Prospects for a decline in activity

The enterprises in Norges Bank’s Regional Network expect overall activity to remain unchanged in 2023 Q4 and to fall in 2024 Q1. At the same time, there are wide differences across industries. Oil services contacts indicate a pronounced increase in activity, while contacts in the construction industry expect a substantial fall. Enterprises report more spare capacity and fewer recruitment difficulties. The share of contacts reporting full capacity utilisation and the share reporting labour shortages are now below their historical averages. Contacts expect annual wage growth of 5.4% in 2023 and 4.5% in 2024. Contacts report weaker profitability in Q4 than at the same time in 2022.

Wide differences across sectors

In this survey, contacts report that the activity level will show little change in the period between 2023 Q3 and Q4 (Chart 1). This is weaker than the expectations in the previous survey. The decline in construction and retail trade is accelerating, while growth in services has slowed (Chart 2). On the other hand, growth in oil services remains solid. Overall, contacts expect lower activity in the new year. All sectors expect weaker developments.

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

New building activity is falling sharply

The decline in construction is expected to deepen through winter, with the sharpest decline in residential and commercial construction. Over the past year and a half, contacts in this segment have reported lower order intakes. Initially, construction costs were the primary reason why building developers postponed construction projects. Now, contacts mainly associate the decline with higher interest rates and weaker cyclical developments. However, building renovation activity is solid, which includes many current projects to improve the energy-efficiency of buildings. Moreover, some contacts also cite the need to modify office premises in line with new post-pandemic working habits. In infrastructure and transport, activity remains stable at a high level.

Overall, manufacturing contacts expect output volumes to show little change in the period between 2023 Q3 and Q4, but to fall somewhat in Q1. Prospects are better for export markets than for the domestic market. This primarily depends on the product group being exported rather than on expectations of stronger cyclical developments abroad than in Norway. Manufacturing activity is being dampened by lower demand for building materials and capital goods. Some contacts also point to reduced demand from European manufacturers. On the other hand, there is still solid growth in demand for products related to electricity production, energy transition and other climate mitigation measures. Moreover, defence industry activity is high. Fishing and aquaculture suppliers report solid growth related to operations and maintenance, but several point out that there is still little willingness to invest among aquaculture firms.

Solid growth in oil services

Energy prices are high and willingness to invest in oil and gas extraction is substantial. The petroleum tax package provides a substantial boost to activity related to new construction and further field development on the Norwegian continental shelf. Contacts expect activity to increase further in 2024 Q1. The willingness to invest reflects the high activity level in oil services, where activity growth remains solid, albeit slower.

Cost-conscious customers

Activity among commercial services is increasing slightly from 2023 Q3, albeit at a slower pace. The fall in construction and retail trade is also curbing activity growth in services, with activity also declining among employment agencies, architects and goods transport. Contacts that have reported solid growth over a longer period now report weaker growth, for example in the areas of legal and strategic consulting and information technology. There is still significant growth in demand for services related to sustainability and energy transition. In the business sector, employee activities and travel are being prioritised by enterprises but in a more cost-conscious manner.

Growth in household services is also slowing from the previous survey. Despite tighter finances, households are prioritising travel and experiences but some contacts expect lower purchasing power and higher interest expenses to dampen growth ahead. On the other hand, some contacts expect that a weak krone will mean that fewer households will holiday abroad and will make greater use of services in Norway. Retail trade contacts, however, have reported reduced sales volumes since the beginning of 2022 and expect a decline in volume again in this survey. Over a period, customers have shifted towards cheaper alternatives in several retail trade segments. In the grocery trade sector, households choose both cheaper product categories and brands. Car dealerships report that more people are choosing to keep their cars longer and repair them, rather than buy a new one. Contacts expect tighter household finances to lead to a sharper fall in sales volumes in 2024 Q1.

Enterprises will invest less in 2024

Overall, contacts expect a slight increase in investment volume between 2022 and 2023. At the same time, they expect investment to fall somewhat in 2024, and prospects are little changed since the previous survey. Manufacturing and oil services contacts plan to increase investment in 2024, whereas services and retail trade contacts will reduce investment. Owing to weaker demand and higher interest rates, some contacts have put planned investments on hold. Moreover, some have postponed investments in anticipation of a fall in capital goods prices. At the same time, many investments have already been initiated, which is helping to cushion the fall in investment. Contacts are investing in particular in automation, energy reduction and climate mitigation measures.

Lower capacity utilisation

The share of contacts with full capacity utilisation has declined in most sectors (Charts 3 and 4). The share is still lowest in retail trade and construction, but it is in services that the share has fallen the most since the previous survey. A number of contacts report that they have scaled up production to meet higher activity levels, but that demand has increased less than expected. As a result of high turnover and many new hires in the wake of the pandemic, some contacts now have a large share of new employees who require training, which is weighing down on productivity. Since August, fewer contacts report difficulties in recruiting qualified labour. At the same time, some contacts report that a weak krone makes it more difficult to recruit foreign labour. For the first time since the ­beginning of 2021, both the indicator for capacity constraints and the indicator for labour shortages are below their historical averages.

Chart 3 Capacity utilisation1 and labour supply constraints2

Percentage shares

Chart 4 Capacity utilisation3

Percentage shares

Contacts expect employment to fall in 2024 Q1

Employment plans for 2023 Q4 have been revised down since the previous survey, and contacts now expect fairly stable employment in Q4. Further, contacts report that employment will fall slightly in 2024 Q1. Oil services contacts are still planning to increase staffing substantially, while services contacts expect weak employment growth. A number of contacts, which have had high employee turnover in recent years, report that fewer employees than expected have terminated employment contracts in the course of autumn. As a result, the level of employment is now higher than planned. In the other sectors, contacts report that they will reduce employment owing to lower demand. Retail trade and construction contacts report a steeper decline in activity than in employment through 2023, and they also expect the same trend in 2024 Q1. One of the reasons why retail trade contacts do not reduce employment further is the minimum staffing required to cover the opening hours of shops. In construction, contacts expect large-scale downsizing to lead to recruitment difficulties and labour shortages when demand picks up again.

The estimates for annual wage growth are little changed

Contacts expect annual wage growth of 5.4% in 2023 (Chart 5), unchanged from the estimate in the previous survey. Contacts expect ample labour supply and weaker economic prospects to dampen wage growth in 2024. In this survey, they expect wage growth of 4.5% in 2024, which is a slight downward revision from the 4.6% estimate in August. However, a majority of contacts expect that inflation will continue to be important for wage growth in 2024. The differences between the sectors’ wage growth expectations for 2024 have widened through 2023. Retail trade contacts have the lowest estimate, at 4.2%, while oil services contacts have the highest expectations at 5%.

Chart 5 Annual wage growth

Expected annual wage growth. Percent

Reduced profitability

Profitability among contacts is weaker than a year ago (Chart 6). The decline is broadly based. Contacts have managed to cover the steep rise in costs over the past year to varying degrees by raising prices. Among construction and retail trade contacts, many point to lower turnover. In services, a number of contacts explain that the decline is due to stronger growth in employment than in turnover. In manufacturing, contacts as a whole report somewhat reduced 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 turnover volume in many segments of the building materials industry. In oil services, higher prices and higher order levels are boosting profitability.

Chart 6 Overall profitability growth

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

Least favourable economic situation in regions East, Inland and Central

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. In this survey, only the regional indicators in regions South-West and South are above zero, while the responses are most negative in regions Central, Inland and East. Since the previous survey, scores have fallen in most regions, and the average of the seven regional indicators is negative for the first time. The decline in the regional indicators reflects lower growth expectations in most sectors.

Regional indicators

Regional Network – enterprises and organisations interviewed over the past year

07 SØR
1881
3B-FIBREGLASS
3T PRODUKTER
4SERVICE EIR RENHOLD
7. HIMMEL
A. MARKUSSEN
A-2
AB ØKONOMI
ABG SUNDAL COLLIER
ACCENTURE
ACCOUNTOR
ACEL
ACNE
ACRYLICON NORD-NORGE
ACTIVEPEOPLE
ADDSECURE
ADECCO
ADECCO, INNLANDET
ADECCO, STAVANGER
ADV. WIERSHOLM
ADVISO ADVOKATFIRMA
ADVOKATFIRMA KJÆR
ADVOKATFIRMA TOFTE
ADVOKATFIRMAET BAHR
ADVOKATFIRMAET SCHJØDT
ADVOKATFIRMAET THOMMESSEN
ADVOKATFIRMAET ØVERBØ GJØRTZ
AERO
AF
AFTENPOSTEN
AGDER ANLEGGSENTER
AGDERBYGG
AGNITIO
AGRA
AGTUNNEL
AHLSELL
AIBEL, ASKER
AIBEL, HARSTAD
AIBEL, SANDNES
AIDER, STAVANGER
AIR PRODUCTS
AIRLIFT
AKER SOLUTIONS
AKER SOLUTIONS, EGERSUND
AKER SOLUTIONS, MMO
AKER SOLUTIONS, STORD
AKERSHUSGARTNEREN
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
ALLNEX
ALLOC
ALPINCO
ALTA MØBLER
ALTERA INFRASTRUCTURE
ALTI FORVALTNING
ALTIBOX
ALUDYNE
ALVDAL SKURLAG
ALVDAL-TYNSET SPORT
AMEDIA
AMFI MOA
AMINA CHARGING
ANDERS O GREVSTAD
ANDERSEN MEKANISKE VERKSTED
ANDERSEN OG AKSNES RØRLEGGERBEDRIFT
ANGVIK EIENDOM
ANGVIK GRYTNES ENTREPRENØR
ANKO
ANLEGG ØST ENTREPRENØR
ANNIS PØLSEMAKERI
ANORA
ANTENOR OTG
ANTICIMEX
APOLLO REISER
APOTEK 1
APPETITE FOR PRODUCTION
APPEX
APPLICA
APROPOS INTERNETT
APTUM
AQUARAMA BAD
AQUASHIP
ARE TREINDUSTRIER, KAUPANGER
AREAL-GRUPPEN
ARENA TRENINGSSENTER
ARENDAL BRYGGERI
ARKI ARKITEKTAR
ARKITEMA
ARKWRIGHT CONSULTING
ARRIBATEC
ARTEC AQUA
ARTESIA SPA
ARVID GJERDE
AS BETONG
AS3
ASAP PERSONAL
ASCO, SANDNESSJØEN
ASK MEDIA
ASKO
ASKO, MIDT-NORGE
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
AVINOR, STAVANGER LUFTHAVN
AVO CONSULTING
BACKE
BACKE, OPPLAND
BACKE, SANDEFJORD
BACKE, TRONDHEIM
BAGGERØD
BAKEHUSET NORD-NORGE
BAKER HUGHES
BAKERIET I LOM
BAKKEN ØVRE GÅRDSMAT
BALLANGEN SJØFARM
BALLSTAD SLIP
BAMEK
BANESERVICE
BARCO FREDRIKSTAD
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
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 EVENT
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
BOLIDEN, ODDA
BOLIGPARTNER
BOLSETH GLASS
BOREAL
BORREGAARD
BOSS INDUSTRI OG MEKANISK VERKSTED
BOURBON OFFSHORE
BOUVET
BOUVET, ARENDAL
BOUVET, TRONDHEIM
BRAV
BRAVIDA, FØRDE
BRAVIDA, TRONDHEIM
BREMANGER QUARRY
BRG
BRILLELAND
BRITANNIA HOTEL
BRUNVOLL
BRYGGELOFTET & STUENE INVEST
BRØDRENE GUDBRANDSEN
BRØDRENE SPERRE
BRØDRENE ULVESETH
BRØDRENE AA
BRØNNØY KALK
BSA OFFSHORE
BSH HUSHOLDNINGSAPPARATER
BULLDOZER MASKINLAG ENTREPRENØR
BUNDEGRUPPEN
BUNNPRIS
BUNNPRIS, MØRE
BUSENGDAL
BUSSBYGG
BWISE
BY NORTH
BYBERG
BYGG OG MASKIN
BYGG- OG TØMMERMESTER TOROLF STENERSEN
BYGGMAKKER
BYGGMAKKER HANDEL
BYGGMESTER SAGEN
BYGGMESTEREN VEST
BYGGPARTNERE
BYGGSERVICE NORD-ØSTERDAL
BYGGTORGET KRISTIANSUND
BYHAVEN KJØPESENTER
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
CHRISTIANIA RØRLEGGERBEDRIFT
CHRISTIE & OPSAHL
CLAMPON
CLARION ERNST HOTELL KRISTIANSAND
CLARION HOTEL ENERGY
CLARKES
CLAS OHLSON
CLASSIC NORWAY
CLEAR CHANNEL
COAST CENTER BASE
COGNIA
COGNITE
COLDWATER PRAWNS PRODUCTION
COLLICARE LOGISTICS
COLOR LINE, KRISTIANSAND
COMFORT HOTEL KRISTIANSAND
COMFORT HOTEL PORSGRUNN
COMROD COMMUNICATION
CONCEPT RESTAUTRANTS
CON-FORM
CON-FORM, ORKANGER
CONSTO
CONSTO ANLEGG SØR
CONSTO, MIDT-NORGE
CONTIGA
COOP
COOP NORDVEST, FØRDE
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
CUROTECH
DAHL OPTIMERA
DALEN HOTEL
DARK
DE BERGENSKE
DEDICARE
DEKKTEAM
DELITEK
DELOITTE
DELOITTE, GJØVIK
DEN NORSKE OPERA & BALLETT
DEVOTEAM
DIALECTA KOMMUNIKASJON
DIALOG EXE (DX)
DIDRIK NYSTED
DIGITAL ETIKETT
DNB BANK, NORD
DNB BANK, STAVANGER
DNB EIENDOM
DNB EIENDOM, HAMAR
DNB EIENDOM, TRONDHEIM
DNB EIENDOM, TØNSBERG
DNB NÆRINGSEIENDOM
DNB NÆRINGSMEGLING
DNH DEN NORSKE HØYTTALERFABRIKK
DNV
DOF
DOKA
DOLPHIN DRILLING
DOMSTEIN
DRAG INDUSTRIER
DRAMMEN LIFTUTLEIE
DROMEDAR KAFFEBAR
DRYTECH
DSD
DUETT
DUN & BRADSTREET
DUPONT NUTRITION
DXC TECHNOLOGY
DYNEA
DYRSKUN
E A SMITH
E I NORD
E. FLASNES TRANSPORT
EFD INDUCTION
EGDE CONSULTING
EGENCIA
EID ELEKTRO
EIDESVIK OFFSHORE
EIDSKOG STANGESKOVENE
EIDSVAAG
EIENDOMSHUSET MALLING & CO
EIENDOMSMEGLER 1, INNLANDET
EIENDOMSMEGLER 1, KRISTIANSAND
EIENDOMSMEGLER 1, MIDT-NORGE
EIENDOMSMEGLER 1, NORD-NORGE
EIENDOMSMEGLER 1, SR-EIENDOM
EIENDOMSMEGLER 1, TELEMARK
EIENDOMSMEGLER VEST
EIENDOMSSPAR
EIGEDOMSMEKLING SOGN OG FJORDANE
EIKA
EINAR ØGREY FARSUND
EKORNES
ELAS
ELECTRO TEAM
ELEFUN
ELEKTRO 4
ELEKTRO BODØ
ELEKTRO INSTALLASJON
ELEMENT NOR
ELEMENT SØR
ELKEM, BJØLVEFOSSEN
ELKEM, RANA
ELKEM, SALTEN VERK
ELKEM, THAMSHAVN
ELKJØP, FORUS
ELMO TEKNIKK
ELTA RESTAURANTBEDRIFT
EL-TEAM
ELTEK
ELTEL NETWORKS
EL-TJENESTE
EMPLOI
ENGERS LEFSEBAKERI
ENGØ GÅRD
ENTEC
ENTRA
ENTRA, MIDT- OG NORD-NORGE
ENTRACK
EPAX
EPINOVA
EPIROC
EPLEHUSET
ERAMET, KVINESDAL
ERAMET, SAUDA
ESCAPE TRAVEL
ESSENCEMEDIACOM
EURO SKO
EUROPRIS
EUROSKILT
EUROSPAR, BROKELANDSHEIA
EUROSPAR, BRUMUNDDAL
EVENSEN & EVENSEN
EVERZINC
EVIDENS
EVIDIA
EVINY
EWORK
EXBO SØRLANDET
EXTRA LEKER
EY
EY, BERGEN
EY, LILLEHAMMER
EY, SUNNMØRE
F8 BYGG
FABELAKTIV
FABER BYGG
FARRIS BAD
FEEL24
FEIRING BRUK
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
FJORD1
FJORDKJØKKEN
FLAKK
FLEKKERØY VVS
FLISA TRYKKERI
FLISEKOMPANIET
FLOKK
FLYTOGET
FLØYSAND TAK
FN ELEKTRO OG INSTALLASJON
FOCUS CARE
FOKUS ELEKTRO
FOOD FOLK
FOODORA
FOODTECH INTERIØR OG STORKJØKKEN
FORCE TECHNOLOGY, KRISTIANSAND
FORD MOTOR
FORENOM
FORESTIA
FORMUE
FOSDALEN
FOSNAVAAG PELAGIC
FOSS FABRIKKER
FOURPHASE
FPE SONTUM
FRAMSIKT
FRANZEFOSS MINERALS
FRANZEFOSS PUKK
FREMTIND FORSIKRING
FRESH FITNESS
FRYDENBØ BIL
FRYDENBØ INDUSTRI ØKSFJORD
FSV
FUGLEFJELLET
FUGRO
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
GJENSIDIG ASSURANSEFORENING
GJENSIDIGE FORSIKRING
GJØCO
GK
GK, LILLEHAMMER
GKN AEROSPACE
GLACIO
GLAMOX
GLAVA
GLENCORE NIKKELVERK
GLOBALCONNECT
GLOMMA PAPP
GLØR PARTNER
GLÅMDALEN
GMC
GNIST ARKITEKTER
GOKSTADAPOTEKENE
GORINES
GRANDE ENTREPRENØR
GRAPE ARCHITECTS
GRAVDALGRUPPA
GREEN YARD KLEVEN
GRENLAND RAIL
GRIEG SEAFOOD, FINNMARK
GRILSTAD
GRILSTAD, BRUMUNDDAL
GRIP MALING OVERFLATEBEHANDL KORROSJONSENTREPRENØR
GROMSTAD AUTO
GROTNES STEEL
GRUE SPAREBANK
GRUNN-SERVICE
GRØNSBERG BYGG
G-TRAVEL
GUDBRANDSDAL ENERGI
GUDBRANDSDALENS ULDVAREFARBRIK
GUMPEN
GUNNAR HIPPE PLATE OG SVEISEVERKSTED
GUNNAR KLO
GUNVALD JOHANSEN HANDEL
GYLDENDAL
H & K SANDNES
H & M MALERSERVICE
H. MYDLAND
HAGEN
HALLIBURTON
HALOGEN
HAMRAN SNEKKERVERKSTED
HANDELSBANKEN
HANDELSBANKEN, TRONDHEIM
HANS H. IVERSEN
HANSA BORG BRYGGERIER
HANSEN OG JUSTNÆS
HAPLAST
HAPRO
HAREID GROUP, BYGG & INDUSTRI
HAREID GROUP, FORBRUKERELEKTRONIKK
HAREID GROUP, MARITIM INDUSTRI
HARRIS ADVOKATFIRMA
HARSTAD MEK. VERKSTED
HAUCON
HAUGESUND SPAREBANK
HAV GROUP
HAV LINE
HAVFRAM
HD HYUNDAI INFRACORE
HEAD ENERGY
HEATWORK
HEIDELBERG MATERIALS
HEIMDAL EIENDOMSMEGLING
HEIMSTADEN
HELEN & HARD
HELGE KLYVE
HELGELAND PLAST
HELGELANDSBASE
HELGESEN TEKNISKE BYGG
HELLVIK HUS
HELLY HANSEN
HELP FORSIKRING
HENNIG-OLSEN IS
HEPRO
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
HOLTE CONSULTING
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
HUNVIK & CO
HURTIGRUTEN GLOBAL SALES
HUSUM
HYDAL ALUMINIUM PROFILER
HYDRAULIKK FINNMARK
HYDRO
HYDRO EXTRUSION
HYDRO VIGELAND BRUG
HYDROLIFT
HÆHRE ENTREPRENØRER
HÅ ELEMENT
HAALAND NORD
HAALAND TYNNPLATE
I P HUSE
IBIZA BOATS
ICE COMMUNICATION
ICOPALTAK
IDE MØBLER, BODØ
IGLAND GARASJEN
IGLO MANO
IK
IKEA
IKEA AS VAREHUS RINGSAKER
IKEA, FORUS
IKEA, LEANGEN
IKEA, ÅSANE
IKM
IKM ACONA
IMPEC
IMPLENIA
IMPULSE TRENINGSSENTER
IMS TECHNOLOGIES
INDUNOR
INDUSTRIVISUALISERING
INISSION LØKKEN
INNOMHUS
INNOVENTI
INNTRE
INNVIK
INOVYN
INPEX IDEMITSU
INSENTI
INSIDER FACILITY SOLUTIONS
INSPIRIT365
INTEK ENGINEERING
INTERFIL
INTERWELL
INTILITY
INTRUM
INVENTURA
ISIFLO
ISLAND OFFSHORE
ISOLA
ISS FACILITY SERVICES
IT PARTNER, TROMSØ
ITAB INDUSTRIER
ITERA
IV GROUP LEKSVIK
IZOMAX
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
JULA
JULIUS JAKHELLN
JÆGER SENTRUM
JÆREN SPAREBANK
JÆRENTREPRENØR
K A RASMUSSEN
K EKRHEIM
K. LUND
K. NORDANG
KANFA
KARABIN
KARMSUND GROUP
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 OBJECTNET
KNOWIT, KRISTIANSAND
KNUTHOLMEN
KOMPLETT
KONGSBERG ENTREPRENØR
KONKURRENTEN
KONSMO FABRIKKER
KPMG
KPMG, TRONDHEIM
KRAGERØ RESORT
KRANPROFFEN
KREDINOR SA
KRISTIANSAND DYREPARK
KROGSVEEN
KROGSVEEN, HAMAR
KROKEN GRUPPEN (KORKEN CARAVAN)
KRUSE LARSEN
KRUSE SMITH
KRUSE SMITH, VEST
KUPA
KVADRAT KJØPESENTER
KVERNELAND
KVIK, HAMAR
KVITNES DRIFT
KVÆRNER, VERDAL
KYSTDESIGN
LAB
LABORA
LAERDAL MEDICAL
LAKKSPESIALISTEN
LANDSKAPSENTREPRENØRENE
LARSNES MEK VERKSTED
LEBA
LEIRVIK
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LENDO
LEONHARD NILSEN & SØNNER
LERUM
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LERØY SEAFOOD, TROMSØ
LETNES ENTREPRENØR
LETSEA
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LIERHUS
LILLEBORG, INDUSTRI
LILLRENT
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LINDEX
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LINK MOBILITY
LINK SIGNATUR
LITRA
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LMG MARIN
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LOS
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LUNDHS
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LYCRO
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LØVOLD
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MADLA HANDELSLAG
MADSHUS
MAGNETEN KJØPESENTER
MAGNUS M. THUNESTVEDT
MAKING VIEW
MANPOWER
MANPOWER, BERGEN
MANPOWER, HAMAR
MANPOWER, TRONDHEIM
MARIN TEKNIKK
MARINE INSTALLASJONER
MARINE TECHNOLOGIES LLC
MARITIM CENTER
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MARTHES RENSERI
MARTIN M. BAKKEN
MASCHMANNS
MASCOT HØIE
MASIV BYGG
MASKE
MASTERCARD PAYMENT SERVICES
MBA ENTREPRENØR
MCC LABEL
MCE
MECA
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MEDIEHUSET STAVANGER AFTENBLAD
MEGAFLIS
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MELBYE SKANDINAVIA
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MENTO
MENTO, HAMMERFEST ENGROS
MESTA
MESTER GRØNN
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METALLTEKNIKK
METIER OEC
MEYERSHIP
MIELE
MILES, STAVANGER
MINDSHARE
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MM KARTON FOLLACELL
MMC FIRST PROCESS
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MOI RØR
MOMEK
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MONTEL
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MONTÉR, LYNGDAL
MONTERA
MORELD APPLY
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MOTUS TECHNOLOGY
MOWI
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MULTI BYGG
MULTI MARITIME
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MULTICONSULT, BERGEN
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MUR I SØR
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MYLIFT
MØBELGALLERIET TROMSØ
MØBELTRE
MØLLER BIL
MØLLER BIL, LARVIK
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MØLLER BIL, TRONDHEIM
MØRE EIENDOMSMEGLING
MØRE TRAFO
MÅLSELV MASKIN & TRANSPORT
MAALØY SEAFOOD
MAARUD
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NAMMO
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NAUSTDAL DAMPBAKERI
NEDIG
NEKKAR
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NEXANS
NICRO
NILLE
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NIRAS
NOBIA
NOEN
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NOMEK
NOR FACILITY
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NORFLOOR
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NORGESFÔR
NORGESGRUPPEN
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NORLI
NORMATIC
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NORSK STÅL
NORSK TEKNISK MUSEUM
NORSK TIPPING
NORSKE BACKER
NORSKE BÆRESYSTEMER
NORSKE SKOG, SKOGN
NORSOL
NORTRANSPORT
NORTURA, FORUS
NORTURA, FØRDE
NORWEGIAN
NORWEGIAN CONCEPT
NOS
NOTABENE ENGROS
NOV
NOV, APL
NOV, MOLDE
NOVA SEA
NRC
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NSK SHIP DESIGN
NSW
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NY FRISØR OG VELVÆRE
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NYMO
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O.B. WIIK
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OBOS
OCEAN SUPREME
OCEANEERING ROTATOR
ODAL SPAREBANK
ODDA PLAST
ODDA TECHNOLOGY
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OFFSHORE & TRAWL SUPPLY
OK MARINE
OLAV THON EIENDOMSSELSKAP
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OLAV THON GRUPPEN SURNADAL, VAREHANDEL
OLJEDIREKTORATET
OLYMPIC SUBSEA
OMD
OMEGA
OMYA HUSTADMARMOR
ONESUBSEA PROCESSING
ONNINEN
OPS MEKANISKE
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OPTIMERA, SOGN OG MØRE
OPTIMERA, SØR
OPTIMERA, VEST
OPUS
ORANGE BUSINESS SERVICES
ORICA
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ORKEL
ORKIDEEKSPRESSEN
ORKLA FOODS
ORKLA FOODS, TORO ELVERUM
OS ID
OSHAUG METALL
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OSLO KRU
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OSS-NOR
OSTEHUSET
OSWO
OTTADALEN MØLLE
OTTO OLSEN
OTTS
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PE BJØRDAL
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PROACTIMA
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PROTAN
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PS ANLEGG
PSW
PTC (PETROLEUM TECHNOLOGY COMPANY )
PUBLICIS
PWC
PWC, NORDVEST
PWC, TRONDHEIM
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PÅ HÅRET FRISØR
Q4 NÆRINGSMEGLING
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QUALITY HOTEL, WATERFRONT ÅLESUND
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RAINFALL
RAMBØLL
RAMCO
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RAPP BOMEK
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REKLAMESTASJONEN
REMA 1000
REMA 1000, NORDRE VESTLAND
REMA 1000, VEST
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RENTEC INGENIØRFIRMA
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RESQ GRIMSTAD
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RFIG REGNSKAPSFØRERNE I GRENLAND
RIKSTV
RIKTIG SPOR
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RSM
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RØYSETH MASKIN AS 2
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SANDÅ
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SAS
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SB TRANSPORT
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SCANDIC HOTELS, GRIMSTAD
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SCHWENKE & SØNN
SD WORX
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SELFA TRONDHEIM
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SEMCO MARITIME
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SG ARMATUREN
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SKALA FABRIKK, TRONDHEIM
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SKANSKA
SKANSKA, AGDER
SKANSKA, STAVANGER
SKARPNES
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SKIEN FRITIDSPARK
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SKJÆVELAND & MULTIBLOKK
SKO HUUSE
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SLB KRISTIANSAND
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SLETTVOLL STAVANGER
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SOLA STRANDHOTELL
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SPAR KJØP
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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 MØRE
SPAREBANKEN SOGN OG FJORDANE
SPAREBANKEN SØR KONSERN
SPAREBANKEN VEST
SPERRE AIR POWER
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SPILKA
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SR GROUP
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STANGELAND MASKIN
STANTEK
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STERLING WHITE HALIBUT
STILLKOM
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STORD HOTELL
STORDAL MØBEL
STOREBRAND
STORMGEO
STORVIK
STRAND
STRAND SEA SERVICE
STRAND UNIKORN
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
STUDIO NSW
SUB SEA SERVICES
SUBSEA 7
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SULLAND BODØ
SULLAND, VERDAL
SUNDE GROUP
SUNKOST BUTIKK
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SUNNMØRSPOSTEN
SURNADAL TRANSPORT
SVALINN
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SVEINS AUTO
SVEVIA
SVINØYA RORBUER
SVOLT
SWECO
SWECO, PORSGRUNN
SWIRE ENERGY SERVICES
SYKKYLVEN STÅL
SYLTEOSEN BETONG
SYLVSMIDJA
SØGNE OG GREIPSTAD SPAREBANK
SØRENSEN MASKIN
SØRLANDSBADET
SØRLANDSKJØKKEN
SØRMEGLEREN
TAKEDA
TALGØ MØRETRE
TANG OG JACOBSEN RENHOLD
TANK DESIGN TROMSØ
TAXI 03650
TEAM SECURITY
TEAMTEC
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TECHNIPFMC
TECHOUSE
TELENOR
TELENOR MARITIME
TELIA
TEMA EIENDOM
TESS, NORD
TGS
TH. FALKANGER
THAUGLAND
THE FJORDS
THE QUARTZ CORP
THEVIT
THON HOTEL HØYERS
THON HOTELS
THON HOTELS, ORION
THUNE PRODUKTER, RAUFOSS
TIBE REKLAMEBYRÅ
TIBNOR
TIETOEVRY SØRVEST
TIETOEVRY, INNLAND
TILSLAG
TINDE HYTTER
TINE
TINE, BRUMUNDDAL
TINE, BYRKJELO
TIZIR TITANIUM & IRON
TKS HEIS
TO ROM OG KJØKKEN
TOKLE
TOMA
TOOLS
TOPRO ELEKTRONIKK
TORGKVARTALET KJØPESENTER
TOSTRUP INVEST
TOTAL BETONG
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TOTENS SPAREBANK
TOYOTA
TOYOTA, FØRDE
TOYOTA, HAUGESUND
TOYOTA, SØRVEST
TRAFIKKJENTENE
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TRE OG BETONG
TREBETONG
TREHUSEKSPERTEN
TROMSØ SKOTØIMAGASIN
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TRONDHEIM KINO
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TRONDHEIM STÅL
TRONDHEIM TORG
TRAASDAHL
TT ANLEGG
TUBOSCOPE, FLORØ
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TURHUS MASKIN
TV 2
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TØNNESEN SKO
TØNSBERG BLAD
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UNIT4
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VB
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VEF ENTREPRENØR
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VEIDEKKE, STAVANGER
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WB SAMSON
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X5 ELEKTRO
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XL-BYGG, SORTLAND
XL-BYGG, TRONDHEIM
XXL
XXLOFOTEN
YARA
YC RØR
ÆVENTYR ALTA
Ø M FJELD
ØDEGAARD ENGROS
ØLEN BETONG
ØRLAND TRANSPORT
ØSTBØ
ØSTER HUS
ØSTRAADT RØR
ÅLGÅRD OFFSET
AANDERAA DATA INSTRUMENTS
AARBAKKE
ÅSEN & ØVRELID