Regional Network: Recruitment difficulties have eased somewhat
Among Norges Bank's Regional Network contacts, slightly fewer report capacity constraints, and the share facing recruitment difficulties has declined somewhat since the previous survey. Contacts have revised down their growth expectations for 2026 Q2 but expect growth to pick up again somewhat in Q3. They estimate annual wage growth of 4.5% in 2026 and 4.1% in 2027.
All sectors with the exception of oil services expect higher activity ahead. Many contacts point out that customers have become more hesitant owing to prospects for higher interest rates and stronger cost growth ahead. At the same time, data centre buildout, energy supply development and increased defence investment are improving prospects for some contacts.
The share of contacts reporting full capacity utilisation has declined since the previous survey, and fewer contacts are facing recruitment difficulties. Contacts are planning to increase employment slightly in both 2025 Q2 and Q3.
Contacts estimate annual wage growth of 4.5% in 2026 and 4.1% in 2027, an upward revision from projections in the previous survey. Overall, profitability among contacts is little changed compared with 2025 Q2.
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