Stockholm Region Economy Report Q1 2022
The Stockholm Region Economy Report for Q1 2022 reveals a strong recovery post-Covid pandemic, with notable improvements in employment rates and total wages. Unemployment has decreased, while the number of people in employment has risen. Total wages in the private sector have increased, indicating a positive trend in society's purchasing power. The report also highlights stable numbers for start-ups and a decline in company bankruptcies. Overall, the region shows promising signs of economic resilience and growth.
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The Stockholm Region Economy 2022 Q1 2021-03-31 Stockholm Business Region
About the report The report is published each quarter by Stockholm Business Region. The report includes Stockholm County, Uppsala County, S dermanland County, sterg tland County, rebro County, V stmanland County, G vleborg County and Dalarna County. The statistics are based on data from Statistics Sweden, the Swedish Employment Service and the Swedish Companies Registration Office. The report primarily compares the development with the same quarter last year, for example, quarter 1 is compared with quarter 1 last year and so on. The total rolling 12 values are also presented for certain indicators, with the four most recent quarters added together in order to ensure more stability in the trend. These are then compared with the previous four quarters. The diagrams which show the absolute values are seasonally adjusted to show the trend. Other diagrams have index-linked values which show the percentage change from the first year, with value 100, with the corresponding quarter 10 years ago. Individual county reports for the above mentioned can be found in Swedish here: https://stockholmbusinessalliance.se/material/?cat=konjunkturrapporter Questions can be addressed to Stefan Frid at Invest Stockholm. Publisher: Staffan Ingvarsson, CEO Stockholm Business Region.
Recovery continues The recovery after the Covid pandemic was strong during the first quarter of 2022. This was most evident in the labor market with unemployment falling and employment continuing to rise. The number of people employed has gone up by 52,400 in the region and the number of people unemployed has decreased by 38,712. Further, total wages are going up while the number of start-ups remains unchanged. There is some concern, however, about the extent to which inflation and rising interest rates will affect the economy going forward. The Stockholm Region Economy, 2022 Q1 The Stockholm Region Value 2022 Q1 Change (%) -1 year Indicator Aggr. gross pay private sector (billion SEK) Total wages increased by 8.3 percent in the private sector during the first quarter. A similar development can be seen in terms of total wages overall, which have increased by 6.2 percent, as well as per person employed and per inhabitant. This is a positive message in terms of society s purchasing power, which will eventually be favorable for consumption and businesses as the recovery gains momentum. The first quarter of the year reports that the number of start-ups remains unchanged while company bankruptcies continue to decrease. 198,0 8,3 11 347 0 Newly registered businesses 868 -3 Company bankruptcies 2 342 900 2,3 Employment 235 620 72 Recently listed positions The reduction in unemployment has continued in the first quarter and employment is on the rise. The number of people in employment grew by 2.3 percent, or 52,400 people, while unemployment declined by 1.2 percentage points. Layoff notifications have dropped by 43 percent since the high levels seen during the COVID-19 pandemic and the number of vacant jobs continues to rise. 3 220 -43 No. of people given notice 4,9 -1,2 p.p.* Unemployment (%) 4 752,3 0,9 Population (in thousands) 6 405 -3 Housing projects started Commercial accomodations (in thousands) *Change in unemployment in percentage units 4 178 67 The number of inhabitants in the Stockholm region went up by 0.9 percent, or 41,300 people, which is slightly higher than the rate for Sweden as a whole. Recovery continues in the hospitality sector too with commercial occupancy rates now increasing by 67 percent. Staffan Ingvarsson CEO Stockholm Business Region.
Economic growth Aggregated gross pay, the Stockholm Region Index 100 = 2012 Q1 Aggregated gross pay, total 2022 Q1 Billion SEK 257,72 259,54 160,55 16,32 10,58 21,39 13,79 11,56 11,93 11,60 Change -1 year (Billion SEK) 15,05 13,27 10,37 1,07 0,40 1,22 0,76 0,33 0,50 0,39 Change (%) -1 year 6,20 5,39 6,91 7,03 3,89 6,05 5,85 2,98 4,35 3,51 -5 years 24,93 23,18 27,56 27,05 19,39 23,72 21,08 17,78 16,17 16,49 The Stockholm Region Rest of Sweden Stockholm County Uppsala County S dermanland County sterg tland County rebro County V stmanland County Dalarna County G vleborg County 160 150 Aggregated gross pay per employed 140 2022 Q1 Thousand SEK 110,00 94,97 123,65 89,90 82,48 99,01 94,92 97,52 92,44 92,20 Change -1 year (Billion SEK) 4,05 1,37 3,53 5,20 3,58 3,57 3,16 6,36 5,67 1,10 Change (%) -1 year 3,83 1,46 2,94 6,14 4,54 3,74 3,45 6,98 6,53 1,20 -5 years 19,88 20,64 18,76 28,03 19,20 21,60 15,42 21,16 11,85 21,58 The Stockholm Region Rest of Sweden Stockholm County Uppsala County S dermanland County sterg tland County rebro County V stmanland County Dalarna County G vleborg County 130 120 110 Aggregated gross pay per capita 2022 Q1 Thousand SEK 54,23 45,40 66,31 41,18 35,02 45,50 44,93 41,36 41,37 40,33 Change -1 year (Billion SEK) 2,72 2,04 3,62 2,04 1,03 2,36 2,30 0,94 1,64 1,35 Change (%) 100 -1 year 5,28 4,70 5,77 5,20 3,02 5,48 5,39 2,34 4,12 3,47 -5 years 18,76 18,66 20,00 16,38 14,15 19,39 16,64 13,21 14,75 15,34 The Stockholm Region Rest of Sweden Stockholm County Uppsala County S dermanland County sterg tland County rebro County V stmanland County Dalarna County G vleborg County 90 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Total Per capita Per employed Source: Statistics Sweden
Economic growth by sector Aggregated gross pay private sector, by industry, the Stockholm Region Index 100 = 2012 Q1 2022 Q1 Billion SEK Change Change (%) -1 year -1 year Billion SEK -5 years Industry The Stockholm Region Rest of Sweden Stockholm County Uppsala County S dermanland County sterg tland County rebro County V stmanland County Dalarna County G vleborg County 28,75 45,10 11,24 1,94 1,87 3,90 2,49 2,62 2,34 2,35 1,24 1,21 0,78 0,07 -0,03 0,16 0,04 -0,03 0,15 0,07 4,49 2,75 7,50 3,96 -1,58 4,41 1,84 -0,95 7,05 3,06 11,37 28,04 8,30 26,31 10,96 15,43 13,66 6,29 14,04 10,39 200 180 160 Services The Stockholm Region Rest of Sweden Stockholm County Uppsala County S dermanland County sterg tland County rebro County V stmanland County Dalarna County G vleborg County 150,94 113,52 112,94 6,70 3,81 9,09 5,38 4,63 4,33 4,07 12,93 8,00 10,53 0,41 0,27 0,71 0,31 0,23 0,21 0,27 9,37 7,59 10,28 6,45 7,66 8,41 6,07 5,26 5,16 7,22 29,28 22,10 31,83 28,64 16,76 29,26 19,30 20,96 15,67 16,02 140 120 100 80 Other* The Stockholm Region Rest of Sweden Stockholm County Uppsala County S dermanland County sterg tland County rebro County V stmanland County Dalarna County G vleborg County 18,27 21,65 9,87 1,39 1,05 1,66 1,10 0,93 1,14 1,14 0,94 1,21 0,53 0,07 0,06 0,10 0,05 0,02 0,06 0,05 5,44 5,91 5,73 5,67 5,86 6,12 4,37 2,48 5,44 4,80 29,47 37,63 29,88 27,79 31,00 27,43 31,37 33,24 27,38 27,02 60 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 The Stockholm Region, whereof Industry Services Other K lla: Statistiska centralbyr n (L nesummor nattbefolkning, arbetsgivaravgifter och prelimin r A-skatt, LAPS) *Other includes, agriculture, forestry and fishing, construction and unspecified sectors
Newly registered businesses The number of newly registered businesses Deseasonalized values (moving average) The first quarter saw 11,347 new companies start up in the Stockholm region. In comparison to quarter 1 2021, this means no change. 12,000 G vleborg County and V stmanlands County accounted for the greatest increase in start-ups. 10,000 According to the seasonally adjusted figures, the rate of start-ups is at its highest point for ten years. 8,000 Newly registered businesses 6,000 Number Change (%) R12* 2022 Q1 -1 year -5 years Number Ch., % The Stockholm Region 11 347 0 10 40 498 5 4,000 Rest of Sweden 10 826 0 18 38 268 7 Stockholm County 7 566 3 10 27 066 6 2,000 Uppsala County 642 -10 3 2 343 -4 S dermanland County 539 -1 4 1 820 5 sterg tland County 704 -11 4 2 565 2 0 rebro County 510 -10 5 1 749 3 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 V stmanland County 477 6 33 1 675 6 The Stockholm Region Rest of Sweden Dalarna County 471 0 14 1 706 6 G vleborg County 438 11 22 1 574 17 Source: The Swedish Companies Registration Office *Last four quarters
Company bankruptcies Company bankruptcies Deaseasonalized values (moving average) Company bankruptcies decreased across the Stockholm region in the quarter. 1,200 However, bankruptcies have increased within real estate companies and property management but have gone down in most other sectors. 1,000 800 Company bankruptcies 600 Number Change (%) R12* 2022 Q1 -1 year -5 years Number Ch., % The Stockholm Region 868 -3 4 3 517 -8 400 Rest of Sweden 771 -10 -2 3 272 -7 Stockholm County 588 0 13 2 323 -7 Uppsala County 45 -15 -17 198 -14 200 S dermanland County 37 -18 6 188 -7 sterg tland County 41 -21 -29 175 -19 0 rebro County 39 0 -9 162 -5 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 V stmanland County 37 0 -23 158 -4 The Stockholm Region Rest of Sweden Dalarna County 38 -14 -16 134 -20 G vleborg County 43 13 23 179 8 Source: Statistics Sweden * Last four quarters
Employment Employed population Index 100 = 2012 Q1 Employment increased in the first quarter. 120 During the first quarter, the strongest growth in employment was seen in personal and cultural services and in construction. 115 Employment dropped most within the transport sector, and in manufacturing, mining, power, and environmental industries. 110 105 Employment Number Change (number) Change (%) 100 2022 Q1 -1 year -1 year -5 years The Stockholm Region 2 342 900 52 400 2,3 4,2 Rest of Sweden 2 732 800 101 900 3,9 2,1 95 Stockholm County 1 298 400 48 200 3,9 7,4 Uppsala County 181 500 1 500 0,8 -0,8 90 S dermanland County 128 300 -800 -0,6 0,2 sterg tland County 216 000 4 700 2,2 1,7 85 rebro County 145 300 3 300 2,3 4,9 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 V stmanland County 118 500 -4 600 -3,7 -2,8 The Stockholm Region Rest of Sweden Dalarna County 129 100 -2 700 -2,0 3,9 G vleborg County 125 800 2 800 2,3 -4,2 Source: Statistics Sweden
Employed population, by industry Number Change (number) Change (%) The Stockholm Region 2022 Q1 -1 year -1 year -5 years Agriculture, forestry & fishing N/A N/A N/A N/A Manufacturing, mining, quarrying & utilities 212 800 -6 400 -2,9 7,0 Manufacturing of workshop products 109 000 -1 600 -1,4 13,7 Construction 144 500 11 900 9,0 1,8 Trade 227 400 3 700 1,7 -7,0 Transport 63 700 -3 800 -5,6 -38,5 Accommodation & food services 35 200 2 600 8,0 -55,8 Information & communication 167 000 6 100 3,8 38,9 Arts, entertainment, recreation & other services 106 800 14 900 16,2 -11,4 Financial & insurance 494 500 20 000 4,2 9,3 Public administration 193 100 200 0,1 21,8 Education 264 100 4 600 1,8 2,3 Health 308 600 -4 700 -1,5 -5,7 Unspecified N/A N/A N/A N/A Employed in Sweden 2 330 400 48 800 2,1 4,0 Employed abroad 9 300 900 10,7 126,8 Total 2 342 900 52 400 2,3 4,2 Source: Statistics Sweden
Employed population, by occupation Number Change -1 year The Stockholm Region 2022 Q1 Number % Armed forces occupations N/A N/A N/A Managers 182 300 7 300 4 Occupations requiring advanced level of higher education 783 300 7 200 0,9 Occupations requiring higher education qualifications or equivalent 404 500 -13 500 -3 Administration and customer service clerks 162 300 -300 -0,2 Service, care and shop sales workers 341 700 -14 300 -4 Agricultural, horticultural, forestry and fishery workers 8 900 -2 100 -19,1 Building and manufacturing workers 166 300 -8 700 -5 Mechanical manufacturing and transport workers, etc. 115 400 2 100 1,9 Elementary occupations N/A N/A N/A Unspecified 62 600 62 600 N/A Employed in Sweden 2 330 400 48 800 2,1 Employed Abroad 9 300 900 10,7 Total 2 342 900 52 400 2,3 Source: Statistics Sweden
Recently listed positions Recently listed positions at the Swedish Public Employment Service Index 100 = 2012 Q1 The number of vacant jobs listed at the Swedish Public Employment Service grew by 72 percent in the Stockholm region. 250 200 The number of new vacancies registered grew most within hotels and restaurants, followed by transport companies and retail. 150 Recently listed positions Number Change (%) R12* 100 2022 Q1 -1 year -5 years Number Ch., % The Stockholm Region 235 620 72 31 713 937 76 Rest of Sweden 269 235 55 32 802 020 59 Stockholm County 132 331 96 30 408 955 91 50 Uppsala County 16 574 60 55 49 971 62 S dermanland County 12 901 54 35 37 417 69 sterg tland County 23 208 50 11 71 020 57 0 rebro County 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 14 166 51 35 38 984 60 V stmanland County 12 773 42 41 36 524 51 The Stockholm Region Rest of Sweden Dalarna County 12 498 35 36 38 138 56 G vleborg County 11 169 50 42 32 928 55 Source: The Swedish Public Employment Service * Last four quarters
The number of people given notice The number of people given notice Index 100 = 2012 Q1 There was a decrease of 43 percent in the number of people who received layoff notifications in the Stockholm region in the quarter. 600 500 However layoff notifications grew in rebro, S dermanland, and Dalarna County. The number of people given notice Number 400 300 Change (%) R12* 2022 Q1 -1 year -5 years Number Ch., % The Stockholm Region 3 220 -43 -26 14 281 -72 200 Rest of Sweden 1 871 -42 -62 9 544 -71 Stockholm County 2 232 -46 -12 10 824 -72 Uppsala County 100 68 -61 -69 308 -74 S dermanland County 255 66 589 476 -70 sterg tland County 259 -38 -47 690 -76 0 rebro County 222 335 -39 602 -56 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 V stmanland County 65 -88 -70 457 -72 The Stockholm Region Rest of Sweden Dalarna County 108 83 -68 360 -78 G vleborg County 11 -91 -93 564 -65 Source: The Swedish Public Employment Service * Last four quarters
Unemployment Unemployment decreased by a little more than 1 percentage point during the first quarter, which corresponds to approximately 38,700 people. Unemployment in relation to the population (%), 15-74 years 7 The lowest rate of unemployment can be found in Dalarna County (4.2%), followed by Uppsala County (4.3%). 6 5 4 Unemployment Unemployed out of population, 15-74 years Number Change -1 year (number) -38 712 -89 746 -21 925 -2 125 -2 214 -3 384 -2 407 -2 505 -1 933 -2 220 3 2022 Q1 170 675 362 661 83 043 12 554 13 681 16 930 11 129 11 893 8 561 12 883 2022 Q1 4,9 4,8 4,6 4,3 6,4 5,0 5,1 6,0 4,2 6,3 -1 year 6,1 6,0 5,9 5,1 7,5 6,0 6,2 7,2 5,1 7,3 -5 years 4,9 5,1 4,1 3,8 7,1 5,8 5,3 6,2 5,0 7,4 The Stockholm Region Sweden Stockholm County Uppsala County S dermanland County sterg tland County rebro County V stmanland County Dalarna County G vleborg County 2 1 0 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 The Stockholm Region Sweden Source: The Swedish Public Employment Service and Statistics Sweden
Youth unemployment and long term unemployment No. of persons Change (number) Change (%) The Stockholm Region 2022 Q1 -1 year -1 year -5 years Open unemployment 83 303 -25 262 -23,3 -5,1 whereof long-term unemployment 31 994 -10 990 -25,6 22,2 whereof youth unemployment 7 984 -3 236 -28,8 -21,9 Active labour market programmes 87 372 -13 450 -13,3 14,8 whereof youth in active labour market programmes 10 771 -4 206 -28,1 -17,0 Total no. of unemployed 170 675 -38 712 -18,5 4,2 Source: The Swedish Public Employment Service
Population Population growth Index 100 = 2012 Q1 The number of inhabitants in the Stockholm region has increased by 41,300 people since last year, which is the equivalent of 0.9 percent. 114 112 Uppsala experienced the greatest growth in population (1.7 percent). 110 The Stockholm region accounted for more than half of Sweden s total population growth. 108 106 104 Population 102 2022 Q1 Change -1 year Change (%) (in thousands) 4 752,3 5 716,2 2 421,3 396,3 302,2 470,1 307,0 279,4 288,5 287,6 -1 year 0,9 -5 years 5,2 100 41,3 37,4 25,6 6,8 2,5 2,5 1,3 1,8 0,6 0,1 The Stockholm Region Rest of Sweden Stockholm County Uppsala County S dermanland County sterg tland County rebro County V stmanland County Dalarna County G vleborg County 0,7 1,1 1,7 0,8 0,5 0,4 0,6 0,2 0,0 3,8 6,3 9,2 4,6 3,6 3,8 4,0 1,2 1,0 98 96 94 92 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 The Stockholm Region Rest of Sweden Source: Statistics Sweden
Housing projects started Number of housing projects started Index 100 = 2012 Q1 Housing construction decreased generally across the Stockholm region in the quarter. 600 There has nevertheless been an increase in housing construction over the full year. 500 In terms of housing for which construction commenced during the quarter, the largest increase was in sterg tlands County. 400 Housing projects started 300 Number Change (%) R12* 2022 Q1 6 405 -1 year -3 -5 years -24 Number 26 733 Ch., % 19 The Stockholm Region 200 7 291 -17 -15 28 133 -2 Rest of Sweden 2 935 -24 -38 13 857 19 Stockholm County 803 1 -29 4 344 62 Uppsala County 100 731 24 9 2 300 10 S dermanland County 1 019 135 103 2 213 35 sterg tland County 82 -45 -89 580 -60 rebro County 0 540 57 9 1 879 30 V stmanland County 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 243 15 242 801 15 Dalarna County The Stockholm Region Rest of Sweden 52 -72 -59 759 -4 G vleborg County Source: Statistics Sweden * Last four quarters
Commercial accomodations Commercial accomodations (hotels, hostels, cabin villages and camp sites) Index 100 = 2012 Q1 Commercial accomodations 140 2022 Q1 Change (%) -1 year 67 152 59 85 82 57 61 65 67 45 45 R12* -5 years -7 -26 -4 -18 -11 -9 4 -19 43 14 4 Ch., % 65 106 54 83 61 41 49 45 50 42 44 (thousands) 4 178 772 4 077 2 127 145 119 220 129 152 1 096 190 (thousands) 17 075 2 766 20 961 9 605 681 685 1 387 683 658 2 565 810 120 The Stockholm Region Of which foreign** Rest of Sweden 100 Stockholm County Uppsala County 80 S dermanland County sterg tland County 60 rebro County V stmanland County 40 Dalarna County G vleborg County 20 * Development last four quarters 0 ** Foreign accomodations excluding camping 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 The Stockholm Region Rest of Sweden Source: Statistics Sweden and Swedish Agency for Economic and Regional Growth
Stockholm Business Region Stockholm Business Region is the official business office for the city of Stockholm, responsible for the strategic development and international promotion of the city, as well as the brand Stockholm The Capital of Scandinavia. The company is owned by Stockholm City and has two subsidiaries, Invest Stockholm and Visit Stockholm. All reports can be found at https://stockholmbusinessalliance.se/material/?cat=konjunkturrapporter Questions can be addressed to Stefan Frid , Invest Stockholm. Publisher: Staffan Ingvarsson, CEO Stockholm Business Region Stockholm Business Region P.O. Box 16282 SE-103 25 Stockholm, Sweden Phone + 46 8 508 280 00 www.visitstockholm.com www.investstockholm.com www.stockholmbusinessregion.se
