Outlook

In Finland, the increase in the total volume of construction is estimated to be delayed until 2015. Domestic migration to urban growth centres and low interest rates will maintain demand for housing. At the same time, increased difficulty in obtaining mortgages and even longer sales times of old apartments will weaken the demand. The focus of demand is on small apartments in city centres. Commercial construction projects also concentrate on urban growth centres – and even there the occupancy rates of commercial premises have declined.

The total volume of infrastructure construction is restricted by the slow economic growth, the insufficient availability of state and municipal funding for infrastructure construction and the decline in new building construction. However, there is a reasonable amount of specialised contracting projects available in infrastructure construction, and the construction of underground city-centre premises continues.

The demand for contracting in technical building services is impaired by the decreasing building construction. Project start-ups will be delayed and, as competition intensifies, the margin level of contracting will be lower than before. The market situation for the upkeep and maintenance of technical building systems is expected to remain stable.

In Norway, Sweden and Denmark, multi-year, state-funded traffic infrastructure development plans are currently underway, and these three countries are also investing heavily in the development of energy production. The private sector’s investments in infrastructure construction are also estimated to continue increasing. Large-scale road projects are being planned around urban growth centres, which will increase demand for specialised contracting in infrastructure construction in different parts of Scandinavia.

In Russia, domestic migration, the growing middle class and the increased availability of consumer mortgages are still supporting demand for comfort-class apartments. Efforts to develop infrastructure in Russia are also increasing, and, for example, numerous projects to expand and repair road networks are currently underway.

In the Baltic countries, growth trends in infrastructure construction over the next few years will be determined by the availability of financing. Ongoing road construction and basic improvement projects will keep demand for infrastructure construction at a reasonable level this year, at least in Latvia and Lithuania. The launch of the Rail Baltica traffic project would boost the infrastructure construction market situation in all of the Baltic countries.