05.09.2023
Clusters in turbulence – difficulties in the construction sector started to show in spring
The turnover of clusters in Northern Ostrobothnia started to decline already towards the end of 2022. The biggest drop this year was in the wood products and furniture industry. The metal cluster has been strong in a difficult economic environment, but in late spring its turnover turned to frost as well. Construction was still positive in January. However, the sharp decline in net sales was already visible in April-May.
The difficulties of the business sector have not been reflected as strongly in the number of employees, with the exception of the wood cluster. The cluster of the creative economy and tourism have persisted despite the very challenging situation. Both companies' net sales and number of employees have increased in 2022 and the first half of 2023. The ICT cluster is also growing rapidly. The significance of construction for the region and the national economy as a whole is now beginning to be revealed as net sales come down sharply, even though there was a slight increase in the number of employees in the first half of 2023.
More on cyclical monitoring: Business cycle monitoring - (pohjois-pohjanmaa.fi)
