Improved outlook

The enterprises in Norges Bank’s Regional Network expect overall activity to increase somewhat ahead. In most sectors, output growth expectations for 2024 Q2 have been revised up since the previous survey. At the same time, construction contacts expect a further fall in activity. Capacity utilisation has risen since the previous survey, and more contacts report labour shortages. Contacts are planning for a slight increase in the level of investment in 2024 and rising growth in 2025. In this survey, contacts have revised up their wage growth estimates for 2024 and 2025 to 5.2% and 4.3%, respectively.

Contacts expect higher activity

Overall, contacts expect rising activity through summer and autumn (Chart 1). There are still wide differences across sectors, although most have revised up their output expectations (Chart 2). Construction contacts expect a substantial fall in activity, while contacts in other sectors expect activity to increase ahead.

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. Percent1

Higher household and business sector demand

Commercial services contacts have revised up activity growth expectations in Q2 and expect growth to remain firm through autumn. IT services contacts expect robust growth, driven in particular by facilitating artificial intelligence and cloud platform services. A number of contacts report rising levels of orders related to energy transition and carbon footprint reduction services. In legal consulting and communications services, contacts also report solid demand. As customers, instead of purchasing services, are hiring new employees to a greater extent than previously, activity growth among some consultancy firms and recruitment agencies is being restrained. Architects and others who work on construction projects have also reduced activity.

Services contacts report growth in household demand, in line with expectations in the previous survey. Contacts expect increased purchasing power owing to high wage growth in 2024 to push up household demand for services through autumn. The krone depreciation has already led to increased tourism, which contacts expect will also boost the popularity of Norway as a holiday destination among Norwegians this summer. Over the past two years, retail trade contacts have reported falling sales volumes. They now expect a slight increase in sales in Q2 and Q3. Consumer goods sales are higher than capital goods sales. However, some car dealerships report a recent slight pick-up in car sales and a steady decline in the number of supply problems. Demand for furniture and home furnishings remains low. Customers are shifting towards cheaper alternatives in most segments of retail trade, and some of the rise in demand partly reflects increased promotional activity in, for example, clothing, sporting goods and the grocery trade.

Continued weak prospects in construction

Contacts still expect a considerable decline in construction in 2024 Q2, although less pronounced than envisaged in winter. Contacts expect a further, albeit slower, fall in Q3. Many enterprises are working on ­previously awarded contracts, and in both residential and commercial construction, completions outnumber starts. Some contacts in ­residential property development now report appreciable sales, but high wage growth, increased material costs and high interest expenses are leading to weak profitability for many projects. As a result, few housing construction projects are being started. Correspondingly, hardly any construction projects are being launched for offices, shopping centres or hotels. For some contacts, however, increased fish farm, data centre and industrial building construction is contributing to growth. A number of contacts report that buildings that previously would have been ­demolished are now increasingly being rehabilitated This is primarily for≈environmental considerations, but also for cost-related reasons. Infrastructure projects are contributing to high output among some construction contractors. Low activity related to foundation work on building lots is dampening growth somewhat.

Growth in oil and renewable energy

Manufacturing contacts expect output to increase in Q2 and Q3. There is still solid growth in demand for products related to energy transition and climate mitigation measures, particularly offshore wind farms. However, a number of contacts point out that the green transition takes time and that some of these projects are high-risk with varying profitability. Defence sector demand is rising sharply, which pushes up activity growth among manufacturers of defence materiel and their subcontractors. Demand for fish is solid, but quotas and disease outbreaks are limiting fishing industry production. Nevertheless, solid profitability is boosting growth among suppliers. Building materials manufacturers continue to report a decline in output despite many already having reduced output substantially. Nor do contacts that supply to the European manufacturing sector, such as producers of steel and cars, see signs of improvement in the period ahead.

Activity is high in oil services. At the same time, capacity constraints among a large share of contacts are still having a dampening effect on growth. Growth in the domestic market appears to be somewhat stronger than in the export market. Much of the growth in the domestic market can still be attributed to the petroleum tax package.

Upward revisions of investment plans

Contacts are planning for a slight increase in investment between 2023 and 2024. The estimate has been revised up from the previous surveys when contacts’ responses indicated a decline. Contacts in manufacturing and oil services are planning for increased investment, while contacts in retail trade and services expect investment to be fairly stable. Contacts are investing in particular in climate mitigation measures, ­digitalisation and data storage. On the other hand, many contacts are holding back investment owing to high investment and financing costs, and a number of contacts have postponed planned projects. ­Nevertheless, contacts expect a pick-up in investment growth in 2025. In fishing, contacts are planning for substantial investment and a number of contacts report investment plans in new vessels that can be used in both oil and offshore wind industries.

Higher capacity utilisation

The share of contacts reporting full capacity utilisation has increased somewhat since the previous survey (Charts 3 and 4), and this is the first time in more than two years that this share has risen. In line with this, there are also fewer contacts reporting lower-than-normal capacity ­utilisation. The share of contacts reporting full capacity utilisation remains somewhat below the historical average. More contacts than in the previous survey report recruitment difficulties, and the indicator for labour shortages is now at the same level as its historical average. There is a particular shortage of engineers, employees with IT skills and employees with vocational qualifications. In addition, a number of contacts report that it is difficult to recruit foreign labour. This applies, for example, to contacts in travel, ship building and fishing. Contacts are planning for a slight increase in employment in Q2 and expect growth to pick up somewhat in Q3. Contacts in oil services and services are ­planning for the strongest growth. Contacts cite higher order levels as the main reason for the increase in staffing. A number of contacts also cite the need for skills related to digitalisation and climate policy ­requirements.

Chart 3 Capacity utilisation2 and labour supply constraints3

Percentage shares

Chart 4 Capacity utilisation4

Percentage shares5

Higher annual wage growth estimates

Contacts expect annual wage growth of 5.2% in 2024 (Chart 5), which is higher than the 4.9% estimate in the previous survey. Wage growth expectations for 2024 have been revised up in all sectors. A large share of contacts cite the wage norm. A number of contacts report difficulties keeping wage growth considerably below the wage norm in the central wage negotiations even though earnings in their own enterprises are weak. At the same time, strong competition for labour within some ­occupational groups is boosting wage growth. The projection for wage growth in 2025 has also been revised up from 4.0% in the previous survey to 4.3% in this survey. Contacts expect that inflation will be important for wage growth in 2025, and some are concerned that this year’s wage settlement will contribute to keeping inflation elevated. Oil services contacts still have the highest wage growth estimates for both 2024 and 2025, while contacts in construction and retail trade have the lowest.

Chart 5 Annual wage growth

Expected annual wage growth. Percent6

Substantial variation in profitability

Overall, profitability among contacts is slightly weaker than a year ago, but the decline is less than in the previous four surveys (Chart 6). Oil services contacts report a considerable improvement of margins, which primarily reflects higher activity and effective utilisation of production capacity. In addition, profitability among contacts in services and ­manufacturing has improved. For manufacturing contacts, this is the first time in more than two years that there is an improvement in profitability. A number of contacts attribute the improvement to the fact that they have successfully passed on a larger share of their cost increases to selling prices. Lower activity and substantially higher costs result in a sharp fall in margins among construction contacts and somewhat weaker profitability in retail trade.

Chart 6 Overall profitability growth

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

Improved economic situation in most regions

Contacts are asked, on a scale between -3 and +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. The indicator is highest in the western regions and lowest in the regions Central and Inland. Most regional indicators have risen since the previous survey. High activity related to energy production leads to a favourable economic situation for a large share of the enterprises in the western and southern regions. Moreover, in the coastal regions, the regional ­indicators have been pushed up by the increased willingness to invest in the fishing industry. Increased tourism is also pushing up the regional indicators, particularly in the region North. On the other hand, weak developments in construction are pushing down the regional indicators, most of all in the regions Central, Inland and East.

Regional indicators

Regional Network – enterprises and organisations interviewed over the past year

1881
3T PRODUKTER
4SERVICE EIR RENHOLD
A. MARKUSSEN
A-2
AB ØKONOMI
ACCENTURE
ACCOUNTOR
ACEL
ACNE
ACRYLICON, NORD-NORGE
ACTIVEPEOPLE
ADDSECURE
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
AGNITIO
AGRA
AGTUNNEL
AHLSELL
AIBEL, ASKER
AIBEL, SANDNES
AIDER, STAVANGER
AIR PRODUCTS
AIRLIFT
AKER SOLUTIONS
AKER SOLUTIONS, EGERSUND
AKER SOLUTIONS, MMO
AKER SOLUTIONS, STORD
AKER SOLUTIONS, VERDAL
AKERSHUSGARTNEREN
AKOFS NORWAY OPERATIONS
AKSEL ENDRESEN TRANSPORT
AKSELL
AKSELL, KRISTIANSAND
AKTIESELSKAPET VINMONOPOLET
AKTIV BEMANNING
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
AQUASHIP
ARE TREINDUSTRIER, KAUPANGER
AREAL-GRUPPEN
ARENA TRENINGSSENTER
ARENDAL BRYGGERI
ARITECH
ARK BOKHANDEL
ARKI ARKITEKTAR
ARKITEMA
ARKWRIGHT CONSULTING
ARM
ARRIBATEC
ARTEC AQUA
ARTESIA SPA
ARVID GJERDE
AS BETONG
AS3
ASAP PERSONAL
ASCO, SANDNESSJØEN
ASK MEDIA
ASKO NORD
ASKO, MIDT-NORGE
ASPLAN VIAK
AT PLAN & ARKITEKTUR
ATEA
ATELIER EKREN
ATLANTERHAVSPARKEN
AUKSJONEN.NO
AURORA GROUP
AURSTAD
AUTOPLAN
AVANTOR
AVERY DENNISON NTP
AVINOR, BERGEN LUFTHAVN
AVINOR, STAVANGER LUFTHAVN
AVO CONSULTING
BACKE
BACKE, OPPLAND
BACKE, ROGALAND
BACKE, SANDEFJORD
BACKE, SØR
BACKE, TRONDHEIM
BAKER HUGHES
BAKERIET I LOM
BALLANGEN SJØFARM
BALLSTAD SLIP
BAMEK
BANDAK
BANESERVICE
BARCO FREDRIKSTAD
BAREL
BARNAS HUS
BARTEC
BASTØ FOSEN
BATTERI ELEKTRO
BAUER MEDIA
BAVARIA, NORDVEST
BCD TRAVEL
BECKMANN
BEERENBERG CORP.
BEITOSTØLEN RESORT
BEKK CONSULTING
BELSVIK
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, 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
BILALLIANSEN
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
BMO ELEKTRO
BMO ENTREPRENØR
BN ENTREPRENØR
BO ANDRÉN
BOA OFFSHORE
BOASSON
BOEN BRUK
BOHUS
BOLIDEN, ODDA
BOLSETH GLASS
BOREAL
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
BRUMUNDDAL REGNSKAP
BRUNVOLL
BRYGGELOFTET & STUENE INVEST
BRØDRENE GUDBRANDSEN
BRØDRENE JAKOBSEN
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
BØRGE OUSLAND
BØRSTAD TRANSPORT
BÅTBYGG
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
CHILI HARSTAD
CHRISTIANIA RØRLEGGERBEDRIFT
CHRISTIE & OPSAHL
CLAMPON
CLARION ERNST HOTELL KRISTIANSAND
CLARION HOTEL ENERGY
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
CONNECT BUS
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
CORONA INTERIØR
CORVUS ENERGY
COSL
COWI
CRAMO
CSUB
CUROTECH
DAHL OPTIMERA
DALEN HOTEL
DANSKE BANK
DE BERGENSKE
DEDICARE
DEEPOCEAN
DEKKTEAM
DELITEK
DELOITTE
DELOITTE, GJØVIK
DELTA ELETRONICS
DEN NORSKE OPERA & BALLETT
DEPRO
DEVOTEAM
DIALECTA KOMMUNIKASJON
DIALOG EXE (DX)
DIGITAL ETIKETT
DNB BANK, NORD
DNB BANK, STAVANGER
DNB EIENDOM
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
E A SMITH
E I NORD
E. FLASNES TRANSPORT
EGDE CONSULTING
EGENCIA
EGERSUND GROUP
EID ELEKTRO
EIDESVIK OFFSHORE
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
ELEKTRO-KONTAKTEN
ELEMENT NOR
ELEMENT SØR
ELKEM, BJØLVEFOSSEN
ELKEM, RANA
ELKEM, SALTEN VERK
ELKEM, THAMSHAVN
ELKJØP
ELKJØP, FJORDANE
ELKJØP, FORUS
ELMO TEKNIKK
EL-TEAM
ELTEL NETWORKS
EL-TJENESTE
EMPLOI
ENGERS LEFSEBAKERI
ENGØ GÅRD
ENIVEST
ENRX/IPT TIDL. EFD INDUCTION
ENTEC
ENTRA
ENTRA, MIDT- OG NORD-NORGE
ENTRACK
ENTRO
EPAX
EPINOVA
EPIROC
EPLEHUSET
ERAMET, KVINESDAL
ERAMET, SAUDA
ESCAPE TRAVEL
EURO SKO
EUROPRIS
EUROSKILT
EUROSPAR, BROKELANDSHEIA
EUROSPAR, BRUMUNDDAL
EVENSEN & EVENSEN
EVENSTAD MUSIKK -DISTRIBUSJON
EVERZINC
EVIDENS
EVIDIA
EXBO SØRLANDET
EXTRA LEKER
EY
EY, BERGEN
EY, LILLEHAMMER
EY, SUNNMØRE
F8 BYGG
FABELAKTIV
FABER BYGG
FAGTRYKK
FARA
FARRIS BAD
FAUN
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
FLISA TRYKKERI
FLISEKOMPANIET
FLOKK
FLYTOGET
FN ELEKTRO OG INSTALLASJON
FOCUS CARE
FOKUS ELEKTRO
FOLK
FOOD FOLK
FOODMAN
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
FRONTLINE POS
FRYDENBØ BIL
FRYDENBØ INDUSTRI ØKSFJORD
FRØILAND BYGG SKADE
FSV
FUGLEFJELLET
FUGRO
FURNES JERNSTØPERI
FUTURE PRODUCTION
FÆDRELANDSVENNEN
FØRDE SEMENTVARE
G3 GAUSDAL TREINDUSTRIER
GAGAMA ELEKTRO
GALVANO INDUSTRI
GANN TRE
GARDA SIKRING
GAUPEN-HENGER
GAUPNETUNET HOTELL & HYTTER
GAUSDAL LANDHANDLERI
GC RIEBER VIVOMEGA
GE HEALTHCARE, SPANGEREID
GE VINGMED ULTRASOUND
GET INSPIRED
GEXCON
GIGANTE HAVBRUK
GILJE TRE
GJENSIDIG ASSURANSEFORENING
GJENSIDIGE FORSIKRING
GJERMUNDSHAUG ANLEGG
GK
GK, LILLEHAMMER
GKN AEROSPACE
GLAMOX
GLAVA
GLENCORE NIKKELVERK
GLOBALCONNECT
GLOMMA PAPP
GLØR
GLØR PARTNER
GLÅMDALEN
GMC
GNIST ARKITEKTER
GOKSTADAPOTEKENE
GOODTECH
GORINES
GRANDE ENTREPRENØR
GRAPE ARCHITECTS
GRAVDALGRUPPA
GREEN MOUNTAIN
GRIEG SEAFOOD, FINNMARK
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
GYLDENDAL
H & M MALERSERVICE
H. MYDLAND
HAFS ELEKTRO & RØR
HAGEN
HALLIBURTON
HALLINGPLAST
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 MASKIN
HARSTAD MEK. VERKSTED
HAUCON
HAUGESUND SPAREBANK
HAV GROUP
HAV LINE
HAVER ADVOKATFIRMA
HAVFRAM
HD HYUNDAI INFRACORE
HEAD ENERGY
HEATWORK
HEGSTAD & BLAKSTAD
HEIDELBERG MATERIALS
HEIMDAL EIENDOMSMEGLING
HEIMSTADEN
HELEN & HARD
HELGE KLYVE
HELGELAND MARINASYSTEMER
HELGELAND PLAST
HELGELANDSBASE
HELGESEN TEKNISKE BYGG
HELLVIK HUS
HELLY HANSEN
HELP FORSIKRING
HENNIG-OLSEN IS
HEPRO
HERLIGE STAVANGER RESTAURANTER
HERREGALLERIET
HERTZ
HEXAGON RAGASCO
HEYMAT
HG BYGG
HIGHSOFT
HITEC PRODUCTS
HK TROMSØ REKLAMEBYRÅ
HOB GODS
HOFF
HOFSETH INTERNATIONAL
HOLBERG FORVALTNING
HOLDBART
HOLTE CONSULTING
HORISONT ENERGI
HOTEL ALEXANDRA
HOTEL UNION GEIRANGER
HOTEL VICTORIA
HOTELL VIC
HOTELLDRIFT ÅLESUND
HOVDEN HYTTESERVICE
HOVLI AUTO
HRL
HSH ENTREPRENØR
HTH
HTS DYNAMICS
HUMAN CARE BO
HUNDERFOSSEN FAMILIEPARK
HUNTER DOUGLAS
HUNTON FIBER
HUNTONIT
HUNVIK & CO
HURTIGRUTEN GLOBAL SALES
HUSUM
HYDAL ALUMINIUM PROFILER
HYDRO
HYDRO EXTRUSION
HYDRO VIGELAND BRUG
HYDROLIFT
HÆHRE ENTREPRENØRER
HÅ ELEMENT
HAALAND NORD
HAALAND TYNNPLATE
I P HUSE
IBIZA BOATS
ICOPALTAK
IDE MØBLER, BODØ
IGLAND GARASJEN
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
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
JOHAN KJELLMARK
JOTRON
JOTUN
JULA
JULIUS JAKHELLN
JÆGER SENTRUM
JÆREN SPAREBANK
JÆRENTREPRENØR
K A RASMUSSEN
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