Stockholm Economy Statistics Q1 2012 - Wages grow, but at a slower rate

Wages continued to rise in Stockholm during the first quarter of 2012, buoyed by growth in the public sector. The high level of enterprise has continued, and sales within the service sector have increased. Stockholm is attracting more and more visitors and residents. The county’s population is growing by 36,000 people each year, and has now reached 2.1 million.

During the first quarter of 2012, wages rose by 5.33% in Stockholm County and 2.9% in the City of Stockholm compared to the previous quarter. Private sector wages continued to rise in Stockholm, albeit at a slower rate. Hotels and restaurants showed the strongest growth in Stockholm County. In the City of Stockholm, growth was strongest in the care industry.

The number of people in employment is continuing to rise, as is the number of vacant positions, but at a weaker rate. At the same time, the number of people given notice of termination and the number visibly unemployed have also increased. Visible unemployment stood at 3.8% in the county and 4.0% in the city. Visible unemployment dropped for young people aged 15-24 and for the long-term unemployed.

The number of inhabitants in Stockholm County rose by 8,146 compared to the fourth quarter of 2011, of which 3,817 were in the City of Stockholm, and Stockholm County alone continues to account for more than half of Sweden’s population growth.

“It’s fantastic news that Stockholm now has 2.1 million inhabitants,” says Olle Zetterberg, CEO of Stockholm Business Region. “This shows that we really are on our way towards becoming a world-class city.”

Housing construction remains low, with 750 apartments started in Stockholm County during the first quarter of 2012. 396 of these were in the City of Stockholm. This represents a drop of 68% and 67% for the county and the city respectively compared to the same quarter in 2011.

The hospitality industry remains strong, with 1,929 million commercial overnight stays in Stockholm County, an increase of more than 7% compared to the same quarter in 2011. 

For more information, contact:
Maria Fogelström Kylberg, PR Manager
+46 (0)70 472 80 69, maria.fogelstrom-kylberg@stockholm.se

About Stockholm Economy Statistics
Stockholm Business Region monitors developments in the City of Stockholm and Stockholm County with the  report, which is published four times a year.

About Stockholm Business Region
Stockholm Business Region works with its subsidiaries, Stockholm Business Region Development and Stockholm Visitors Board, to develop and market Stockholm as a place for business and tourism. Stockholm Business Region promotes the brand Stockholm – The Capital of Scandinavia.