Continued growth, but wide differences

Overall, the enterprises in Norges Bank’s Regional Network expect activity to increase somewhat in the latter half of 2024. Activity growth expectations for Q3 have been revised down slightly from the previous survey. Prospects have weakened in construction, manufacturing and retail trade, while oil services contacts have revised up their activity growth expectations. In services, expectations are little changed from the previous survey. Capacity utilisation is slightly higher than in the previous survey and slightly more enterprises report labour shortages. Regional Network contacts are planning to invest less in 2024 than in 2023 but expect to increase investment in 2025. Contacts’ wage growth estimates for 2024 and 2025 are unchanged from the previous survey at 5.2% and 4.3%, respectively.

Contacts expect continued growth

Overall, contacts expect activity to increase somewhat through the latter half of 2024 (Chart 1). Activity growth expectations in 2024 Q3 have been revised down slightly from the previous survey, and differences across industries have widened (Chart 2). Construction and retail trade contacts expect a decline in activity, and prospects are weaker than before summer. Contacts in the other industries expect activity to increase, and oil services have revised up activity growth expectations for Q3.

Chart 1 Total output growth

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

Chart 2 Output growth. All sectors1

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

Increased pessimism in construction

Construction contacts expect a substantial decline in activity through autumn. The sharpest decline is in building construction. High wage growth, increased material costs and high interest expenses result in weak profitability for many residential and private commercial building construction projects. This is prolonging many decision-making processes and causing a large share of projects to be postponed or cancelled. Some contacts also report a decrease in public sector orders and single out the postponement or cancellation of local government projects. However, energy-efficiency standards for buildings and increased investment in the petroleum sector, the aquaculture sector and the defence sector are boosting activity among some contacts. Construction contractors overall report fairly stable activity. On the whole, infrastructure projects are underpinning activity, while there is a substantial decline in foundation work related to construction projects.

Weaker krone boosts tourism

Services contacts report a rise in demand from both businesses and households. More extensive reporting requirements for businesses and a need for new digital solutions are pushing up demand for consultancy services. Reporting requirements relate in particular to climate, while digitalisation largely focuses on cloud solutions and automation. Some contacts report that the high cost of labour and difficulties in recruiting staff is boosting demand for automated solutions. Contacts report fairly stable demand for advertising services, while the decline in construction is leading to lower activity for architects and recruitment agencies. In addition, real estate companies report a rise in vacant properties, particularly retail properties. At the same time, contacts report a rise in commercial real estate operations, such as work canteens, security and cleaning services. A number of contacts expect that wage growth has boosted household demand. Moreover, a weak krone results in solid growth for travel industry contacts, and they report an increase in the number of both foreign and domestic guests.

Retail trade contacts expect a slight decline in sales volumes in 2024 Q3 and thereafter fairly stable volumes towards the end of the year. Contacts that sell furniture, building materials and cars report the most pronounced decline. Many contacts have increased promotional activity this summer, and a number of contacts expect that this has helped dampen the decline in sales volumes. New rules on car leasing entered into force on 1 July 2024. Some car dealerships therefore report that customers brought forward car purchases and that this lifted sales volumes in Q2, at the expense of Q3. Consumer goods sales have been more robust than capital goods sales, and customers are shifting towards cheaper alternatives, resulting in an upswing for discount stores. Newly established households have changed their buying patterns the most and some upmarket retail trade contacts continue to face increased demand from mature customer segments.

Increased oil industry demand

Activity is high in oil services. Prospects have improved since the previous survey, and contacts expect growth to remain elevated through autumn. Growth is most pronounced in the domestic market, where the petroleum tax package is continuing to boost activity. Furthermore, improved oil and gas extraction is leading to growth in services such as transport, temporary staffing, and production drilling. Substantial willingness to invest in oil and gas globally is also pushing up export market activity. However, high-capacity utilisation and labour shortages are dampening activity growth among a large share of oil services.

Activity growth is strongest in export markets among manufacturing contacts, and a number report that a weaker krone is helping them enter new markets. Growth for some contacts is also due to rising demand from the defence sector, the development of data centres and investment growth in maritime industries. Quotas and disease outbreaks are still limiting production in the aquaculture industry. Renewable energy development is boosting growth for some contacts, but a number of contacts pointed out that profitability is weak and that there is considerable uncertainty surrounding many of these projects. Building materials manufacturers report a decline in output, despite many already having reduced output substantially. Contacts that supply the European manufacturing sector, such as producers of steel and cars, expect demand to slow further in the latter half of 2024.

Investment growth in 2025

Many contacts are holding back investment owing to high investment and financing costs, and a number of contacts have postponed planned projects. A large number of contacts report only investing in essential maintenance. As in spring, manufacturing contacts and oil services are planning for increased investment, while retail trade and services contacts expect investment to fall. Contacts are investing in particular in climate change mitigation measures and digitalisation. At the same time, contacts are planning to invest in ships that can be used in both the oil industry and in the development of renewable energy. The aquaculture industry has resumed investment postponed in 2023, which helps boost investment in 2024, and even more in 2025. Contacts are planning to invest less in 2024 compared with 2023. This is a downward adjustment since the previous survey, when contacts indicated a slight increase. Investment is expected to increase in 2025.

Higher capacity utilisation

The share of contacts reporting full capacity utilisation has increased somewhat since the previous survey (Charts 3 and 4). Slightly more contacts than in the previous survey report recruitment difficulties, and the indicator for labour shortages is now close to its historical average. There is a particular shortage of engineers, skilled workers and chefs. Many contacts report that it is difficult to recruit foreign labour owing to hiring regulations and a weaker krone exchange rate. In this survey, contacts were also asked how much of their workforce they could reduce while maintaining current output levels. On average, contacts reported that they could reduce staffing by close to 5%, and most contacts reported that this share is at a normal level. At the same time, somewhat more contacts reported that this is higher than normal than those that reported the opposite. The share was particularly high among construction and retail trade contacts. Most of these contacts reported that they have spare capacity because activity is currently low but that they expect this to reverse ahead.

Chart 3 Capacity utilisation2 and labour supply constraints3

Percentage shares

Chart 4 Capacity utilisation4 5

Percentage shares

Contacts are planning for an increase in employment in 2024 Q3 and Q4. As in the previous survey, 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. Contacts in IT and tourism are planning to increase their workforces the most.

Unchanged annual wage growth estimates

Contacts expect annual wage growth of 5.2%, as in the previous survey (Chart 5). The wage growth estimate for 2025 is also unchanged at 4.3% in this survey. Oil services have the highest wage growth estimate for 2025, while contacts in construction and services have the lowest. Strong competition for key skills within some occupational groups is boosting wage growth. Contacts also expect the price developments to be important for wage growth in 2025.

Chart 5 Annual wage growth6

Expected annual wage growth. Percent

Improved profitability

Overall, profitability among contacts has improved a little since a year ago, which is the first time since the beginning of 2023 (Chart 6). Oil services contacts report a considerable improvement in margins, reflecting high demand. Profitability among contacts in services and manufacturing has also improved. Lower activity and increased wage and material costs result in a sharp deterioration in profitability in construction. For several retail trade contacts, increased transport costs worsen profitability.

Chart 6 Overall profitability growth

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

The economic situation is still most robust in western Norway

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. As in the previous survey, the regional indicator is highest in the western regions, while it is lowest in the regions Central, Inland and East. In western and southern regions, high activity in the energy sector is having a strong impact on the economy. The regional indicators in the coastal regions have been pushed up by deliveries to maritime industries and increased tourism. Weak developments in construction are pushing down the regional indicators in many parts of Norway, but 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
4SUBSEA
A. MARKUSSEN
A-2
AB ØKONOMI
ACADEMIC WORK
ACCENTURE
ACCOUNTOR
ACEL
ACNE
ACRYLICON, NORD-NORGE
ACTIVEPEOPLE
ADDSECURE
ADECCO
ADECCO, STAVANGER
ADV. WIERSHOLM
ADVANSIA AFRY
ADVISO ADVOKATFIRMA
ADVOKATFIRMA KJÆR
ADVOKATFIRMA TOFTE
ADVOKATFIRMAET BAHR
ADVOKATFIRMAET SCHJØDT
ADVOKATFIRMAET THALLAUG
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, VERDAL
AKERSHUSGARTNEREN
AKERSHUSGRUPPEN
AKOFS NORWAY OPERATIONS
AKSEL ENDRESEN TRANSPORT
AKSELL
AKSELL, KRISTIANSAND
AKSESS BEMANNING
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
ANDERS O GREVSTAD
ANDERSEN MEKANISKE VERKSTED
ANDERSEN OG AKSNES RØRLEGGERBEDRIFT
ANGVIK EIENDOM
ANGVIK GRYTNES ENTREPRENØR
ANKO
ANLEGG ØST ENTREPRENØR
ANNIS PØLSEMAKERI
ANORA
ANTICIMEX
APOLLO REISER
APOTEK 1
APPETITE FOR PRODUCTION
APPEX
APPLICA
APROPOS INTERNETT
APTUM
AQILA
AQUASHIP
ARE TREINDUSTRIER, KAUPANGER
AREAL-GRUPPEN
ARENA TRENINGSSENTER
ARENDAL BRYGGERI
ARGES
ARITECH
ARK BOKHANDEL
ARKI ARKITEKTAR
ARKITEMA
ARKWRIGHT CONSULTING
ARM
ARNA & ÅSANE RØRLEGGERSERVICE
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
ATEC BEMANNING
ATELIER EKREN
ATLANTERHAVSPARKEN
AUKSJONEN.NO
AURORA GROUP
AURSTAD
AUTOPLAN
AVANTOR
AVINOR, TRONDHEIM LUFTHAVN
AVINOR, BERGEN LUFTHAVN
AVINOR, STAVANGER LUFTHAVN
AVO CONSULTING
AWORD
BACKE
BACKE, OPPLAND
BACKE, ROGALAND
BACKE, SANDEFJORD
BACKE, SØR
BACKE, TRONDHEIM
BAKEHUSET NORD-NORGE
BAKER HUGHES
BAKERIET I LOM
BALLANGEN SJØFARM
BALLSTAD SLIP
BAMA
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
BERG BETONG
BERGE & CO
BERGEN ENGINES
BERGEN FIBER
BERGEN KINO
BERGEN PERSONAL
BERGENE HOLM
BERGET
BERG-HANSEN REISEBUREAU
BERG-HANSEN REISEBUREAU, VESTFOLD
BERTEL O. STEEN, ROGALAND
BERTELSEN & GARPESTAD
BEST EVENT
BEST GLOBAL LOGISTICS
BETONMAST, INNLANDET
BETONMAST, RØSAND
BEWI INSULATION
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
BILSENTERET NAMSOS
BILTEMA
BIOMAR
BIOSIRK
BITASTAD
BLANK
BLIKSUND
BLOCK WATNE
BLOWTECH GT
BLU ELECTRO
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
BYBERG
BYGG OG MASKIN
BYGG- OG TØMMERMESTER TOROLF STENERSEN
BYGGIMPULS
BYGGMAKKER
BYGGMAKKER HANDEL
BYGGMESTER SAGEN
BYGGMESTEREN VEST
BYGGPARTNERE
BYGGSERVICE NORD-ØSTERDAL
BYGGTORGET KRISTIANSUND
BYHAVEN KJØPESENTER
BYKLE VINDU
BYRAA BODØ
BÆRUM RØRLEGGERBEDRIFT
BØRGE OUSLAND
BØRSTAD TRANSPORT
CAPGEMINI
CARANORD
CARGILL AQUA NUTRITION
CARNEGIE
CARSHINE
CAVERION
CAVERION, GJØVIK
CAVERION, SUNNMØRE
CC DAGLIGVARE
CC MART'N, GJØVIK
CELSA ARMERINGSSTÅL
CEMASYS NORDIC
CEMO
CENIKA
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
DIGITAL ETIKETT
DNB BANK, NORD
DNB BANK, STAVANGER
DNB EIENDOM
DNB EIENDOM, HAMAR
DNB EIENDOM, TRONDHEIM
DNB EIENDOM, TØNSBERG
DNB NÆRINGSEIENDOM
DNB NÆRINGSMEGLING
DNB NÆRINGSMEGLING, TRONDHEIM
DNH DEN NORSKE HØYTTALERFABRIKK
DNV
DOBLOUG
DOKA
DOLPHIN DRILLING
DOMSTEIN
DRAG INDUSTRIER
DRAMMEN LIFTUTLEIE
DROMEDAR KAFFEBAR
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-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
ELTERAGRUPPEN
EL-TJENESTE
ELVERUM SPORT BILSALG
ENGERS LEFSEBAKERI
ENIVEST
ENRX/IPT TIDL. EFD INDUCTION
ENTEC
ENTRA
ENTRA, MIDT- OG NORD-NORGE
ENTRACK
ENTRO
EPAX
EPINOVA
EPIROC
EPLEHUSET
ERAMET, KVINESDAL
ERAMET, SAUDA
EURO SKO
EUROPRIS
EUROSKILT
EUROSPAR, BROKELANDSHEIA
EUROSPAR, BRUMUNDDAL
EVENSEN & EVENSEN
EVENSTAD MUSIKK -DISTRIBUSJON
EVERZINC
EVIDENS
EVIDIA
EXBO SØRLANDET
EXTRA LEKER
EY
EY, BERGEN
EY, SUNNMØRE
F8 BYGG
FABELAKTIV
FABER BYGG
FAGTRYKK
FARA
FARRIS BAD
FAUN
FEIRING BRUK
FELLESKJØPET, ROGALAND AGDER
FENIX OUTDOOR
FERDA
FERROGLOBE MANGAN
FIGGJO
FINN OG ALBERT EGELAND
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
FIXIT 24
FJELDSETH
FJELLSPORT.NO
FJORD1
FJORDKJØKKEN
FLAKK
FLISA TRYKKERI
FLISEKOMPANIET
FLOKK
FLYTOGET
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
FRENDE FORSIKRING
FRESH FITNESS
FRONTLINE POS
FRYDENBØ BIL
FRYDENBØ INDUSTRI ØKSFJORD
FRØILAND BYGG SKADE
FSV
FUGLEFJELLET
FUGRO
FURNES JERNSTØPERI
FURSET
FUTURE PRODUCTION
FÆDRELANDSVENNEN
FØRDE SEMENTVARE
FØRRE TREVAREFABRIKK
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
GJØCO
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
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
HAFS ELEKTRO & RØR
HAGEN
HALLIBURTON
HALLINGPLAST
HALOGEN
HAMMERFEST INDUSTRISERVICE
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
HAVILA SHIPPING
HAVILA SUBSEA & RENEWABLES
HD HYUNDAI INFRACORE
HEAD ENERGY
HEATWORK
HEGSTAD & BLAKSTAD
HEIDELBERG MATERIALS
HEIMDAL BOLIG
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
HOEL GÅRD PLUSS
HOFF
HOFSETH INTERNATIONAL
HOLBERG FORVALTNING
HOLDBART
HOLE ANLEGG
HOLTE CONSULTING
HORISONT ENERGI
HOTEL ALEXANDRA
HOTEL VICTORIA
HOTELL VIC
HOTELLDRIFT ÅLESUND
HOVDEN HYTTESERVICE
HOVLI AUTO
HRL
HSH ENTREPRENØR
HTH
HTS DYNAMICS
HUNDERFOSSEN FAMILIEPARK
HUNTER DOUGLAS
HUNTON FIBER
HUNTONIT
HUNVIK & CO
HURTIGRUTEN
HUSTAD MØBLER
HYDAL ALUMINIUM PROFILER
HYDRO
HYDRO EXTRUSION
HYDRO VIGELAND BRUG
HYDROLIFT
HÆHRE ENTREPRENØRER
HÅ ELEMENT
HAALAND NORD
HAALAND TYNNPLATE
I P HUSE
IBIZA BOATS
ICOPALTAK
IGLAND GARASJEN
IKEA
IKEA, FORUS
IKEA, LEANGEN
IKEA, RINGSAKER
IKEA, ÅSANE
IKM
IKM ACONA
IMPEC
IMPULSE TRENINGSSENTER
IMS TECHNOLOGIES
INDUSTRIVISUALISERING
INISSION LØKKEN
INNOMHUS
INNOVA
INNOVENTI
INNTRE
INNVIK
INOVYN
INPEX IDEMITSU
INSENTI
INSIDER FACILITY SOLUTIONS
INSPIRIT365
INTEK ENGINEERING
INTERFIL
INTERWELL
INTILITY
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
JM HANSEN
JM ROBOTICS
JOHAN KJELLMARK
JOTRON
JOTUN
JULA
JULIUS JAKHELLN
JÆGER SENTRUM
JÆRBAKEREN ARNE JOHANNESEN
JÆREN SPAREBANK
JÆRENTREPRENØR
K A RASMUSSEN
K EKRHEIM
K. LERØY METALLINDUSTRI
K. LUND
K. NORDANG
KAFFEBØNNA
KANFA
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KARABIN
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KARSTEN MOHOLT
KAVLI
KB ARKITEKTER
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KID INTERIØR
KIMEK
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KITCH'N
KITRON, ARENDAL
KIWI
KLETOR
KLP EIENDOM
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KNOWIT OBJECTNET
KNOWIT, KRISTIANSAND
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KONKURRENTEN
KORKEN CARAVAN
KPMG
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K-PRODUKSJON
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MENTO, HAMMERFEST ENGROS
MESTA
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MUNU
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T FJELLAND & CO
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Ø M FJELD
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ÅSEN & ØVRELID