Wood construction to boost Finnish economy

Increasing wood construction in Finland could also create business opportunities for international companies interested in manufacturing wood elements in Finland.

The Finnish economy would benefit significantly from an increase in wood construction, according to a study by Pellervo Economic Research (PTT). The study forecasts that increasing wood construction in line with Finland’s Strategic Programme for the Forest Sector would increase exports of wood construction carpentry products, create up to 6000 new jobs, reduce imports in the construction sector, and boost the national economy by EUR 1 billion.

This could also offer business opportunities for international companies involved in wood construction that are interested in manufacturing their products in Finland, possibly also for export. PTT specifically expects export growth in prefabricated houses and wood elements. In the study, PTT bases its calculations on the target set in Finland’s Strategic Programme for the Forest Sector, which proposes that 20% of Finland apartment block construction will consist of wood buildings.

Many benefits of wood construction

In addition to house construction, PTT also expects wood construction to become more popular in the construction of business premises, offices and storage buildings, as well as in the repair construction of facades. The study predicts that wood construction will become a serious alternative in the construction market that will have a major impact in terms of increased competition, innovation, and the development of wood elements.

Wood construction is also believed to improve productivity in the construction industry. “Due to the lack of competition, productivity has not developed to the same extent as in other sectors. It is good from the perspective of the construction sector that wood construction increases competition,” says Pasi Holm, CEO of PTT.

Source: PTT, Talouselämä