Finland Construction Market Size, Trends, and Forecasts by Sector - Commercial, Industrial, Infrastructure, Energy and Utilities, Institutional and Residential Market Analysis to 2028 (H2 2024)
Summary
Following a sharp annual decline of 10.6% in 2023, GlobalData expects the construction industry in Finland to shrink further in real terms by 7.6% in 2024, owing to high interest rates, weak investor confidence amid declining building permits, coupled with a continued increase in bankruptcies in construction companies are driving the slowdown in construction projects. According to Statistics Finland, the total number of building permits fell by 13.2% year on year (YoY) in the first four months of 2024, following an annual fall of 26.8% in 2023. According to Statistics Finland, 415 construction companies went bankrupt during the first half of 2024, an increase of 5.9% compared to the same period in 2023. This was preceded by an annual increase of 38.7% in 2023.
Over the remainder of the forecast period, the construction industry is expected to recover and register an average annual growth rate of 3.6% from 2025 to 2028, supported by public and private sector investments in the industrial, renewable energy and transport infrastructure construction. Over the forecast period, Finland's growth will also supported by the government’s goal to generate 10% of all green hydrogen in Europe by 2030. This will be achieved by doubling the amount of hydrogen produced in the country from 140 kilotons per year in 2023. The Finnish Transport Infrastructure Agency introduced a new investment initiative as part of the National Transport System Plan (Transport 12) in March 2024. This program includes EUR2.8 billion ($3 billion) in funding for rail, road, and waterway projects in the country, in addition to another EUR744 million ($788.6 million) for transportation renovation projects from 2025 to 2032.
GlobalData’s Construction in Finland - Key Trends and Opportunities to 2028 (H2 2024) report provides detailed market analysis, information, and insights into the Finnish construction industry, including -
- The Finnish construction industry's growth prospects by market, project type and construction activity
- Critical insight into the impact of industry trends and issues, as well as an analysis of key risks and opportunities in the Finnish construction industry
- Analysis of the mega-project pipeline, focusing on development stages and participants, in addition to listings of major projects in the pipeline.
This report provides a comprehensive analysis of the construction industry in Finland. It provides -
- Historical (2019-2023) and forecast (2024-2028) valuations of the construction industry in Finland, featuring details of key growth drivers.
- Segmentation by sector (commercial, industrial, infrastructure, energy and utilities, institutional and residential) and by sub-sector
- Analysis of the mega-project pipeline, including breakdowns by development stage across all sectors, and projected spending on projects in the existing pipeline.
- Listings of major projects, in addition to details of leading contractors and consultants
- Identify and evaluate market opportunities using GlobalData's standardized valuation and forecasting methodologies.
- Assess market growth potential at a micro-level with over 600 time-series data forecasts.
- Understand the latest industry and market trends.
- Formulate and validate strategy using GlobalData's critical and actionable insight.
- Assess business risks, including cost, regulatory and competitive pressures.
- Evaluate competitive risk and success factors.
- 1 Executive Summary
- 2 Construction Industry: At-a-Glance
- 3 Context
- 3.1 Economic Performance
- 3.2 Political Environment and Policy
- 3.3 Demographics
- 3.4 Risk Profile
- 4 Construction Outlook
- 4.1 All Construction
- Outlook
- Latest news and developments
- Construction Projects Momentum Index
- 4.2 Commercial Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.3 Industrial Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.4 Infrastructure Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.5 Energy and Utilities Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.6 Institutional Construction
- Outlook
- Project analytics
- Latest news and developments
- 4.7 Residential Construction
- Outlook
- Project analytics
- Latest news and developments
- 5 Key Industry Participants
- 5.1 Contractors
- 5.2 Consultants
- 6 Construction Market Data
- 7 Appendix
- 7.1 What is this Report About?
- 7.2 Definitions
- 7.3 CRI Methodology
- About GlobalData
- Contact Us
- List of Tables
- Table 1: Construction Industry Key Data
- Table 2: Finland, Key Economic Indicators
- Table 3: Finland, Commercial Construction Output by Project Type (Real % Change), 2019-28
- Table 4: Finland, Top Commercial Construction Projects by Value
- Table 5: Finland, Industrial Construction Output by Project Type (Real % Change), 2019-28
- Table 6: Finland, Top Industrial Construction Projects by Value
- Table 7: Finland, Infrastructure Construction Output by Project Type (Real % Change), 2019-28
- Table 8: Finland, Top Infrastructure Construction Projects by Value
- Table 9: Finland, Energy and Utilities Construction Output by Project Type (Real % Change), 2019-28
- Table 10: Finland, Top Energy and Utilities Construction Projects by Value
- Table 11: Finland, Institutional Construction Output by Project Type (Real % Change), 2019-28
- Table 12: Finland, Top Institutional Construction Projects by Value
- Table 13: Finland, Residential Construction Output by Project Type (Real % Change), 2019-28
- Table 14: Finland, Top Residential Construction Projects by Value
- Table 15: Finland, Key Contractors
- Table 16: Finland, Key Consultants
- Table 17: Finland, Construction Output Value (Real, $ Million)
- Table 18: Finland, Construction Output Value (Nominal, EUR Million)
- Table 19: GlobalData Construction Market Definitions
- Table 20: Risk Dimensions
- Table 21: Ratings, Scores and Definitions
- List of Figures
- Figure 1: Western Europe, Construction Output (Real % Change), 2022-28
- Figure 2: Finland, Construction Output by Sector (Real % Change), 2022-24 and 2025-28
- Figure 3: Finland, Risk Summary
- Figure 4: Finland, Risk Regional Comparison
- Figure 5: Finland, Construction Output Value (Real, $ Million, 2022 Prices and Exchange Rate), 2019-28
- Figure 6: Finland, Construction Output Value, by Sector (Real, $ Million), 2019-28
- Figure 7: Finland, Construction Value Add (EUR Million, 2015 Constant Prices)
- Figure 8: Finland, Gross Fixed Capital Formation (EUR Million, 2015 Constant Prices)
- Figure 9: Finland, Construction Turnover Index (2015=100)
- Figure 10: Finland, Employment in the Construction Industry
- Figure 11: Finland, Total Building Permits Issued (Unit, Number)
- Figure 12: Finland, Building Cost Index (2015=100)
- Figure 13: Finland, Construction Projects Momentum Index
- Figure 14: Western Europe, Construction Projects Momentum Index
- Figure 15: Finland, Commercial Construction Output by Project Type (Real, $ Million), 2019-28
- Figure 16: Finland, Commercial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 17: Finland, Total Tourist Arrivals (In Numbers)
- Figure 18: Finland, Total Overnight stays (In numbers)
- Figure 19: Finland, Commercial and Office Building Permits Issued (Unit, Number)
- Figure 20: Finland, Warehouse Building Permits Issued (Unit, Number)
- Figure 21: Finland, Agricultural Building Permits Issued (Unit, Number)
- Figure 22: Finland, Accommodation and Food Service Activities Value Add (EUR Million, 2015 Constant Prices)
- Figure 23: Finland, Industrial Construction Output by Project Type (Real, $ Million), 2019-28
- Figure 24: Finland, Industrial Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 25: Finland, Manufacturing Turnover Index (2015=100)
- Figure 26: Finland, Manufacturing Value Add (EUR Million, 2015 Constant Prices)
- Figure 27: Finland, Industrial Production Index (2015=100)
- Figure 28: Finland, Industrial Building Permits Issued (Unit, Number)
- Figure 29: Finland, New Orders for Manufacturing Index (2015=100)
- Figure 30: Finland, Infrastructure Construction Output by Project Type (Real, $ Million), 2019-28
- Figure 31: Finland, Infrastructure Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 32: Finland, Energy and Utilities Construction Output by Project Type (Real, $ Million), 2019-28
- Figure 33: Finland, Energy and Utilities Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 34: Finland, Information and Communication Value Add (EUR Million, 2015 Chain linked volumes)
- Figure 35: Finland, Total Public utility building Permits (Unit, Number)
- Figure 36: Finland, Institutional Construction Output by Project Type (Real, $ Million), 2019-28
- Figure 37: Finland, Institutional Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 38: Finland, Education Value Add (EUR Million, 2015 chained prices)
- Figure 39: Finland, Institutional Building Permits (Unit, Number)
- Figure 40: Finland, Educational Building Permits (Unit, Number)
- Figure 41: Finland, Residential Construction Output by Project Type (Real, $ Million), 2019-28
- Figure 42: Finland, Residential Construction Projects Pipeline, Value by Stage ($ Million)
- Figure 43: Finland, Real Estate Value Add (EUR Million, 2015 Constant Prices)
- Figure 44: Finland, Gross Fixed Capital Formation on Dwellings (EUR Million, 2015 Constant Prices)
- Figure 45: Finland, Residential Building Permits Issued (Unit, Number)
- Figure 46: Finland, Residential Building Cost Index (2015=100)
- Figure 47: Finland, Headquarters of Key Contractors (% of Total Project Pipeline)
- Figure 48: Finland, Headquarters of Key Consultants (% of Total Project Pipeline)
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