Manchester unveils its new economic strategy

A new 10-year plan guiding how Manchester’s economy will grow and become more inclusive will be officially launched on Tuesday 28 November.

The refreshed economic strategy, Investing In Success, seeks to build on the foundations of the last 25 years or so which have seen Manchester transformed from post-industrial decline to being a dynamic city with a growing population, a larger and more highly skilled workforce and a more diverse economy – attracting talent, investment and visitors from all over the world.

The population of Manchester has gone up from 503,000 (2011 Census) to 607,000 (Manchester City Council estimate.)

Manchester, and especially the city centre, plays a leading role in Greater Manchester’s economy which with an £86 bn a year GDP is of a similar size to those of major world regional cities such as Vancouver, Lyon and Rotterdam and slightly larger than Birmingham’s.

Between 2011 and 2021 Manchester’s GDP per capita, a measure of output, has increased by 44 per cent from £35,739 to £51,330 – the largest increase of any of the UK’s major cities and any Greater Manchester district. The number of businesses has gone up from around 17,000 to around 23,500 between 2011 and 2021 and the number of employees from 350,000 to 426,000 between 2011 and 2022.

There have been other markers of progress too. For example more than 90 per cent of Manchester’s schools are now rated good or outstanding above the national average – and more of our residents (45 per cent) are now educated to at least degree level.

With these strong economic foundations established, it’s time to consider what we want future growth in Manchester to look like and how the economy can continue to grow in a way which is more inclusive and in line with the city’s commitment to become zero carbon by 2038.

The strategy has five priority themes:

1. Use investment and development to drive inclusive growth
2. Nurture thriving, productive and innovative sectors
3. Develop world class infrastructure, places and talent
4. Transition to a zero carbon and resilient economy
5. Include more people in economic opportunity

Council Leader Cllr Bev Craig said: “Manchester has seen remarkable change in recent decades. But we are clear that there’s more work to do to ensure that everyone in our city gets the benefits of Manchester’s economic growth. Our vision is clear – a thriving Manchester where every resident can share in the prosperity of a growing economy.

“That’s what this strategy is focused on, building on our existing strengths and some of the fastest growing sectors and making sure Mancunians are connected to ever-increasing opportunities.”

By Mark Adair – Correspondent, Bdaily

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