16,000 construction jobs in Sweden could disappear by 2024

Posted on October 30, 2023   |  

Sweden's housing construction is on a sharp decline due to rising interest rates, which are hampering demand and increasing building costs.

Construction companies anticipate a 43% drop in investments in new housing this year, followed by an additional 36% drop in 2024.

This decline is expected to lead to the lowest number of new homes built in Sweden since the early 2000s, with just 23,600 expected in the upcoming year.

Overall, the total investment in construction is projected to decrease by 14% over 2023-2024, with a 9% reduction this year and an additional 5% drop next year compared to the previous year.

While unemployment remains at historically low levels, employment is likely to decrease by 5%, impacting 16,400 people between 2022 and 2024.