Manchester: an economic power
Since the days of the Industrial Revolution, it has played an important role in the development of the British economy. Today, the region is home to over 2.7 million people, with an economy larger than that of Wales or Northern Ireland. Manchester’s commercial strengths have given it a solid reputation as a competitive place to do business.
The ten metropolitan boroughs of Greater Manchester – Bolton, Bury, Manchester, Oldham, Rochdale, Salford, Stockport, Tameside, Trafford and Wigan – represent the largest economy in the urban area outside of London, with gross value added (GVA) of £ 62.8 billion. . In the decade up to 2012, the economy grew by 42% and was one of the main UK city-regions for employment growth (84% between 2002 and 2015 *), at a rate twice that of the north as a whole. .
The Ten Councils – the UK’s first statutory ‘combined authority’ outside London – and our mayor coordinate key issues such as economic development, regeneration and transport. This governance structure has enabled the region to gain greater powers from the central government to shape its own future and success.
The economy in brief
Greater Manchester’s economic growth has been driven by its diverse industrial base, specializing in:
• business, finance and professional services
• advanced manufacturing
• life sciences and innovation in the health sector
• energy & environment
• creative, digital and technological
It is predicted that levels of job creation in Manchester could exceed those in cities like Berlin, Tokyo and Paris between 2015 and 2020. **
* City center 2018
** Beyond the City 2015, Oxford Economics