Stable level of activity

The enterprises in Norges Bank’s Regional Network expect overall activity to remain virtually unchanged in the first half of 2024. Prospects have been revised up somewhat since the previous survey. At the same time, there are still wide differences across sectors. Contacts in oil services and services expect a rise in activity, while contacts in the other sectors expect a fall in activity. Both the share of contacts reporting full capacity utilisation and the share reporting labour shortages remain unchanged since the previous survey, after falling over the past two years. Contacts expect annual wage growth of 4.9% in 2024, which is an upward revision from the estimate in November. Contacts report weaker profitability in Q1 than at the same time in 2023.

Continued wide differences across sectors

Overall, contacts expect virtually unchanged activity through the first half of 2024 (Chart 1). There are unusually wide differences across sectors even though the dispersion has diminished somewhat since the previous survey (Chart 2). Contacts in oil services and services expect activity to increase ahead, while contacts in construction expect a substantial fall. In manufacturing and retail trade, contacts expect a decline in activity in Q1. In Q2, manufacturing contacts expect stable developments and retail trade contacts expect a less pronounced decline.

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

Substantial fall in new building activity

Contacts expect a considerable decline in construction in the first half of 2024, with the sharpest decline in residential and commercial construction. High construction costs and higher interest rates have led to weak profitability in many construction projects. At the same time, new home sales have been low. A number of contacts now report higher sales of new housing construction projects and expect this to lift housing construction towards the end of the year. Many projects are currently underway to renovate, convert and improve the energy-efficiency of buildings, compensating for some of the decline in new building activity. Large infrastructure projects are boosting output among a large share of construction contractors. Clearing up after extreme weather events has also boosted the number of orders among some enterprises. On the other hand, there are considerably fewer orders related to foundation work in new building construction.

Manufacturing contacts expect a decline in output in Q1, followed by stable developments in the period to summer. Manufacturers of building materials and consumer durables report the weakest developments, and many have already reduced output substantially. European manufacturing suppliers also report reduced output. Enterprises report lower demand from the agricultural industry in Norway and other countries, while demand from the fishing industry is rising. Increased defence budgets and substantial investment in energy transition are contributing to growth for a number of manufacturing enterprises. At the same time, some contacts point to the considerable risk and weak profitability of some renewable energy projects. This is why some contacts are switching instead to more profitable petroleum and gas projects.

In oil services, activity is at a high level and contacts expect activity growth through the first half of 2024. For the majority of oil service contacts, most production capacity has been utilised, leaving little scope for further growth, which dampens growth expectations ahead. The petroleum tax package in particular is pushing up activity on the Norwegian shelf. Both globally and on the Norwegian shelf, willingness to invest in oil and gas extraction remains substantial.

Increased demand for services

In commercial services, contacts have revised up activity growth expectations in Q1, with growth remaining solid in the period to summer. Since the previous survey, expectations have improved particularly in digitalisation, legal and strategic consulting and communication services. The fact that customers are hiring new employees instead of purchasing consultancy services is having a dampening effect on activity growth in consulting, and staffing agencies report the same trend. A number of contacts have higher order levels related to energy transition and carbon footprint reduction services. In the business sector, spending on conferences, travel and property management increased. On the other hand, demand for services related to construction and goods transport continued to fall.

Services contacts report stronger growth in household demand. Retail trade contacts also report improved prospects and expect activity to decline less than in the previous survey, with many contacts citing no further expected policy rate increases. A number of contacts also point out that a weak krone means that households spend a larger share of income on Norwegian goods and services rather than on imports. Moreover, some contacts report that the number of foreign customers has increased over the past year. In some parts of Norway, a cold and snow-abundant winter has boosted sales of goods and services, such as clothing, sports equipment and ski holidays. At the same time, demand for capital goods, such as cars, furniture and electrical goods is low. Customers are increasingly switching to the cheapest alternatives and some contacts report that sales to newly established households have fallen the most.

Contacts will invest less in 2024

Contacts as a whole are planning for a decline in investment volume between 2023 and 2024, in line with expectations in the previous survey. Furthermore, they expect investment to show little change in 2025. A number of contacts have already made substantial investments, while for many other contacts, investment ahead is being held back by high investment and financing costs. With the exception of manufacturing, all sectors expect a fall in investment in 2024. Manufacturing contacts with plans to invest in 2024 are investing in particular in energy recovery and measures to become more environmentally friendly. A few are also investing in capacity expansion.

Unchanged capacity utilisation

The share of contacts reporting full capacity utilisation reached a peak in 2022 Q1 and has declined thereafter. Since the previous survey, the share has remained unchanged (Charts 3 and 4). Since the beginning of 2021, contacts have been asked about capacity utilisation compared with what they perceive as normal for their enterprise. In the past two surveys, the number of contacts with lower-than-normal capacity utilisation was appreciably higher than the number of contacts with above-normal capacity utilisation. This is consistent with the share of contacts with capacity constraints below the historical average. In construction, this share is at its lowest since end-2015, reflecting the decision made by many construction enterprises to maintain a large part of their workforce in anticipation of a renewed increase in orders. The share of contacts reporting difficulties in recruiting qualified labour is also unchanged since November. Labour shortages are substantial in a number of occupational categories such as certain types of engineers, electricians and mechanically skilled workers. Challenges in recruiting the right expertise appear to be most pronounced outside cities. Fewer candidates are willing to relocate to less urban areas and some have wage expectations that are too high. Employment plans for 2024 Q1 have been revised up slightly since the previous survey, and contacts now expect weak employment growth in Q1. Furthermore, contacts expect a slight rise in employment through spring.

Chart 3 Capacity utilisation1 and labour supply constraints2

Percentage shares

Chart 4 Capacity utilisation3

Percentage shares

Projections for annual wage growth in 2024 have been revised up in all sectors

Contacts expect annual wage growth of 4.9% in 2024 (Chart 5), which is an upward revision from the 4.5% estimate in November. Wage growth expectations for 2024 have been revised up in all sectors since the previous survey. Many contacts cite the fact that higher living costs are pushing up wage expectations. Oil services contacts have the highest wage growth expectations, at 5.3%, and a number of contacts point out that wage growth must be adjusted in line with competitors and that a weak krone is pushing up wage growth for foreign contract personnel. The estimate is lowest for construction, at 4.7%, followed closely by retail trade, at 4.8%. Construction contacts point out that the weakened profitability of the sector provides little room for wage growth, and that they are instead giving financial priority to maintaining a number of employees until activity picks up again. In this survey, contacts expect wage growth of 4.0% in 2025. A large share of contacts expect lower inflation ahead to dampen wage growth in 2025.

Chart 5 Annual wage growth

Expected annual wage growth. Percent

In this survey, contacts were asked about cost inflation in 2023 H2 and cost expectations for 2024 H1, adjusted for seasonal variations. Contacts responded that costs had increased through 2023 H2. Contacts expect costs to rise further through spring, albeit at a slower pace than in autumn 2023.

Reduced profitability

Profitability among contacts is weaker than a year ago (Chart 6). Developments in profitability reflect developments in activity across sectors and the extent to which enterprises have been able to cover the steep rise in costs. In construction and retail trade, many contacts point out lower turnover and capacity utilisation, and that the competitive situation makes it difficult to raise prices. Contacts in manufacturing overall also report reduced profitability, but there is considerable variation across enterprises. In services, profitability has improved owing to increased turnover, efficiency gains and improved cost control. In oil services, higher prices and increased 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 is still in regions East, Inland and Central

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, the average for the seven regions is slightly positive. Regions Inland, Central and East are below zero. In this survey, the score is highest for region North, reflecting strong developments in fishing and tourism industries.

Regional indicators

Regional Network – enterprises and organisations interviewed over the past year

1881
3B-FIBREGLASS
3T PRODUKTER
4SERVICE EIR RENHOLD
7. HIMMEL
A. MARKUSSEN
A-2
AANDERAA DATA INSTRUMENTS
AARBAKKE
AB ØKONOMI
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
AGAIA
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
AKSELL, KRISTIANSAND
AKTIESELSKAPET VINMONOPOLET
AKTIV BEMANNING
AKTIV BYGG
AKTIV EIENDOMSMEGLING
AKTIV365
AKVA GROUP
AKVARIET I BERGEN
ALBJERK
ALCOA
ALCOA, LISTA
ALENTO
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
ARITECH AS
ARK BOKHANDEL
ARKI ARKITEKTAR
ARKITEMA
ARKWRIGHT CONSULTING
ARM NORWAY
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
ATELIER EKREN
ATLANTERHAVSPARKEN
AUKSJONEN.NO
AURORA GROUP
AURSTAD
AUSTAD MASKINSTASJON
AUTOPLAN
AVANTOR
AVERY DENNISON NTP
AVINOR, BERGEN LUFTHAVN
AVINOR, STAVANGER LUFTHAVN
AVO CONSULTING
BACKE
BACKE, OPPLAND
BACKE, ROGALAND
BACKE, SANDEFJORD
BACKE, SØR
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
BATTERI ELEKTRO
BAUER MEDIA
BAVARIA, NORDVEST
BCD TRAVEL
BECKMANN
BEERENBERG CORP.
BEGNA BRUK
BEITOSTØLEN RESORT
BEKK CONSULTING
BENESTAD SOLUTIONS
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
BERTELSEN & GARPESTAD
BEST EVENT
BEST GLOBAL LOGISTICS
BETONMAST, INNLANDET
BETONMAST, RØSAND
BEYONDER
B-G ENTREPRENØR
BIBLIOTEK SYSTEMER A/S
BICO BYGG
BIL I NORD NARVIK
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
BORREGAARD
BOSS INDUSTRI OG MEKANISK VERKSTED
BOURBON OFFSHORE
BOUVET
BOUVET, ARENDAL
BOUVET, TRONDHEIM
BRAV
BRAVIDA, FØRDE
BRAVIDA, TRONDHEIM
BREMANGER QUARRY
BREVIK ENGINEERING
BRG
BRILLELAND/INTEROPTIK
BRITANNIA HOTEL
BRUNVOLL
BRYGGELOFTET & STUENE INVEST
BRØDRENE AA
BRØDRENE GUDBRANDSEN
BRØDRENE JAKOBSEN AS
BRØDRENE SPERRE
BRØDRENE ULVESETH
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
CERMAQ
CFLOW FISH HANDLING
CGG MARINE
CHILI HARSTAD
CHRISTIANIA RØRLEGGERBEDRIFT
CHRISTIE & OPSAHL
CLAMPON
CLARION ERNST HOTELL KRISTIANSAND
CLARKES
CLAS OHLSON
CLASSIC NORWAY
CLEAR CHANNEL
COGNIA
COGNITE
COLDWATER PRAWNS PRODUCTION
COLLICARE LOGISTICS
COLOR LINE, KRISTIANSAND
COMFORT HOTEL KRISTIANSAND
COMFORT HOTEL PORSGRUNN
COMROD COMMUNICATION
CONCEPT RESTAUTRANTS
CONCEPTOR
CON-FORM
CON-FORM, ORKANGER
CONSOLVO
CONSTO
CONSTO ANLEGG SØR
CONSTO, MIDT-NORGE
CONTIGA
COOP
COOP, HORDALAND
COOP, INNLANDET
COOP, MIDT-NORGE
COOP, NORD
COOP, NORDLAND
COOP, NORDVEST - FØRDE
COOP, SØRVEST
COOP, ØKONOM
COROMATIC
CORONA INTERIØR
CORVUS ENERGY
COSL
COWI
CRAMO
CSUB
CUROTECH
DAHL OPTIMERA
DALEN HOTEL
DANSKE BANK
DARK
DE BERGENSKE
DEDICARE
DEEPOCEAN
DEKKTEAM
DELITEK
DELOITTE
DELOITTE, GJØVIK
DEN NORSKE OPERA & BALLETT
DEPRO AS
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
DYNEA
DYRSKUN
DYRUD ELEKTRO AS
E A SMITH
E I NORD
E. FLASNES TRANSPORT
EGDE CONSULTING
EGENCIA
EGERSUND GROUP
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
ELKJØP, FJORDANE
ELKJØP, FORUS
ELMO TEKNIKK
EL-TEAM
ELTEK
ELTEL NETWORKS
EL-TJENESTE
EMPLOI
ENGERS LEFSEBAKERI
ENGØ GÅRD
ENRX/IPT TIDL. EFD INDUCTION
ENTEC
ENTRA
ENTRA, MIDT- OG NORD-NORGE
ENTRACK
ENTRO
EPAX
EPINOVA
EPIROC
ERAMET, KVINESDAL
ERAMET, SAUDA
ESCAPE TRAVEL
ESSENCEMEDIACOM
EURO SKO
EUROPRIS
EUROSKILT
EUROSPAR, BROKELANDSHEIA
EUROSPAR, BRUMUNDDAL
EVENSEN & EVENSEN
EVENSTAD MUSIKK -DISTRIBUSJON
EVERZINC
EVIDENS
EVIDIA
EVINY
EXBO SØRLANDET
EXTRA LEKER
EY
EY, BERGEN
EY, LILLEHAMMER
EY, SUNNMØRE
F8 BYGG
FABELAKTIV
FABER BYGG
FARRIS BAD
FAUN GRUPPEN
FEIRING BRUK
FELLESKJØPET, ROGALAND AGDER
FENIX OUTDOOR
FERDA
FERROGLOBE MANGAN
FIGGJO
FINNEID SVEISEVERKSTED
FINNFJORD
FINNY SIREVAAG
FINNØY GEAR & PROPELLER
FIRDA BILLAG
FIRDA MEDIA
FIRESAFE
FIRING &THORSEN
FIRMENICH BJØRGE BIOMARIN
FIRST HOUSE
FISKARS BRANDS
FISKERSTRAND VERFT
FISKÅ MØLLE
FIVEN
FJELDSETH
FJELLSPORT.NO
FJORD1
FJORDKJØKKEN
FLAKK
FLEKKERØY VVS
FLISA TRYKKERI
FLISEKOMPANIET
FLOKK
FLYTOGET
FLØYSAND TAK
FN ELEKTRO OG INSTALLASJON
FOCUS CARE
FOKUS ELEKTRO
FOLK AS
FOOD FOLK
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
FRØILAND BYGG SKADE
FSV
FUGLEFJELLET
FUGRO
FURNES JERNSTØPERI
FURSET
FUTURE ENERGY
FUTURE PRODUCTION
FÆDRELANDSVENNEN
FØRDE SEMENTVARE
FØRRE TREVAREFABRIKK
G3 GAUSDAL TREINDUSTRIER
GAGAMA ELEKTRO
GALVANO INDUSTRI
GANN TRE
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
GJERMUNDSHAUG ANLEGG
GJØCO
GK
GK, LILLEHAMMER
GKN AEROSPACE
GLACIO
GLAMOX
GLAVA
GLENCORE NIKKELVERK
GLOBALCONNECT
GLOMMA PAPP
GLØR PARTNER
GLÅMDALEN AS
GMC
GNIST ARKITEKTER
GOKSTADAPOTEKENE
GOODTECH
GORINES
GRANDE ENTREPRENØR
GRAPE ARCHITECTS
GRAVDALGRUPPA
GRIEG SEAFOOD, FINNMARK
GRILSTAD
GRILSTAD, BRUMUNDDAL
GRILSTAD, STRANDA
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
H & K SANDNES
H & M MALERSERVICE
H. MYDLAND
HAALAND NORD
HAALAND TYNNPLATE
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
HAVER ADVOKATFIRMA
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
HENNIG-OLSEN IS
HEPRO
HERLIGE STAVANGER RESTAURANTER
HERREGALLERIET
HERTZ
HEXAGON RAGASCO
HG BYGG
HITEC PRODUCTS
HK TROMSØ REKLAMEBYRÅ
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
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
HYDROLIFT
HÆHRE ENTREPRENØRER
HÅ ELEMENT
I P HUSE
IBIZA BOATS
ICE COMMUNICATION
ICOPALTAK
IDE MØBLER, BODØ
IGLAND GARASJEN
IGLO MANO
IK
IKEA
IKEA, FORUS
IKEA, LEANGEN
IKEA, RINGSAKER
IKEA, ÅSANE
IKM
IKM ACONA
IMPEC
IMPLENIA
IMPULSE TRENINGSSENTER
IMS TECHNOLOGIES
INDUNOR
INDUSTRIVISUALISERING
INISSION LØKKEN
INNOMHUS
INNOVA AS
INNOVENTI
INNTRE
INNVIK
INOVYN
INPEX IDEMITSU
INSENTI
INSIDER FACILITY SOLUTIONS
INSPIRIT365
INTEK ENGINEERING
INTERFIL
INTERWELL
INTILITY
INTRUM
INVENT SPORT
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
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