Greater Manchester’s economic boom

The future is looking very bright for Manchester: the economy is booming and with it more people are flocking to the city.

Greater Manchester’s economic boom

The recent ‘Beyond the City’ report commissioned by the International Festival for Business (IFB) revealed that Manchester has overtaken leading global cities in terms of employment growth. Whilst the employment rate in Manchester is set to increase by 3.8% (or approximately 14,000 jobs) in the coming five years, other capital cities are expected to experience much slower growth: Manchester was able to outdo the likes of Paris- with an expected growth of 1.7%, Berlin with a 1% increase and even Tokyo, where employment is predicted to fall by 0.7%.

The employment rate in Manchester is set to increase by 3.8% in the next 5 years

The report by IFB looked at cities with local economies in manufacturing, energy and environment, and professional services, as well as digital and creative sectors. The 14,000 jobs expected to be created in the Manchester area are set to predominantly fall into the professional services sector (7,400), with an emphasis on the financial services. In comparison, Manchester’s neighbouring city Salford is expecting a massive 53% increase in jobs within the digital and creative sectors thanks to its ever-growing purpose-built hub MediaCityUK. For Salford this would mean that disposable income in the area would increase by an impressive 11.7%.

Commenting on the findings of the report, Manchester City Council Leader Sir Richard Leese said: “Manchester is a confident, international city, strengthened by hugely successful partnerships between the public and private sectors that have helped drive an engine of growth larger than anywhere else outside of London and the South East.”

As Manchester remains the favoured destination for investment outside of London, more global business and job creation means an increasing number of people coming to the city – so much so that Manchester has become one of the fastest growing cities in the UK in terms of its population.

In fact, latest government data has revealed that Manchester’s population has experienced an annual upsurge in numbers by 1.1%, meaning that as of mid-2014 Manchester is home to over 520,215 people. The only area growing faster in the Greater Manchester region is Salford, where the population amplified by an impressive 1.3%.

As a result of this surge in population growth, the total population of Greater Manchester rose to 2.7 million – that’s estimated to be approximately 50 people more every single day within the year leading up to mid-2014.

As Greater Manchester continues to grow in regards to its population and business activity, the demand for available housing is set to soar even further across the county, placing an increased amount of strain on the local buy-to-let market. Savvy investors are already taking advantage of this new buy-to-let landscape, particularly in Manchester and Salford, with both cities named investment hotspots by HSBC.

To browse through Knight Knox’s current investment opportunities in this area click here.

Intus Lettings vertical - April 2019

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