Generating over £56 billion of GVA (Gross Value Added), Manchester City Region contributes 52% of the Northwest’s total economic output and 5% of the UK total. With economic growth outstripping that of the rest of the UK, Manchester is demonstrating its importance to the regional economy, the North of England and the UK as a whole.
Key drivers of this growth are undoubtedly the strength of a dynamic private sector and the increasing attractiveness of the city region as a business location. Manchester’s incredibly competitive business costs continue to be instrumental in this and are a major facet of the city region’s business offer. This, combined with the highly skilled labour pool and ample property offerings means that Manchester has the ideal business conditions in situe to attract and retain leading industry players. As a result, a large proportion of the FTSE100 companies now have a presence in Manchester City Region and around 40% of the Northwest’s Top 500 companies are based here.
As more businesses choose to set up operations in the city region and thriving indigenous firms expand, Manchester’s robust economy is set to strengthen even further. Over the next decade, growth is forecast to continue at an annual average of 2.1%, positioning Manchester City Region as a leading European economy.