A load bearing building panel having a first sheet intended to provide an inner building surface, a second sheet intended to provide an outer building surface, and an insulating foam core sandwiched between them. The sheet that provides the inner building surface is corrugated to define co-planar portions separated by a plurality of channels which are dimensioned so as to be able to accommodate standard size electrical boxes and/or plumbing pipes. Advantageously, the other sheet is also corrugated to define a plurality of channels so that a plurality of panels can be stacked in a partially nesting relationship.