Stavanger - Economy

Economy

Starting in the 1880s, industry grew in Stavanger, primarily based on treatment and exports of fish and fish-products. The industry was however one-sided which left it vulnerable to changes in demand and was therefore particularly hard hit by the economic depressions between World War I and World War II.

After World War II, the canning-industry hit difficulties. Increased competition from abroad and old machinery led to decrease which was only partially compensated by an increase in shipping and boat-building.

In the 1960s, exploratory oil-drilling in the North Sea changed the situation for Stavanger. It is located close to the oil-fields, and Stavanger with its good harbour and plane-connections was well-positioned to take advantage of the increased activity.

After petroleum-exploration and production became the most important business sector in the Stavanger area during the mid 1970s, business and cultural climate has changed considerably.

The largest oil company in Stavanger is mainly state-owned oil company Statoil who have their headquarters located in the suburban area of Forus, located between neighboring Sandnes and Stavanger.

The NATO Joint Warfare Centre is located at Jåttå.

The presence of oil companies offering high paying jobs have greatly increased the average income of the population. The influx of well-paid residents has also contributed to increasing the housing costs to among the highest in Norway, in some segments even surpassing Oslo. In 2011, the average price apartments at around 80 square metres was 41400 NOK per square metre.