The last quarter of 2024 was close to the corresponding period of the previous year in HVAC wholesale sales, with a minus of one percent. Cumulatively, the year 2024 was a freezing point of about 7%. After the sharp drop in the first quarter of last year, many believed that a turnaround for the better would come at the end of the year. Some kind of turnaround was seen when the decline leveled off and the last two quarters were already on par with the corresponding periods of the previous year. So the decline was reversed, but no increase was seen yet.
Despite positive signals, new housing construction did not start to grow again, and the price level of used housing decreased in several areas, bringing more caution to new construction. Other construction performed better, and company-specific differences emerged between building services companies depending on each one's focus area.
"If the winds of world politics do not bring any unpleasant surprises, construction – and also building services – will likely start to grow cautiously this year, along with the rest of the economy," says Talteka's CEO. Ilkka Salo.
The Finnish Construction Industry Association (RT) predicts growth in all construction sectors this year. Although with quite moderate figures, especially considering that the comparison year was poor.
There is always a delay in new construction before it is the turn of building services. Renovation construction, on the other hand, accelerates our sector more quickly. A pick-up in housing sales would also bring momentum to renovations, and there is already a pent-up need to launch projects in this sector.
In any case, the bottoms have now apparently been seen in all construction and the direction is gently upward.
More information
Ilkka Salo
CEO
ilkka.salo@rt.fi + 358 40 847 9907Finnish Building Services Industries and Trade (Talteka)