🇸🇪 Report: Major investments in Norbotten have great socio-economic potential
An increase in Sweden’s GDP of 2-3 percent.
20,000 new jobs.
EUR 17.6 billion in investments up until 2030, additional 44 billion until 2050.
This is part of the potential that lies in the pot when the industry in the region of Norrbotten is transitioning. The new report “Norrbotten: The industrial transition and its socio-economic impacts” provides an overall picture of the profits that are within reach – and what is required.
Industrial investments totaling over SEK 200 billion (EUR 17.6 billion) are planned up until 2030 in Norrbotten, and additional SEK 500 billion (EUR 44 billion) until 2050. In relation to its population size, this means an investment rate almost four times higher than the average in Sweden in a normal year.
The report, released in May 2024, shows in clear figures and examples the social benefits of the industrial transition in Norrbotten – for Sweden’s economy, climate and demography. The industrial transition will increase Sweden’s GDP by 2-3 percent, corresponding to SEK 80-160 billion per year (EUR 7-14 billion), already in 2030.
The report also includes calculations on export value, tax revenues, climate benefits, jobs and demographics. For example, it is about 20,000 new jobs and an annual increase in tax revenue of SEK 15-35 billion (EUR 1.3-3 billion).
During the Swedish real estate industry’s conference Business Arena in Stockholm in September, Invest in Norrbotten participated with Region Norrbotten and seven of Norrbotten’s municipalities to show the great investment opportunities. During a panel discussion Kristina Alvendal, the government’s industry coordinator, said that despite the positive outlook, the real estate industry in particular has not fully embraced the opportunities that all investments in northern Sweden offer. “It is strange that many real estate companies have not moved their positions north,” she said.
The panel agreed that the major challenges, such as infrastructure and housing construction, require greater community involvement and clearer support from both the government and private actors. The investments in infrastructure, more housing and in society need to take place now and in the coming years.
– People need somewhere to live. If there is not enough housing, people will not move here in the extent we need. 11 out of 14 municipalities have a housing deficit already today, said Janus Brandin, Director for regional development at Region Norrbotten.
The released report concludes with an analysis of the dire consequences of letting this opportunity slip through Sweden’s fingers: lost revenue, lost competitiveness and climate targets that will be almost impossible to achieve.
The report is based on a study of the impact of eight major industrial projects in Norrbotten, up to 2030. It is based on a number of open sources and reports, as well as analyses by McKinsey & Company.
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Read the full report here
Originally published on 25 October by Invest Norbotten.
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