Inbound investment adds £314m to Manchester economy in 2021

Midas, Manchester’s foreign investment agency, reported the creation of 5,080 new jobs in 2021, 41% more than the amount recorded in 2019.

PwC’s tech hub in Spinningfields, Cloud Imperium Games’ 87,000 square foot lease in Enterprise City and Roku’s decision to open a 120,000 square foot hub in Bruntwood SciTech’s Circle Square all contributed to the rise in jobs, Midas said.

Midas, which attracts new investment and supports significant expansion and relocation in Greater Manchester, has seen a 50% increase in the number of investments in the creative and digital sector in the city region.

The professional services sector would have provided a £99m boost to the economy, Midas said.

Meanwhile, manufacturing generated the most deals, with Midas involved in 20 foreign investment projects, including German manufacturer Schmitz Cargobull in Wythenshawe and Indian sustainable packaging manufacturer Hexcore in Rochdale.

Greater Manchester has also seen a series of central government relocations, which are bringing top political positions north, with 750 jobs and a GVA of over £40m. The moves include the Home Office and the Department for Business, Energy & Industrial Strategy.

Midas announced a GVA contribution of £314m for the 63 projects that closed in 2021. Credit: Place North West

Tim Newns, Managing Director of Midas, said: “We have started 2021 in the face of the UK’s third national lockdown and the resulting economic challenges.

“But Greater Manchester has continued to show its resilience and relentless drive for growth, collaboration, new thinking and the development of exceptional talent and world-class facilities, which is a compelling proposition for businesses looking to invest in the UK.”

Midas’ analysis of the year showed a GVA contribution of £314m for the 63 projects closed in 2021.

“Greater Manchester’s specialties in the digital and innovation sectors shone,” Newns added.

“We have achieved the highest annual number of new jobs on record, and major new inbound investment relationships are being built as we head into 2022. We have strengthened our position as one of the world’s leading technology cities and a growing innovation hub.

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