For people investment planning in Cheshire and Oswestry, nearby Manchester is building a name as an established engine of economic prosperity. The city has seen economic growth of 3.1% over the last 10 years, which is double that of the UK as a whole. So why is the city outpacing everywhere else?
Much of the buzz has been generated by the success of popular projects such as the Metrolink tram system and the creation of a strong music scene, which has filled hotels and bars throughout the week. The city is also host to successful sports, now hosting two world famous football brands. This means many graduates are sticking around after leaving one of Manchester’s five universities.
Reflecting on his hometown, BBC journalist Faisal Islam recently commented that there was a real buzz around the town with cranes, skyscrapers and construction looming everywhere, particularly in the central Ancoats district. With a strong supply of graduates and skilled workers, companies that have set up major hubs in the city include IBM, Booking.com and the Bank of America, as well as government agencies like GCHQ.
The overall population of Manchester went up by 9.7% from 2011 to 2021 when the last census was recorded. There are currently an estimated 100,000 residents in the city centre, and this figure is projected to rise to 250,000 by 2035. In terms of productivity, the city of Manchester has recorded strong economic per capita growth, taking into account a rising population. The GVA (gross value added) per capita figure stood at £61,589 in 2023, nearly trebling since the start of the 2000s.
