Invest in Greater Manchester

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GREATERMANCHESTER

London OfficeThe Podium 1 Eversholt Street London NW1 2DN

Head OfficeHastingwood Park Business Centre, Wood Lane Birmingham B24 9QR

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Greater Manchester is a metropolitancounty in the North-West of England, encompassing one of the largest metropolitan areas in the UKand is comprised of the followingBoroughs:

Bolton, Bury, Oldham, Rochdale, Stockport, Tameside, Trafford, Wigan alongside the cities of Manchesterand Salford.

INVEST IN... GREATER MANCHESTER

POPULATIONThe population of Greater Manchester stands at approximately 2.7 million. Between 2004 and 2014 the region saw a population increase of 7.2%.

MILLION2.7

STUDENT POPULATIONGreater Manchester has one of the largest student populations in Europe, spread over institutions such as the University of Manchester, Manchester Metropolitan University, the University of Salford, the University of Bolton and the Royal Northern College of Music, among others.

• Greater Manchester contributes £56bn GVA (Gross Value Added) to the national economy every year, making it the largest economic area outside of London. This is projected to rise 2.8% per year until 2024 (in line with the projected national average), taking Greater Manchester’s total GVA to £72bn.

• Manchester is the European City of Science for 2016, reflecting its history as being the crucible of the industrial revolution and the city which split the atom, created the programmable computer, birthed the world’s first “test tube baby” and isolated Graphene, among many other achievements.

• Greater Manchester sees 1.15 million international tourists a year and the total value of the international and national tourist industry to the region is £7.5bn per annum. The most popular tourist sites include The Lowry, the Museum of Science and Industry, Manchester Art Gallery, the National Football Museum and the Manchester Museum.

• £113m invested in Rochdale over 2015 in business parks and the town centre which created 500 jobs. (Greater Manchester Property Investment Guide 2016)



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• Bolton is undergoing a £1bn transformation over the coming years, with investment in distribution and logistics infrastructure alongside further investment in the town centre, the markets and retail quarters and further residential building. (Greater Manchester Property Investment Guide 2016)

• Oldham’s great links into Manchester and straight onto the major motorways makes it a perfect place for businesses to call home. Over 6000 business are based in Oldham, from advanced manufacturing, health and construction to digital, creative and media companies, most notably the Trinity Mirror Group which is based in Chadderton. (Greater Manchester Property Investment Guide 2016)

• Stockport’s economy supports the third largest workforce in Greater Manchester with 121,000 people in employment. (Greater Manchester Property Investment Guide 2016)

• Tameside is investing heavily in educational facilities and, therefore, the future. The ‘Vision Tameside’ project is putting a lot of money into transforming the Tameside College Campus and building an Advanced Learning Centre which can accommodate hundreds of students. (Greater Manchester Property Investment Guide 2016)

• Trafford is the most economically competitive area in Greater Manchester, producing £5.8bn GVA – the highest productivity per head in the region and 10,000 companies are based in the borough. (Greater Manchester Property Investment Guide 2016)

• Wigan’s economy is expected to grow 2.3% per year to 2024 and achieve a total of £5.6bn GVA. The borough also has plans to build 10,000 new homes over the next ten years. (Greater Manchester Property Investment Guide 2016)



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HOUSINGThe average price of a property in Greater Manchester was £163,360 in 2015. This average price represents a 3.8% increase over the previous year. (New Economy Manchester figures)

Property prices and building rates in the City Region are driven mainly by the city of Manchester itself, though construction is becoming more prevalent across Greater Manchester.

JLL predict that house prices in Manchester will continue to rise by over 5% a year (over 20% by 2020) and this is borne out by the continuing imbalance between supply and demand in the city combined with its growing stature as one of the best places for young people to live. Hundreds of dwellings are built in Manchester every year but the rate at which developments are completed is not close to the level required.

In addition to all the private developers, such as Knight Knox, building new dwellings, it is worth bearing in mind other sources of funding such as the Greater Manchester Housing Fund - £300m earmarked to get difficult or underfunded schemes off the ground instead of letting them fail.

Salford in particular is becoming a residential hot spot, especially for buy-to-let. The MediaCityUk development has driven a change in the area and the old docks are quickly becoming one of the premier destinations for technology, media and telecommunications businesses in Europe and the world.

EMPLOYMENTThere are 1.4 million people working in Greater Manchesterat 105,000 businesses, including 600 ‘large businesses’ withover 250 employees. Another 110,000 jobs are predicted to beadded to this total in the period up to 2024.

Greater Manchester is going from strength to strength interms of employment. Massive investment in the city fromhome (the Government) and abroad (China, for one) as well asthe continued growth of the city as one of the UK’s foremosttechnology, media and communications hubs ensures that jobs keep pouring in.

The average weekly wage in Manchester is currently £479.00and the employment rate stands at around 70% which is highfigure when the city’s large student population is taken intoaccount.

However it is important to remember that life isn’t rosy foreveryone. 187 neighbourhoods in Greater Manchester arecounted within the 5% of the most deprived neighbourhoodsin the UK. Over a quarter of children living within GreaterManchester live below the poverty line.

INFRASTRUCTUREThe Greater Manchester region benefits from a comprehensive multimodal transport network which connects the urban centres of the region with each other, the rest of the UK and with the world, supporting the linkage of skills and goods. Manchester itself is home to the UK’s largest light rail network (which is currently being extended even further) and Manchester Airport.

The Airport sees around 20 million passengers a year, and is the largest UK airport outside of London. It connects Greater Manchester to the whole world, from California to China, and is set to see another £1bn worth of investment over the coming years.

In addition, the following are also either confirmed or possible at some point in the future:

• HS2 – Faster journeys to London and Birmingham. There has also been talk of folding this into the ongoing expansion of Piccadilly Station, however this has met with serious opposition and is in no way a done deal. For instance the University of Manchester has objected very strongly.

• HS3 & electrification of the TransPennine and Manchester-Liverpool lines – Faster and more efficient transport across the North to connect the centres of all the regions, from Manchester and Liverpool, through Leeds and Sheffield across to the Humber and further North to Sunderland and Newcastle.

• Smart Motorway – The M62 to Leeds is set to become a fully ‘smart’ motorway over the next decade, reducing travel time between two Northern economic powerhouses and making the journey more amenable to commuters.

• Port Salford – A £400m development in Salford set to be the UK’s first trimodal inland port and reinvigorate the lapsed Salford dockyards. It is part of the Atlantic Gateway project, from Liverpool up to Manchester, which aims to re-establish the North West as the UK’s premier shipping hub.

Invest in Greater Manchester

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