In this short paper we introduce a research project currently underway exploring the industrial development, and accompanying socio-economic changes, in an industrial town in Sweden: Karlskoga. Here we consider specifically the confluence of factors and issues around economic development on the one hand, and population and migration on the other hand. We illustrate, through the Karlskoga case of a town that has experienced profound ups and downs both in its economic trajectory but also in accompanying population and migration trends, the importance of considering these two elements in harmony. We posit that to undertake sustainable economic development in the future, old industrial towns such as Karlskoga need to centre their efforts around quality of life and place attractiveness, and not only think of industrial development in a narrow sense. This is an introductory work relating to a project which is ongoing.