised down since the previous survey, and contacts expect activity to decline somewhat in Q4. Prospects are being dampened in particular by lower demand for building materials and consumer durables. At the same time, contacts supplying the energy sector are still experiencing solid demand. A weaker krone exchange rate is strengthening the competitiveness of Norwegian manufacturing. The war in Ukraine is boosting orders for contacts producing defence materiel. Production in fish farming is slightly higher than normal in many parts of Norway owing to favourable ocean temperatures.

Activity growth in oil services is picking up. Energy prices are high, and willingness to invest in oil and gas extraction is substantial. Much of the growth in the domestic market can be attributed to the petroleum tax package. Contacts expect activity to increase further in Q4, but the rise will be dampened somewhat by weaker developments in rig and drilling activity on the Norwegian shelf.

Cost-conscious households

Household demand for services continues to rise, but contacts expect slower growth ahead. The krone depreciation has contributed to a higher number of holidaymakers in Norway this summer. At the same time, some contacts point out that households are increasingly choosing cheaper alternatives for overnight stays and are cutting out unnecessary services. On the other hand, retail trade enterprises have reported reduced sales volumes since the beginning of 2022, and they also expect a decline in sales volumes in this survey. Since the pandemic, many contacts have had large inventories and have increased promotional activity to reduce them. Over a period, customers have shifted to cheaper alternatives in several retail trade segments. In Q3, the decline has also been amplified by Storm Hans’s contribution to flood-related shop closures and damage to inventories in some parts of Norway. Contacts expect tighter household finances to lead to a further fall in sales volumes in Q4.

Contacts purchase more services

Activity among commercial services is increasing from Q2. Contacts report sharp growth in services turnover in the energy sector. An increased focus on sustainability and energy transition is also pushing up demand for consultancy services. Activity growth is also solid in legal and strategic consulting and information technology. In the business sector, spending on employee activities is rising, and hotels and restaurants report increased occupancy. The introduction of new rules for the use of contract personnel from 1 July has substantially reduced activity for some staffing agencies. Architects and others who work on construction projects have also reduced activity in Q3. In the period ahead, service contacts as a whole expect activity growth to continue.

Decline in investment ahead

Overall, contacts expect investment volume to be little changed between 2022 and 2023. At the same time, contacts expect investment to fall in 2024. Expectations are weaker than in the previous survey and primarily reflect services contacts’ current plans to invest less in 2024, whereas in the previous survey they expected weak growth. High inflation is making investment more expensive, and a number of contacts point to higher interest rates and uncertainty surrounding economic developments ahead. Commercial real estate investment in particular is being postponed, while investment in digitalisation continues to pick up. Manufacturing is the only sector with plans for increased investment in 2024. In manufacturing, major investments are being made related to both energy transition and carbon footprint reduction, and these investments appear to be less affected by higher prices and interest rates.

Rising employment

Contacts expect overall employment to increase through the second half of 2023. Employment is being pushed up by a sharp increase in staffing in oil services and by increased employment among services contacts. In construction and retail trade, a decrease in orders is leading to a lower need for staffing ahead. However, contacts are planning for a smaller decline in staffing than suggested by the decline in output. A number of contacts fear that substantial reductions in staffing will lead to a shortage of qualified labour when demand increases again in the future. Thus, they choose to have more spare capacity and lower margins for a period. Overall, the share of contacts with full capacity utilisation is falling, with construction contributing most to the decline (Charts 3 and 4). Also among manufacturing and retail trade contacts, fewer are reporting capacity constraints. Among oil services contacts, the share is broadly unchanged, while it has increased slightly among services contacts. The overall indicator for capacity utilisation is still above its historical average. Overall, labour supply is little changed since the previous survey but varies a little across sectors. Among construction contacts, far fewer report labour constraints, and the share has also fallen slightly in retail trade. In the other sectors, the number of contacts reporting recruitment difficulties is somewhat higher than in the previous survey. These are largely enterprises that are facing difficulty recruiting engineers and IT employees, in addition a number of enterprises are facing shortages in occupational categories such as chefs, drivers, mechanics and electricians. Some contacts report that the weak krone makes it more difficult to recruit foreign labour.

Chart 3 Capacity utilisation1 and labour supply constraints2

Percentage shares

Chart 4 Capacity utilisation3

Percentage shares

High wage growth

Contacts expect annual wage growth of 5.4% in 2023 (Chart 5), unchanged from the estimate in the previous survey. As in the previous survey, a majority of contacts point to the central wage settlement in spring. Many contacts have had to increase wages slightly more owing to the pick-up in inflation since the wage settlement. Moreover, some contacts point out that the labour market is still tight for several occupational groups. Contacts have revised up their wage growth estimates for 2024 to 4.6%. Oil services contacts report the highest estimate, at 5.1%, while construction and retail trade report the lowest, at 4.4%. The upward revision reflects high inflation. On the other hand, some contacts expect weaker economic growth and reduced profitability to curb wage growth.

Chart 5 Annual wage growth

Expected annual wage growth. Percent

Reduced profitability

Profitability among contacts is slightly weaker than a year ago (Chart 6). The decline is being driven primarily by the rise in costs. Many contacts point to higher purchase prices and higher labour costs. On the other hand, a number of contacts point to lower electricity expenses. As in previous surveys, construction and retail trade contacts report the steepest fall in profitability. In these sectors, lower activity levels than in 2022 are weakening profitability. In manufacturing, contacts overall report somewhat weaker profitability, but there is considerable variation among contacts. A weaker krone exchange rate is improving margins in the export industry, but a number of contacts also point to lower selling prices in local currency. At the same time, profitability is being dampened by a fall in volume in many segments of the building materials industry. In oil services, margins have continued to improve, while they are little changed in services.

Chart 6 Overall profitability growth

Change in operating margin in the current quarter compared with the same period one year earlier. Percent

Most favourable economic situation in region South-West

Beginning with the first survey of 2023, contacts are asked, on a scale from -3 to +3, how they would rate the economic situation of their enterprise in terms of demand, profitability and prospects. A value of zero indicates a normal situation. The regional indicator is an average of the responses in the individual region. As in previous surveys, differences across regions are relatively minor. Contacts in region South-West have the highest positive average, at 0.9, an increase from 0.6 in the previous survey. Also in regions North and South, contacts are more positive than in the rest of the country, with an average of 0.6 and 0.4, respectively. As in the two previous surveys, the most pessimistic contacts are in the regions Inland and East, with an average of -0.4 and -0.2, respectively.

Regional indicators

Regional Network – enterprises and organisations interviewed over the past year

07 SØR
1881 GROUP
3B-FIBREGLASS
3T PRODUKTER
4SERVICE EIR RENHOLD
7. HIMMEL
A. MARKUSSEN
A-2
AB ØKONOMI
ABG SUNDAL COLLIER
ACCENTURE
ACCOUNTOR
ACEL
ACNE
ACTIVEPEOPLE
ADDSECURE
ADECCO
ADECCO, INNLANDET
ADECCO, STAVANGER
ADECCO, TROMSØ
ADV. WIERSHOLM
ADVISO ADVOKATFIRMA
ADVOKATFIRMAET BAHR
ADVOKATFIRMAET SCHJØDT
ADVOKATFIRMAET THOMMESSEN
ADVOKATFIRMAET ØVERBØ GJØRTZ
AERO
AF
AFTENPOSTEN
AGDERBYGG
AGNITIO
AGRA
AHLSELL
AIBEL, ASKER
AIBEL, HARSTAD
AIBEL, SANDNES
AIDER, STAVANGER
AIR PRODUCTS
AIRLIFT
AKER SOLUTIONS
AKER SOLUTIONS, STORD
AKER SOLUTIONS, EGERSUND
AKER SOLUTIONS, MMO
AKOFS OPERATIONS
AKSEL ENDRESEN TRANSPORT
AKSELL
AKTIESELSKAPET VINMONOPOLET
AKTIV BEMANNING
AKTIV BYGG
AKTIV EIENDOMSMEGLING
AKTIV365
AKVA GROUP
AKVARIET I BERGEN
ALBJERK
ALCOA
ALCOA, LISTA
ALENTO
ALFA NORDIC SERVICES
ALLER MEDIA
ALLIANCE HEALTHCARE APOTEKDRIFT
ALLOC
ALPINCO
ALTA KOMMUNE
ALTA MØBLER
ALTERA INFRASTRUCTURE
ALTI FORVALTNING
ALTIBOX
ALUDYNE
ALVDAL SKURLAG
ALVDAL-TYNSET SPORT
AMFI MOA
AMINA CHARGING
ANDERS O GREVSTAD
ANDERSEN MEKANISKE VERKSTED
ANDERSEN OG AKSNES RØRLEGGERBEDRIFT
ANGVIK EIENDOM
ANGVIK GRYTNES ENTREPRENØR
ANKO
ANLEGG ØST ENTREPRENØR
ANORA GROUP
ANTENOR OTG
APOLLO REISER
APOTEK 1
APPEX
APPLICA
APROPOS INTERNETT
APTUM
AQUARAMA BAD
AQUASHIP
ARCTIC ENERGY PARTNERS
ARE TREINDUSTRIER, KAUPANGER
ARENA TRENINGSSENTER
ARENDAL BRYGGERI
ARKI ARKITEKTAR
ARNTZEN DE BESCHE ADVOKATFIRMA
ARRIBATEC
ARTEC AQUA
ARTESIA SPA
ASAP PERSONAL
ASCO, SANDNESSJØEN
ASK MEDIA
ASKER KOMMUNE
ASKO
ASPLAN VIAK
AT PLAN & ARKITEKTUR
ATEA
ATELIER EKREN
ATLANTERHAVSPARKEN
AUKSJONEN.NO
AURORA GROUP
AURSTAD
AUSTAD MASKINSTASJON
AUTOPLAN
AVANTOR
AVERY DENNISON NTP
AVINOR
AVINOR, BERGEN LUFTHAVN
AVO CONSULTING
AXTECH
BACKE
BACKE, OPPLAND
BACKE, SANDEFJORD
BACKE, TRONDHEIM
BAGGERØD
BAKEHUSET NORD-NORGE
BAKKEN ØVRE GÅRDSMAT
BALLANGEN SJØFARM
BAMEK
BARDU KOMMUNE
BARENTS BYGGCONSULT
BARNAS HUS
BARTEC
BASTØ FOSEN
BATE BOLIGBYGGELAG
BATTERI ELEKTRO
BAUER MEDIA
BAVARIA, NORDVEST
BCD TRAVEL
BECKMANN
BEERENBERG CORP.
BEGNA BRUK
BEITOSTØLEN RESORT
BEKK CONSULTING
BELSVIK
BENESTAD SOLUTIONS
BENTRO BIL
BERGE & CO
BERGEN ENGINES
BERGEN FIBER
BERGEN KINO
BERGEN PERSONAL
BERGENE HOLM
BERGET
BERG-HANSEN REISEBUREAU
BERG-HANSEN REISEBUREAU, VESTFOLD
BERRY PACKAGING
BERTEL O. STEEN
BERTEL O. STEEN, ROGALAND
BEST GLOBAL LOGISTICS
BETONMAST, INNLANDET
BEYONDER
B-G ENTREPRENØR
BIL I NORD
BILFINGER ENGINEERING & MAINT, HØYANGER
BILFINGER ENGINEERING & MAINT, KARMØY
BILFINGER ENGINEERING & MAINT, ÅRDAL
BILFINGER INDUSTRIAL SERVICES
BILIA
BILTEMA
BIOMAR
BIOSIRK
BITASTAD
BJERKE SPEKEMAT OG DELIKATESSE
BJØRN BYGG
BLANK
BLIKSUND
BLOCK WATNE
BLOWTECH GT
BLU ELECTRO
BLUEDAY TECHNOLOGY
BLÅ KORS KLINIKK SKIEN
BMO ELEKTRO
BMO ENTREPRENØR
BN ENTREPRENØR
BO ANDRÉN
BOA OFFSHORE
BOASSON
BOEN BRUK
BOHUS
BOHUS, BODØ
BOLIDEN, ODDA
BOLIGPARTNER
BOLSETH GLASS
BOREAL
BORREGAARD
BOSS INDUSTRI OG MEKANISK VERKSTED
BOURBON OFFSHORE NORWAY
BOUVET
BOUVET, ARENDAL
BOUVET, TRONDHEIM
BRAV
BRAVIDA, FØRDE
BRAVIDA, TRONDHEIM
BREMANGER QUARRY
BRG
BRILLELAND
BRITANNIA HOTEL
BRYGGELOFTET & STUENE INVEST
BRØDRENE GUDBRANDSEN
BRØDRENE SPERRE
BRØDRENE ULVESETH
BRØDRENE AA
BRØNNØY KALK
BULLDOZER MASKINLAG ENTREPRENØR
BUNDEGRUPPEN
BUNNPRIS
BUNNPRIS, MØRE
BUSENGDAL
BUSSBYGG
BWISE
BY NORTH
BYGG OG MASKIN
BYGG- OG TØMMERMESTER TOROLF STENERSEN
BYGGMAKKER
BYGGMESTER SAGEN
BYGGMESTEREN VEST
BYGGSERVICE NORD-ØSTERDAL
BYGGTORGET KRISTIANSUND
BYKLE VINDU
BÆRUM RØRLEGGERBEDRIFT
BØRSTAD TRANSPORT
BÅTBYGG
CANRIG ROBOTIC TECHNOLOGIES
CAPGEMINI
CAPGEMINI, STAVANGER
CARANORD
CARGILL AQUA NUTRITION
CARNEGIE
CARPENTER (TIDLIGERE RECTICEL)
CARSHINE
CAVERION
CAVERION, BERGEN
CAVERION, GJØVIK
CAVERION, SUNNMØRE
CC DAGLIGVARE
CC MART'N, GJØVIK
CELSA ARMERINGSSTÅL
CEMASYS NORDIC
CEMO
CENTRIC NORDIC
CERMAQ
CFLOW FISH HANDLING
CGG MARINE
CHILI HARSTAD
CHRISTIE & OPSAHL
CITY LADE
CLAMPON
CLARION ERNST HOTELL KRISTIANSAND
CLARION HOTEL ENERGY
CLARKES
CLAS OHLSON
CLAS OHLSON, BODØ
CLASSIC NORWAY
CLEAR CHANNEL
COAST CENTER BASE
COGNIA
COGNITE
COLLICARE LOGISTICS
COMFORT HOTEL KRISTIANSAND
COMROD COMMUNICATION
CONCEPT RESTAUTRANTS
CON-FORM
CON-FORM, ORKANGER
CONSTO
CONSTO, MIDT-NORGE
CONSTRUCTA ENTREPRENØR
CONTIGA
COOP
COOP, FØRDE
COOP, HAMMERFEST
COOP, HORDALAND
COOP, INNLANDET
COOP, MIDT-NORGE
COOP, NORD
COOP, NORDLAND
COOP, SØRVEST
COOP, ØKONOM
COROMATIC
CORONA INTERIØR
CORVUS ENERGY
COSL
COVENT
COWI
CRAMO
CSUB
DAHL OPTIMERA
DALEN HOTEL
DARK
DE BERGENSKE
DEDICARE
DEEPOCEAN
DEKKTEAM
DELITEK
DELOITTE
DELOITTE, GJØVIK
DEN NORSKE OPERA & BALLETT
DET STAVANGERSKE DAMPSKIBSSELSKAP
DHL EXPRESS
DIALECTA KOMMUNIKASJON
DIDRIK NYSTED
DIGITAL ETIKETT
DNB BANK, NORD
DNB BANK, STAVANGER
DNB EIENDOM
DNB EIENDOM, BODØ
DNB EIENDOM, HAMAR
DNB EIENDOM, TRONDHEIM
DNB EIENDOM, TØNSBERG
DNB NÆRINGSEIENDOM
DNB NÆRINGSMEGLING
DNH DEN NORSKE HØYTTALERFABRIKK
DOF GROUP
DOLPHIN DRILLING
DOMSTEIN
DRAG INDUSTRIER
DRAMMEN LIFTUTLEIE
DROMEDAR KAFFEBAR
DRYTECH
DUETT
DUN & BRADSTREET
DUPONT NUTRITION
DXC TECHNOLOGY
DYNEA
DYRSKUN
E A SMITH
E I NORD
E. FLASNES TRANSPORT
EFD INDUCTION
EGDE CONSULTING
EGENCIA
EGERSUND GROUP
EID ELEKTRO
EIDESVIK OFFSHORE
EIDSKOG STANGESKOVENE
EIDSVAAG
EIENDOMSMEGLER 1, INNLANDET
EIENDOMSMEGLER 1, KRISTIANSAND
EIENDOMSMEGLER 1, MIDT-NORGE
EIENDOMSMEGLER 1, NORD-NORGE
EIENDOMSMEGLER 1, SR-EIENDOM
EIENDOMSMEGLER 1, TELEMARK
EIENDOMSSPAR
EIGEDOMSMEKLING SOGN OG FJORDANE
EIKA
EINAR ØGREY FARSUND
EKORNES
ELAS
ELECTRO TEAM
ELEFUN
ELEKTRO 4
ELEKTRO BODØ
ELEKTRO INSTALLASJON
ELEKTROSKANDIA
ELEMENT NOR
ELEMENT SØR
ELKEM, BJØLVEFOSSEN
ELKEM, RANA
ELKEM, SALTEN VERK
ELKJØP, ELVERUM
ELKJØP, FORUS
ELKJØP, HAMMERFEST
ELMO TEKNIKK
ELTA RESTAURANTBEDRIFT
ELTEK
EL-TJENESTE
ELVERUM KOMMUNE
EMPLOI
ENGØ GÅRD
ENTEC
ENTRA
ENTRA, MIDT- OG NORD-NORGE
EPAX NORWAY
EPINOVA
EPIROC
EPLEHUSET
ERAMET, KVINESDAL
ERAMET, SAUDA
ESCAPE TRAVEL
ESSENCEMEDIACOM
EURO SKO
EURONICS
EUROPRIS
EUROSKILT
EUROSPAR, BROKELANDSHEIA
EUROSPAR, BRUMUNDDAL
EVERZINC
EVIDIA
EVINY
EVJE OG HORNNES KOMMUNE
EWORK
EXBO SØRLANDET
EXPLORO
EXTRA LEKER
EY
EY, BERGEN
EY, LILLEHAMMER
EY, SUNNMØRE
F8 BYGG
FABELAKTIV
FABER BYGG
FEEL24
FELLESKJØPET, ROGALAND AGDER
FENIX OUTDOOR
FERDA
FERROGLOBE MANGAN
FIGGJO
FINNEID SVEISEVERKSTED
FINNFJORD
FINNY SIREVAAG
FINNØY GEAR & PROPELLER
FIRDA BILLAG
FIRDA MEDIA
FIRING &THORESEN
FIRMENICH BJØRGE BIOMARIN
FIRST HOUSE
FISKARS BRANDS
FISKERSTRAND VERFT
FISKÅ MØLLE
FIVEN
FJELDSETH
FJELLAND HANDEL
FJELLSPORT.NO
FJORD KOMMUNE
FJORD1
FJORDKJØKKEN
FLAKK
FLEKKERØY VVS
FLISA TRYKKERI
FLISEKOMPANIET
FLOKK
FLYTOGET
FLØYSAND TAK
FN ELEKTRO OG INSTALLASJON
FOCUS CARE
FOOD FOLK
FOODORA
FOODTECH INTERIØR OG STORKJØKKEN
FORCE TECHNOLOGY, KRISTIANSAND
FORD MOTOR
FORESTIA
FORMUE
FOSDALEN
FOSNAVAAG PELAGIC
FOSS FABRIKKER
FOURPHASE
FRAMSIKT
FRANZEFOSS PUKK
FREMTIND FORSIKRING
FRESH FITNESS
FRICH
FRIGSTAD
FRYDENBØ BIL
FRYDENBØ INDUSTRI ØKSFJORD
FSV
FUGLEFJELLET
FUGRO
FUGRO OCEANOR
FURNES JERNSTØPERI
FURSET
FUTURE ENERGY
FUTURE PRODUCTION
FÆDRELANDSVENNEN
FØRDE SEMENTVARE
FØRRE TREVAREFABRIKK
G3 GAUSDAL TREINDUSTRIER
GAGAMA ELEKTRO
GALVANO INDUSTRI
GANN TRE
GARNIUS.NO
GAUPEN-HENGER
GAUPNETUNET HOTELL & HYTTER
GAUSDAL LANDHANDLERI
GC RIEBER VIVOMEGA
GE HEALTHCARE, SPANGEREID
GE VINGMED ULTRASOUND
GEXCON
GIGANTE HAVBRUK
GILJE TRE
GIPLING
GJENSIDIG ASSURANSEFORENING
GJENSIDIGE FORSIKRING
GJERMUNDSHAUG ANLEGG
GJØCO
GK
GK, LILLEHAMMER
GKN AEROSPACE
GLACIO
GLAMOX
GLAVA
GLENCORE NIKKELVERK
GLOBALCONNECT
GLOMMA PAPP
GLÅMDALEN
GMC GRUPPEN
GNAG RESTAURANTER
GNIST ARKITEKTER
GORINES
GRANDE ENTREPRENØR
GRAPE ARCHITECTS
GRAVDALGRUPPA
GREEN YARD KLEVEN
GRENLAND RAIL
GRIEG SEAFOOD, FINNMARK
GRILSTAD
GRILSTAD, BRUMUNDDAL
GRIMSTAD KOMMUNE
GRIP MALING OVERFLATEBEHANDL KORROSJONSENTREPRENØR
GROMSTAD AUTO
GROTNES STEEL
GRUE SPAREBANK
GRUNN-SERVICE
GRØNSBERG BYGG
G-TRAVEL
GUDBRANDSDALENS ULDVAREFARBRIK
GUNNAR HIPPE PLATE OG SVEISEVERKSTED
GUNNAR KLO
GUNVALD JOHANSEN HANDEL
GYLDENDAL
H & K SANDNES
H & M MALERSERVICE
H. MYDLAND
HAGEN
HALLIBURTON
HAMMERFEST AUTO
HAMMERFEST ENTREPRENØR
HAMMERFEST KOMMUNE
HAMRAN SNEKKERVERKSTED
HANDELSBANKEN
HANDELSBANKEN, TRONDHEIM
HANS H. IVERSEN
HANSA BORG BRYGGERIER
HAPRO
HAREID GROUP, BYGG & INDUSTRI
HAREID GROUP, FORBRUKERELEKTRONIKK
HAREID GROUP, MARITIM INDUSTRI
HARRIS ADVOKATFIRMA
HARSTAD MEK. VERKSTED
HAUCON
HAUGESUND SPAREBANK
HAV LINE GRUPPEN
HAVER ADVOKATFIRMA
HAVFRAM
HD HYUNDAI INFRACORE
HEAD ENERGY
HEIMDAL EIENDOMSMEGLING
HEIMSTADEN
HELEN & HARD
HELGELAND BETONG
HELGELANDSBASE
HELLENES
HELLVIK HUS
HELLY HANSEN
HELP FORSIKRING
HELSE BERGEN
HELSE NORD
HENNIG-OLSEN IS
HENT
HERDE INDUSTRIER
HERLIGE STAVANGER RESTAURANTER
HERREGALLERIET
HERTZ
HEXAGON RAGASCO
HG BYGG
HITEC PRODUCTS
HK TROMSØ REKLAMEBYRÅ
HMH
HOB GODS
HOFF
HOFSETH INTERNATIONAL
HOLBERG FORVALTNING
HOLDBART
HORISONT ENERGI
HOTEL ALEXANDRA
HOTEL UNION GEIRANGER
HOTELL VIC
HOTELLDRIFT ÅLESUND
HOVDEN HYTTESERVICE
HOVLI AUTO
HRL
HRP
HS ENTREPRENØR
HSH ENTREPRENØR
HTH
HTS DYNAMICS
HUMAN CARE BO
HUNDERFOSSEN FAMILIEPARK
HUNTER DOUGLAS
HUNTON FIBER
HUNTONIT
HURTIGRUTEN GLOBAL SALES
HUSTAD MØBLER
HUSUMGRUPPEN
HYDAL ALUMINIUM PROFILER
HYDRAULIKK FINNMARK
HYDRO
HYDRO EXTRUSION
HYDRO VIGELAND BRUG
HYDROLIFT
HÆHRE ENTREPRENØRER
HÅ ELEMENT
HÅ KOMMUNE
HAALAND TYNNPLATE
I P HUSE
IBIZA BOATS
ICE COMMUNICATION
ICOPALTAK
IDE MØBLER, BODØ
IGLAND GARASJEN
IGLO MANO
IK NORWAY
IKEA
IKEA, FORUS
IKEA, LEANGEN
IKEA, ÅSANE
IKM
IKM ACONA
IMPEC
IMPLENIA
IMPULSE TRENINGSSENTER
IMS TECHNOLOGIES
INDRE FOSEN KOMMUNE
INDUNOR
INDUSTRIVISUALISERING
INISSION LØKKEN
INNOMHUS
INNOVENTI
INNTRE
INNVIK
INOVYN
INPEX IDEMITSU
INRIGO
INSENTI
INTEK ENGINEERING
INTERFIL
INTERWELL
INTERWELL, TRONDHEIM
INTILITY
INTRUM
INVENTURA
ISIFLO
ISLAND OFFSHORE
ISOLA
ISS FACILITY SERVICES
IT PARTNER, TROMSØ
ITAB INDUSTRIER
ITERA
IV GROUP LEKSVIK
J H NÆVDAL BYGG
JANGAARD EXPORT
JANSEN OG WILLUMSEN SERVICES
JANUSFABRIKKEN
JARO
JC DECAUX
JELD-WEN
JERNIA
JESL
JETS VACUUM
JIFFY PRODUCTS INTERNATIONAL
JM
JOHAN KJELLMARK
JOTRON
JOTUN
JULIUS JAKHELLN
JÆGER SENTRUM
JÆREN SPAREBANK
JÆRENTREPRENØR
K A RASMUSSEN
K. LUND
K. NORDANG
KANFA
KAPPAHL
KARMSUND GROUP
KARMØY KOMMUNE
KARMØY ROLLING MILL
KARSTEN MOHOLT
KAVLI
KCA DEUTAG DRILLING
KELLY SERVICES
KEWA INVEST
KICKS
KID INTERIØR
KIMEK
KINN BRYGGERI
KIS NORD
KITCH'N
KITRON, ARENDAL
KIWI
KLETOR
KLP EIENDOM, TRONDHEIM
KLP KAPITALFORVALTNING
KLP SKADEFORSIKRING
KNOWIT, BERGEN
KNOWIT, KRISTIANSAND
KNUTHOLMEN
KOMPLETT
KONGSBERG ENTREPRENØR
KONGSBERG MARITIME, ÅLESUND
KONKURRENTEN
KONSMO FABRIKKER
KPMG
KPMG, TRONDHEIM
KRAGERØ KOMMUNE
KREDINOR SA
KRISTIANSAND DYREPARK
KROGSVEEN
KROGSVEEN, HAMAR
KROKEN CARAVAN
KRUSE SMITH
KRUSE SMITH, VEST
KUPA
KVADRAT KJØPESENTER
KVERNELAND
KVIK, HAMAR
KVINNHERAD KOMMUNE
KVITNES DRIFT
KVÆRNER, VERDAL
KYSTDESIGN
LAB
LAERDAL MEDICAL
LAKKSPESIALISTEN
LANDSKAPSENTREPRENØRENE
LANGLO
LARSNES MEK VERKSTED
LAVA OSLO
LEBA
LEIRVIK
LEIV SAND TRANSPORT
LEONHARD NILSEN & SØNNER
LERUM
LERØY HAVFISK
LERØY SEAFOOD
LERØY SEAFOOD, TROMSØ
LETNES ENTREPRENØR
LETSEA
LETT-TAK SYSTEMER
LIERHUS
LILLEBORG, INDUSTRI
LILLRENT
LINDESNES HAVHOTELL
LINDEX
LINDUM
LINJEBYGG
LINK MOBILITY
LINK SIGNATUR
LITRA
LIVSFORSIKRINGSSELSKAPET NORDEA
LMG MARIN
LOFOT ENTREPRENØR
LOFOTEN EXPLORER
LOFOTKAIA
LOS
LOVUNDLAKS
LOYDS INDUSTRI
LPO ARKITEKTER
LUCKY BOWL
LUNDAL NORD
LUNDHS
LURA TURISTHEIM
LUSTER MEKANISKE INDUSTRI
LYCRO
LØPLABBET
LØVOLD
LØYPE ANLEGGSDRIFT
LAADER BERG
MADE FOR MOVEMENT GROUP
MADLA HANDELSLAG
MADSHUS
MAGNETEN KJØPESENTER
MAGNUS M. THUNESTVEDT
MANPOWER
MANPOWER, BERGEN
MANPOWER, HAMAR
MANPOWER, TRONDHEIM
MARIN TEKNIKK
MARINE INSTALLASJONER
MARINE TECHNOLOGIES LLC
MARTHES RENSERI
MARTIN M. BAKKEN
MASCHMANNS
MASCOT HØIE
MASIV BYGG
MASKE GRUPPEN
MBA ENTREPRENØR
MCC LABEL
MECA
MEDIEHUSET HAUGESUNDS AVIS
MEDIEHUSET STAVANGER AFTENBLAD
MEGAFLIS
MEKONOMEN
MELBYE SKANDINAVIA
MELHUS SPAREBANK
MENTO
MENTO, HAMMERFEST ENGROS
MESTA
MESTER GRØNN
METALLTEKNIKK
METIER OEC
MEYERSHIP
MIELE
MILES, STAVANGER
MINDSHARE
MJØRUD
MM KARTON FOLLACELL
MMC FIRST PROCESS
MODERN DESIGN
MODERNE BYGGFORNYELSE
MODEX
MOELVEN BYGGMODUL
MOELVEN LIMTRE
MOELVEN VAN SEVEREN
MOELVEN WOOD
MOMEK
MONGSTAD TAVLETEKNIKK
MONTEL
MONTÉR, FØRDE
MONTÉR, LYNGDAL
MONTERA
MORELD APPLY
MOSAIQUE
MOSJØEN KULDE OG KLIMASERVICE
MOTUS TECHNOLOGY
MOWI
MRC GLOBAL
MULTI BYGG
MULTI MARITIME
MULTICONSULT
MULTICONSULT, BERGEN
MULTICONSULT, STAVANGER
MULTICONSULT, TRONDHEIM
MUR I SØR
MUSEENE I SØR-TRØNDELAG
MYLIFT
MØBELGALLERIET TROMSØ
MØBELRINGEN
MØLLER BIL
MØLLER BIL, SØR-ROGALAND
MØRE EIENDOMSMEGLING
MØRE TRAFO
MÅLSELV MASKIN & TRANSPORT
MAALØY SEAFOOD
MÅSØVAL FISKEOPPDRETT
NAMMO
NARVIKFJELLET
NOV, MOLDE
NATRE VINDUER
NAUSTDAL DAMPBAKERI
NEDIG
NEKKAR
NEKTON
NEMKO
NESSEPLAST
NETTPARTNER
NEUMANN BYGG, TROMSØ
NEXANS
NHO NORDLAND
NICRO
NILLE
NILS SPERRE
NILSSON
NIRAS
NOBIA
NOEN
NOFI TROMSØ
NOG ACCESS
NOMEK
NORAUTRON
NORBIT EMS
NORCEM
NORCEM, KJØPSVIK
NORCOD
NORCONSULT
NORCONSULT, TRONDHEIM
NORDAN
NORDBOLIG INNLANDET
NORDBØ MASKIN
NORDEA
NORDIC BULK
NORDIC COMFORT PRODUCTS
NORDIC OFFICE OF ARCHITECTURE
NORDIC STEEL
NORDICGSA
NORDLAKS OPPDRETT
NORDLAND BETONG
NORDLANDSKRANA
NORDNORSK LEDERUTVIKLING
NORDOX
NORDVESTVINDUET
NORENGROS GUSTAV PEDERSEN
NORFLOOR
NORGES HANDELS- OG SJØFARTSTIDENDE
NORGESFÔR
NORGESGRUPPEN
NORGESHUS
NORGESKJELL
NORGESMØLLENE, BUVIKA
NORGESPLASTER
NORGESVINDUET, BJØRLO
NORLI
NORMATIC
NORRØNA
NORSE METAL
NORSEA GROUP
NORSEA POLARBASE
NORSK BERGSIKRING
NORSK KLEBER
NORSK KYLLING
NORSK OPPDRETTSSERVICE
NORSK REGNESENTRAL
NORSK SJØMAT STRANDA
NORSK STÅL
NORSK TIPPING
NORSKE BACKER
NORSKE BÆRESYSTEMER
NORSKE SKOG, SKOGN
NORSOL
NORSUN
NORTURA
NORTURA, FORUS
NORTURA, FØRDE
NORWEGIAN
NORWEGIAN CONCEPT
NOTABENE ENGROS
NOV
NOV, APL
NOVA SEA
NSK SHIP DESIGN
NSW
NY FRISØR OG VELVÆRE
NYLANDER & PARTNERS
NYMO
NÆR ENGROS, LEVANGER
NÆRINGSBANKEN
NÆRINGSMEGLEREN SÆDBERG OG HODNE
NØSTED KJETTING
OAKLAND
OBOS
OCEAN SUPREME
OCEANEERING ROTATOR
ODAL SPAREBANK
ODEON KINO, STAVANGER OG SANDNES
OFFSHORE & TRAWL SUPPLY
OFFSHORE SIMULATOR CENTRE
OK MARINE
OLAV THON EIENDOMSSELSKAP
OLAV THON GRUPPEN SURNADAL, SERVICE OG SERVERING
OLAV THON GRUPPEN SURNADAL, VAREHANDEL
OLJEDIREKTORATET
OLYMPIC SUBSEA
OMD
OMEGA
OMYA HUSTADMARMOR
ONESUBSEA PROCESSING
ONNINEN
OPS MEKANISKE
OPSAHL GRUPPEN
OPTIMERA, SOGN OG MØRE
OPTIMERA, SØR
OPTIMERA, VEST
OPUS
ORIGO SOLUTIONS
ORKEL
ORKIDEEKSPRESSEN
ORKLA FOODS
ORKLA FOODS, STRANDA
ORKLA FOODS, TORO ELVERUM
OS ID
OSHAUG METALL
OSKAR SYLTE MINERALVANNFABRIKK
OSLO KRU
OSLO UNIVERSITETSSYKEHUS
OSS-NOR
OSTEHUSET
OSWO
OTTADALEN MØLLE
OTTS
OVERHALLA BETONGBYGG
OVERHALLA HUS
P4 RADIO
PA ENTREPRENØRER
PALFINGER MARINE
PALFINGER MARINE, SAFETY
PANTERRA
PAPIRFLY
PARAT HALVORSEN
PARTNER MOTE
PATOGEN
PE BJØRDAL
PEAB
PEDAGOGISK VIKARSENTRAL
PEGASUS KONTROLL
PELAGIA
PER KNUDSEN ARKITEKTKONTOR
PERFECT TEMPERATURE GROUP
PETORO
PETTERSSON & GJELLESVIK
PGS
PHARMAQ
PHD
PIPELIFE
PIZZABAKEREN
PLAN 1
PLASTO
PNC
POB ENTREPRENØR
POLYFORM
POSTEN
POSTNORD
POWEROFFICE
PRETRE
PRIMA JÆREN
PRIMA SEAFOOD
PRIME CARGO
PRINCESS
PRIVATMEGLEREN
PRIVATMEGLEREN, SÆDBERG OG LIAN
PROACTIMA
PROGNOSESENTERET
PROMEK
PROSERV
PROSJEKTIL
PROTAN
PROXLL
PS ANLEGG
PSW
PTC (PETROLEUM TECHNOLOGY COMPANY )
PUBLICIS
PWC
PWC, NORDVEST
PWC, TRONDHEIM
PAA BORDET
PÅ HÅRET FRISØR
Q4 NÆRINGSMEGLING
QUALIFIED SOLUTIONS SØRLANDET
QUALITY HOTEL, GRAND KRISTIANSUND
QUALITY HOTEL, STRAND GJØVIK
QUALITY HOTEL, WATERFRONT ÅLESUND
QUANT, MOSJØEN
RADISSON BLU CALEDONIEN HOTEL, KRISTIANSAND
RAINFALL
RAMBØLL
RAMCO
RANDSTAD
RANHEIM PAPER AND BOARD
RAPIDA TRENING
RAPP BOMEK
RASMUS TALLAKSEN
RAUFOSS TECHNOLOGY
RAUMA KOMMUNE
REBER SCHINDLER HEIS
REINHARTSEN ENGROS
REM OFFSHORE
REMA 1000
REMA 1000, NORDRE VESTLAND
REMA 1000, VEST
REMØY SHIPPING
RENEX
RENSERIET SANDNES
RENTEC INGENIØRFIRMA
RESQ GRIMSTAD
RETRO
REVICOM
REVISJON SØR
REVISORKONSULT
RFIG REGNSKAPSFØRERNE I GRENLAND
RIKSTV
RIKTIG SPOR
RINGERIKE KOMMUNE
RINGNES
RINGSAKER KOMMUNE
RISA
ROALD MADSEN
ROCKETFARM
ROCKWOOL
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ROLLS ROYCE ELECTRICAL
ROMERIKE MASKIN
ROMSDALS BUDSTIKKE
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ROSENBERG WORLEYPARSONS
ROSTEIN
ROYAL GARDEN HOTEL
RSM
RUSTFRIE BERGH
RÆDERGÅRD ENTREPRENØR
RØDNE
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RØRA FABRIKKER
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RØROS SLAKTERI
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SAFEPATH
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SAGA FJORDBASE
SALMAR
SALMON EVOLUTION
SALT LOFOTEN
SALT SHIP DESIGN
SALTHAMMER BÅTBYGGERI
SANDELLA FABRIKKEN
SANDERMOEN
SANDNES GARN
SANDNES SPAREBANK
SANDVIK TEENESS
SANNGRUND
SARPSBORG KOMMUNE
SAS
SATSELIXIA
SB TRANSPORT
SCANDIC HOTELS
SCANDIC HOTELS, BERGEN
SCANDIC HOTELS, FAGERNES
SCANDIC HOTELS, GRIMSTAD
SCANDIC HOTELS, HELL
SCANDIC HOTELS, KRISTIANSAND
SCANDIC HOTELS, LILLEHAMMER
SCANDIC HOTELS, SANDEFJORD
SCANDIC HOTELS, SUNNFJORD
SCANFLEX
SCANPOLE
SCHENKER
SCHUTZ NORDIC
SCHWENKE & SØNN
SD WORX
SEABORN
SEAONICS
SECURITAS
SECURITAS, ROGALAND OG SUNNHORDLAND
SELFA TRONDHEIM
SELSTAD, SVOLVÆR NOTBØTERI
SELTOR
SELVAAG
SEMCO MARITIME
SG ARMATUREN
SHAWCOR
SHEARWATER GEOSERVICES
SIBELCO
SIEMENS ENERGY, RUBBESTADNESET
SIEMENS, DIGITAL INDUSTRIES
SIEMENS, SUBSEA
SIG. HALVORSEN
SIKTEDUKFABRIKKEN
SIMON MØKSTER SHIPPING
SINKABERG-HANSEN
SINTEF
SJ
SKALA FABRIKK, TRONDHEIM
SKANDINAVISK HØYFJELLSUTSTYR, TRONDHEIM
SKANSKA
SKANSKA, AGDER
SKANSKA, BUSKERUD, VESTFOLD OG TELEMARK
SKANSKA, STAVANGER
SKARPNES
SKARVIK
SKEVIG LASTEBILTRANSPORT
SKIEN FRITIDSPARK
SKIPNES
SKIPSTEKNISK
SKISTAR, TRYSIL
SKJÆVELAND & MULTIBLOKK
SKO HUUSE
SKOGSTAD SPORT
SKRETTING
SLAGEN
SLETTVOLL MØBLER
SLETTVOLL STAVANGER
SLIPEN MEKANISKE
SMAKEN AV GRIMSTAD
SMARTHOTEL
SMFB DINAMO
SNAP DRIVE
SODEXO
SOGN SPAREBANK
SOLBERG BIL
SOLID ENTREPRENØR
SOLSTAD OFFSHORE
SOLWR SOFTWARE
SONEPAR
SORRISNIVA
SORTLAND ENTREPRENØR
SORTLAND KOMMUNE
SORTLANDHOTELLENE
SOTRA FISKEINDUSTRI
SPAR KJØP
SPAR SANNERUD
SPAREBANK 1
SPAREBANK 1 NORDMØRE
SPAREBANK 1 SMN
SPAREBANK 1 SR-BANK
SPAREBANK 1, BODØ
SPAREBANK 1, HELGELAND
SPAREBANK 1, LOM OG SKJÅK
SPAREBANK 1, NORD-NORGE
SPAREBANK 1, VESTFOLD
SPAREBANK 1, ØSTLANDET
SPAREBANK 68 GRADER NORD
SPAREBANK1, NORD-ØSTERDAL TYNSET
SPAREBANKEN SOGN OG FJORDANE
SPAREBANKEN SØR KONSERN
SPAREBANKEN VEST
SPERRE AIR POWER
SPICHEREN TRENINGSSENTER
SPILKA
SR GROUP
STANGELAND MASKIN
STANTEK
STEINKJER KOMMUNE
STELLA POLARIS
STIKLESTAD NASJONALE KULTURSENTER
STILLKOM
STJERN
STJØRDAL KOMMUNE
STOLTZ ENTREPRENØR
STORD HOTELL
STORDAL MØBEL
STOREBRAND
STORMGEO
STORVIK
STRAND
STRAND SEA SERVICE
STRANDMAN ANLEGGSGARTNERFIRMA
STRANDTORGET KJØPESENTER
STRATUM RESORVOIR
STRAUMEN BIL
STRAWBERRY
STRAWBERRY, CLARION COLLECTION HOTEL BRYGGEPARKEN
STRAYE STÅLBYGG
STRONGPOINT
STRUKTA
STRUKTURPLAST
STRYVO
STRYVO, BISMO
STRØMMES REKLAME
STS
STUDENTSAMSKIPNADEN I STAVANGER
STUDENTSAMSKIPNADEN I TRONDHEIM
STUDENTSAMSKIPNADEN PÅ VESTLANDET
SUB SEA SERVICES
SUBSEA 7
SUBSHORE
SULLAND, VERDAL
SUNKOST BUTIKK
SUNNDAL SPAREBANK
SUNNMØRSPOSTEN
SURNADAL TRANSPORT
SVEINS AUTO
SVEVIA
SVINØYA RORBUER
SWECO
SWECO, BODØ
SWECO, PORSGRUNN
SWIRE ENERGY SERVICES
SYKKYLVEN STÅL
SYLTEOSEN BETONG
SØGNE OG GREIPSTAD SPAREBANK
SØRENSEN MASKIN
SØRLANDSKJØKKEN
SØRMEGLEREN
TAKEDA
TALGØ MØRETRE
TANG OG JACOBSEN RENHOLD
TANK DESIGN TROMSØ
TEAM SECURITY
TECHNIPFMC
TELEMARK SYKEHUS
TELENOR
TELENOR MARITIME
TELIA
TEMA EIENDOM
TESS, NORD
TGS
TH. FALKANGER
THE QUARTZ CORP
THEVIT
THON HOTELS
THON HOTELS, HAMMERFEST
THON HOTELS, ORION
THUNE PRODUKTER, RAUFOSS
TIBE REKLAMEBYRÅ
TIBNOR
TIETOEVRY SØRVEST
TIETOEVRY, INNLAND
TILSLAG NORGE
TINE
TINE, BRUMUNDDAL
TINE, BYRKJELO
TITANIA
TIZIR TITANIUM & IRON
TKS HEIS
TO ROM OG KJØKKEN
TOKLE
TOMA
TOOLS
TORGKVARTALET KJØPESENTER
TOSTRUP INVEST
TOTAL BETONG
TOTEN TRANSPORT
TOTENS SPAREBANK
TOYOTA
TOYOTA, FØRDE
TOYOTA, HAUGESUND
TOYOTA, SØRVEST
TRAFIKKJENTENE
TRAMONTO
TRANSPORTINDUSTRI
TRANSTEMA CONNECT
TREBETONG
TREHUSEKSPERTEN
TROMSØ VILLMARKSSENTER
TRONDHEIM KINO
TRONDHEIM OG OMEGN BOLIGBYGGELAG TOBB
TRONDHEIM PIRBAD
TRONDHEIM STÅL
TRONDHEIM TORG
TRY REKLAMEBYRÅ
TRØNDELAG FYLKESKOMMUNE
TT ANLEGG
TUBOSCOPE, FLORØ
TUI
TURHUS MASKIN
TV 2
TVERÅS MASKIN & TRANSPORT
TWODAY AVENTO
TYRHOLM & FARSTAD
TYSSE MEKANISKE VERKSTED
TØNNESEN SKO
TØNSBERG BLAD
TØNSBERG KOMMUNE
UBCONNECT
ULDAL
ULEFOS JERNVÆRK
ULMATEC
ULSTEIN
ULSTEIN KOMMUNE
UMOE ADVANCED COMPOSITES
UMOE RESTAURANT
UNIT4
VAFOS PULP
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VARIG FORSIKRING VALDRES GFS
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VARTDAL PLASTINDUSTRI
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VEDAL ENTREPRENØR
VEF ENTREPRENØR
VEIDEKKE
VEIDEKKE ENTREPRENØR, BERGEN
VEIDEKKE, MIDT
VEIDEKKE, INDRE ØSTLAND
VEIDEKKE, MØRE OG ROMSDAL
VEIDEKKE, STAVANGER
VEINOR
VELDE
VENI
VERTICAL PLAYGROUND
VESO APOTEK
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VESTERAALENS
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VEØY
VIESSMANN REFRIGERATION SYSTEM
VIEW LEDGER
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VIK ØRSTA
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VING
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VISMA
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VITARI (EXSITEC)
VITEC
VOICE
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VOLSTAD MARITIME
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WB SAMSON
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WESTCO MILJØ
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WIKBORG, REIN & CO
WILHELSEN SHIPS SERVICE
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WIS GRUPPEN
WK ENTREPRENØR
WOLT
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WSP
WULFF & CO
WÜRTH
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X5 ELEKTRO
XL-BYGG, SORTLAND
XL-BYGG, TRONDHEIM
XXL
XXLOFOTEN
YARA
YC RØR
Ø M FJELD
ØLEN BETONG
ØRLAND TRANSPORT
ØSTBØ
ØSTER HUS
ØSTRAADT RØR
ØYSTRE SLIDRE KOMMUNE
ÅLESUND KOMMUNE
ÅLGÅRD OFFSET
AANDERAA DATA INSTRUMENTS
AARBAKKE
ÅSEN & ØVRELID