As the Office of National Statistics has recently reported robust growth in UK GDP figures for Q1 2014, the growing confidence in UK plc is also being felt in Manchester as the city’s inward investment agency, MIDAS, reports that it has supported the creation of 4,067 jobs across 75 projects in Greater Manchester in the past year, a record for the agency.
In all, over 5,614 jobs were created, safeguarded or relocated with support from MIDAS during 2013/14, with an economic impact of £285.8 million.
The new jobs are the result of both FDI and UK-based investments and of all those jobs safeguarded and created 52% were a result of FDI. Furthermore, 66% of all FDI investments came from North America and Europe and 15% from China.
The business services, logistics and financial and professional services sectors supplied the highest number of new jobs, apportioning 30%, 23% and 16% shares respectively.
MIDAS successfully delivered 75 projects in total, a large proportion of which (23%) stemmed from the manufacturing industry, which has helped to reinforce the entire North West’s status as the largest manufacturing base in the UK. The second highest volume of projects (21%) came in the ICT, media and creative sector, adding to the growth that sector has seen across Greater Manchester over the past couple of years.
Advanced Manufacturing investors include US advanced materials producers Tygavac and leading semiconductor company NXP who between them created 115 jobs and safeguarded 58 jobs, and multinational defence, security and aerospace BAE systems. Further highlights across other sectors include the arrival of parcel and mail delivery firm TNT (creating over 1,000 jobs), German-based global bio-tech company Qiagen, Beijing Construction Engineering Group at Airport City and prestigious international law firm Berwin Leighton Paisner.
Tim Newns, chief executive of MIDAS, said: “We are delighted with these fantastic results, which have made 2013/14 a record-breaking year for MIDAS in what has still been a challenging, if improving economic environment. They are a testament to the hard work and dedication of the MIDAS team and our partners and stakeholders.
“We’ve seen a number of large-scale investments from some great brands and we are looking forward to making more significant announcements over the coming weeks and months.
“It’s been exciting to see growing success in sectors such as tech and life sciences and really encouraging to see success in growth markets such as China, with the BCEG investment in to Airport City and the emergence of the Manchester China Forum helping to channel activity further. This has all helped secure the new direct Hong Kong route which Cathay Pacific will start in December this year and similar activity and initiatives are currently being planned for India, which we look forward to announcing over the next few weeks.”
“Looking ahead, our volume of investment enquiries is up by almost 50% on the previous year at over 6,000 and the current pipeline is in great shape, reflecting both the economic improvement but also the increasing attractiveness of Greater Manchester’s core offer. This rise in enquiries suggests that we are set for another busy year and we are looking forward to continuing to work with partners, both public and private sector, to deliver more success this year.”
Michael Oglesby, chairman of MIDAS, said: ““With an integrated internationalisation strategy now in place across Greater Manchester and the ability to leverage additional value from the wider Manchester Growth Company Group, as well as UKTI, academia and the private sector, we are able to make greater impact in our key international markets through increased integration and collaboration. MIDAS is involved in some exciting new long-term campaigns in life sciences, digital and creative industries and advanced manufacturing, supported by partners and the wider group and I would encourage businesses to come forward who are interested in being part of such activity”
“The UK’s economy has shown strong recovery over the last year and although there are still challenges ahead, these positive results continue to highlight Manchester as a prime location for investment.”
MIDAS, which is now part of the Manchester Growth Company Group, consists of a core team of sector and market specialists who pro-actively undertake targeted lead generation and nurture investment across the following sectors in Greater Manchester: biomedical sciences and healthcare; creative media and digital; ICT; energy and environment; financial and professional services, advanced manufacturing; and business services.
It works in close partnership with UK Trade and Investment (UKTI) to secure international business for Greater Manchester.
MIDAS offers an extensive package of expert, free and confidential advice for potential investors and location consultants. For more information: + 44 (0)161 875 2239 / www.investinmanchester.com