Chat with us, powered by LiveChat Manchester’s economy is growing fastest in the UK
8th October 2019
4 minutes

Manchester’s economy is growing fastest in the UK

According to the 2019 annual State of the City Report, Manchester’s economy is growing at a faster rate than the rest of the UK.

Manchester’s international reputation, as a desirable destination to live, visit and carry out business, is continuing to thrive according to Manchester City Council leader Sir Richard Leese.

The State of the City Report offers in-depth comparative analysis of how Manchester is performing, in its determination to be in the top performing world class city by 2025. The report also presents Manchester’s vision for the next decade, highlighting improvements to be made in the upcoming years.

Manchester’s cultural offering, career opportunities, new housing developments and investment in infrastructure mark Manchester as a desirable city that people want to live, work and play in – and our growing population pays tribute to this.

The report is organised into five themes: a connected, liveable and low carbon, thriving and sustainable, high-skilled, progressive and equitable city.

A connected city

Great transport links, both nationally and internationally, are essential to the success of Manchester. The State of the City report highlights the importance of efficient transport, digital infrastructure and international connections.

Manchester already benefits from solid transport links, but future investment needs to be made in cycling, mass transportation routes and walking, according to the report.

A liveable and low carbon city

Back in 2009, Manchester City Council pledged to reduce its own CO2 emissions by 42% by 2020, a target they surpassed in 2018/19 when they achieved over 48%. However, the whole of Manchester needs to get to this level as the city centre has promised to become a zero-carbon city by 2038.

Creating high-quality housing in safe, clean neighbourhoods near cultural, leisure and sporting facilities – helping to ensure that Manchester is a great place to live.

Manchester has committed to building 32,000 new housing developments by 2025, with at least 20% being affordable to the people of Manchester. Improving recycling rates across Manchester is also a major concern. Household recycling currently shows rates are reaching 40% across Manchester.

A thriving and sustainable city

Over the last two decades, Greater Manchester’s population growth has soared, particularly in central Manchester and the surrounding areas. A growing population brings with it rental demand and increased demand on the education system.

Alongside this, graduate retention is higher than ever, with 51% of students choosing to remain in Manchester after graduation. The latest forecasts suggest that Manchester’s population will exceed 635,000 by 2025, 100,000 of which will be living in the central Manchester area.

Manchester has seen major investment in the past decade, especially in infrastructure across central Manchester and Salford. New developments such as NOMA, Spinningfields and New Bailey have spurred job creation and attracted businesses’ global headquarters to Manchester. Manchester is recognised for its thriving digital sector and certainly has the potential to be a world leader in technology.

A high-skilled city

Due to an increase in graduate retention, a growing number of Greater Manchester’s residents are now qualified to degree level or above. Reducing welfare support through upskilling residents remains a high priority in Manchester, encouraging residents into jobs in order to share Manchester’s economic success.

School pupils are continuing to achieve higher than average results at Key Stages 1 and 2, resulting in a higher percentage of young people having the relevant skills needed to work. Whilst Key Stage 4 results are slightly lower than the national average, more students are attaining grade 5 and above in English.

Connecting schools with Manchester businesses is a top priority for the council, ensuring that each young person in the city has a relevant work placement.

A progressive and equitable city

During the last ten years, Manchester has made improvements in decreasing the disparities between different areas in the city. However, the report states that areas of deprivation still exist and more needs to be done to deal with it. Encouraging people to use their skills and unlock their potential through work and education is the main way out of poverty.

Homelessness remains a major concern in Manchester and the city council is working closely with organisations to help solve the issue. Manchester’s Homelessness Strategy, which focuses on decreasing homelessness and helping those at risk, sets out aims and aspirations shared by the council and partners who are working to reduce homelessness in Manchester.

Manchester has seen great progress in several health outcomes, including decreased numbers of alcohol-related hospital admissions, suicides and increases in life expectancy.

Why Manchester is a great city for buy to let investors

Manchester is continuing to thrive with investments in infrastructure, a growing population and increased culture offerings.

The city’s property market continues to thrive, with rental demand higher than ever. Fortunately for the residents of Manchester and future tenants, we’re in the process of constructing several new apartment buildings. One of our developments is in close proximity of UA92, a brand-new university that is set to attract 6,000 students to the area.

Explore our other areas which include: Ancoats, City Border, City Centre, Northern Quarter, Princess Street, Salford Quays, Spinningfields, and Trafford.

If you’re interested in investing in the future of Manchester, get in touch today.

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