Economy of Manchester
Statistics | |
---|---|
Population | 549,853 (2021)[1] |
GDP | £28.2 billion (2021)[2] |
GDP per capita | £51,330 (2021)[2] |
Labour force | 294,500 / 73.6% in employment (Oct 2022 – Sep 2023)[a][3] |
Labour force by occupation | List
|
Unemployment | 14,600 / 4.7% (Oct 2022 – Sep 2023)[c][3] |
Average gross salary | £634.80 per week (2023)[d][3] |
External | |
Exports | £6.3 billion (2021)[e][4] |
Export goods | £1.6 billion (2021)[f][4] |
Imports | £5.6 billion (2021)[e][4] |
Import goods | £3.4 billion (2021)[f][4] |
The economy of Manchester is among the largest in England.
Historically, the world's first industrialised city,
Manchester is considered to be a 'beta -'
Economic indices
Below is a collection of economic indices featuring Manchester. It is important to remember that while useful, surveys and indicators have limitations, and are at times subjective and incomplete. For example, no complete list of factors affecting quality of life can be created, and the way people weight these factors differs.
Quality of Life
- 6th in the UK for quality of life, according to a rating of the UK's 12 largest cities. The cities were assessed on a range of factors including property market activity, rental costs, salary levels, disposable income growth, cost of living, unemployment rates and life satisfaction.[17]
- 51st best city in the world to live in according to 2011 England Riots,[24] and was greater than any of the 140 other cities worldwide except Damascus, which descended into civil war in 2011.[25] Also ranked ahead of London in 2011, it was said the city ranks slightly ahead because it had better healthcare, whilst it was also considered to be a more "stable" city in terms of crime and terrorism.[26]
- Europe's most affordable city featured, according to KPMG's Competitive Alternative 2012 report, ranking slightly better than Dutch cities, Rotterdam and Amsterdam, who all have a cost of living index less than 95.[19]: 78
- 4th most deprived Local Authority in England according to the 2010 Indices of Deprivation, which takes into account: income; employment; health and disability; education, skills and training; barriers to housing and services; crime; and living environment. There has been improvement since 2007; the number of Lower Super Output Areas in Manchester considered most deprived fell by 13%.[15]
- 7th most congested city in Europe, 2nd in the UK after London, according to NAVTEQ's report on Europe's most congested cities.[19]: 118
- 4th most bike-friendly big city in the UK in 2010, after Bristol, Nottingham and Leicester.[27]
- 5th best sports city in the world (2012) after London, Melbourne, Sydney and New York City according to a SportBusiness Group Ultimate Sports Cities report. The report noted that New York and Manchester enjoy the benefits of worldwide sports club brands and their social legacy, especially in the case of Manchester.[19]: 130 Manchester has been shortlisted amongst 30 other cities for the 2014 top cities ranking.[28]
Business
- 9th lowest tax cost of any industrialised city in the world in 2012 according to KPMG's Competitive Alternative report, where the report noted the city was a notable improver in competitiveness compared with other European cities, with currency depreciation, taxation reductions and decreased industrial facilities costs highlighted as factors.[19]: 79
- Along with London, Manchester featured in the top 30 cities in the world for investment,[29] and of the top 30, Manchester was 12th for the highest proportion of urban economy derived from financial and business services.[19]: 18
- Manchester has also overtaken Stuttgart and Tokyo to rank 24th in the world, 2nd in the UK after London, in the global innovation cities league tables, according to the most recent 2thinknow Consulting report on Innovation Cities.[19]: 138
GVA
Year | GVA (£ million) |
Growth (%) |
---|---|---|
2002 | 24,011 | 3.8% |
2003 | 25,063 | 4.4% |
2004 | 27,862 | 11.2% |
2005 | 28,579 | 2.6% |
2006 | 30,384 | 6.3% |
2007 | 32,011 | 5.4% |
2008 | 32,081 | 0.2% |
2009 | 33,186 | 3.4% |
2010 | 33,751 | 1.7% |
2011 | 33,468 | 0.8% |
2012 | 34,755 | 3.8% |
The
Greater Manchester South (Manchester, Salford, Stockport, Tameside, Trafford)
Greater Manchester North (Bolton, Bury, Oldham, Rochdale, Wigan)
Manchester can only be analysed alongside neighbouring
In 2012, Greater Manchester South's
Area | GVA (£ million) |
GVA growth (%) 2011-12 |
GVA (£ per head) |
GVA per head growth (%) 2011-12 |
GM South | 34,755 | 3.8% | 23,476 | 2.9% |
Greater Manchester | 50,991 | 3.1% | 18,870 | 2.5% |
Core Cities average1 |
13,752 | 2.0% | 22,452 | 1.0% |
1excluding Manchester, included Newcastle, Liverpool, Sheffield, Leeds, Nottingham, Bristol and Birmingham
Productivity
GVA per employee in Greater Manchester South is estimated to be £46,500 in 2012. Compared with other
Area | GVA per worker (£) |
GVA per worker % change 2007-12 |
GM South | 46,500 | 12% |
Core Cities average2 |
40,100 | 10.1% |
2excluding Manchester, included Newcastle, Liverpool, Sheffield, Leeds, Nottingham, Bristol and Birmingham
GVA by sector
Sector | Value (£ millions) |
Growth 2010–11 (%) |
% of total |
---|---|---|---|
Agriculture, forestry and fishing | 25 | 8.0 | <0.1 |
Production | 3,441 | 1.8 | 10.3 |
of which manufacturing | 2,711 | 1.5 | 8.1 |
Construction | 1,688 | 3.5 | 5.0 |
Distribution; transport; accommodation and food | 6,613 | 3.1 | 19.8 |
Information and communication | 1,828 | 0.2 | 5.5 |
Financial and insurance services | 3,217 | 15.9 | 9.6 |
Real estate activities | 4,192 | 13.1 | 12.5 |
Business service activities | 4,652 | 15.9 | 13.9 |
Public administration, education and health | 6,563 | 0.9 | 19.6 |
Other services and household activities | 1,248 | 5.0 | 3.7 |
Total | 33,468 | 0.8 |
GDP
According to the 2012 Eurostat figures, GDP per capita (in euros) of Greater Manchester is = €27,500 just ahead the West-Midlands with €26,600 but only half the GDP per capita of Dublin[31] €56,671, London with €54,200 or Paris with €60,100.[32]
Greater Manchester has a total GDP of 62 billion, West Midlands has a total GDP of 122 billion but less than the €103.000 bn in Greater Dublin,[33] $690.000 bn in Greater London[34] and $882.000 bn for the Paris region.[32]
Employment, Welfare and Education
The mid-year estimate for the population of Manchester was 510,800 in 2012 and population growth on the previous year was 1.56%, the second highest of the
Employment
Age 16-64 | Manchester (%) |
North West (%) |
Great Britain (%) |
Economically active | 69.4 | 75.4 | 77.3 |
In employment | 60.8 | 69.1 | 71.1 |
Unemployed | 11.9 | 8.2 | 7.8 |
% of economically active who are self-employed | 6.4 | 8.4 | 9.5 |
It would appear that Manchester has a high rate of economic inactivity, however Manchester has an above average student population size, where 39.5% of those economically inactive are students vs. the British average of 25.4%.[39]
Earnings
|
|
1Median earnings in pounds for employees living in the area.
2Median earnings in pounds for employees working in area.
Education
Level | Manchester (%) |
North West (%) |
Great Britain (%) |
NVQ4 and above | 37.4 | 30.3 | 34.4 |
NVQ3 and above | 56.0 | 52.0 | 55.1 |
NVQ2 and above | 69.1 | 69.9 | 71.8 |
NVQ1 and above | 79.5 | 83.1 | 84.0 |
Other qualifications | 7.3 | 5.8 | 6.3 |
No qualifications | 13.3 | 11.1 | 9.7 |
Manchester (%) |
England (%) | |
Pupils achieving 5+ GCSEs, A*-C | 81.3 | 81.8 |
Pupils achieving 5+ GCSEs, A*-C with English and Maths | 53.2 | 59.4 |
Pupils achieving no GCSEs | 1.6 | 0.5 |
Business activity
As the UK economy continued to recover from the downturn experienced in 2008–10, Manchester compared favourably to other areas. It achieved the strongest annual growth in business stock (of 5%) of all the Core Cities.[43] The city experienced a relatively sharp increase in the number of business deaths, the largest increase of all the Core Cities; however this was offset by strong growth in new businesses which resulted in a strong net growth.
Area | Business Stock | Births | Deaths | 5 year survival rates |
---|---|---|---|---|
(% annual changes) | ||||
Manchester | 5.0% | 6.5% | 18.2% | 41.5% |
Greater Manchester | 1.2% | 2.5% | 9.5% | 42.4% |
Core Cities average | 3.1% | 6.2% | 4.3% | 40.4% |
Headquarters
Manchester is a major headquarters location, with a growing number of global, European and national headquarter offices. International property experts
Manchester's ability to host major headquarter offices has been recently proven by the action taken by the BBC to move significant parts of its operation to MediaCityUK on the banks of the Manchester Ship Canal in Salford and Trafford, by the growth of shared service centres for Sainsbury's, Marks & Spencer and the Royal Bank of Scotland, and by the presence foreign language back-office teams serving more than 20 different markets.[44]
Logistics
Manchester is the preferred distribution hub for global companies like
Banking, finance and insurance
The Manchester city region accounts for 7% of all financial services output and 10% of all employment in the UK, and over 60 banks have operations in Manchester, 40 of which are overseas-owned, making it the largest regional corporate finance and stockbroking centre in England.
Some notable operations in the city include the
Assets which contribute to the success of Manchester's
Construction
The city and Greater Manchester region have benefited from large-scale developments such as the ongoing
Retail
The pedestrianised
Former stores include
There are various markets[65] held regularly within the city. In the run up to Christmas, the Manchester Christmas Markets[66][67] take over Albert Square, St. Ann's Square and surrounding streets. It started as a traditional German/French Christmas market, hence the large number of Glühwein & sausage stalls. This has grown year on year and boasts an increasingly wide range of stalls from Western Europe (such as the Netherlands, Italy, Spain). The markets provide food and drink into the evening extending the use of the city centre and lending a friendly spirit to Christmas shopping.
Infrastructure
Manchester is regarded as the
Air
The airport is owned by a
Rail
Manchester is served by four stations in the city centre;
Under government plans, Manchester Piccadilly will be connected to London Euston via High Speed 2, a high-speed railway, by 2033.[needs update] Trains will also stop at Manchester Airport. Journey times from Manchester to London are expected to reduce from 2h:08m to 1h:08m.[75]
Local Transport
The city is served by the UK's largest light rail network, the
The city's bus services, GM Buses, were demerged in 1996 with Stagecoach Group gaining control of GM South bus services and First Bus gaining control of GM North bus services. Stagecoach Manchester is Stagecoach Group's largest subsidiary carrying over 87 million passengers a year and employing 1,700 staff.[77] First Greater Manchester also operate a thorough bus service in Manchester alongside Stagecoach.
Technology
Manchester is the only city in the UK to offer next generation fibre optic broadband speeds up to 200Mbit/s, and serves as a testbed for new technologies.
Manchester is at the forefront of
Manchester is also home to a burgeoning community of digital companies, specialising in fields as diverse as SEO (search engine optimisation), web design and online PR.[79] The rise of Manchester's digital commerce scene is evidenced by the establishment of its own online hub Manchester Digital, along with websites aimed at bringing together companies and individuals involved in more specific fields, such as SEO.[80]
Tourism
Manchester is the second most visited city in England (after London) and the third most visited in the United Kingdom (behind Edinburgh).[81]
Visit Manchester is the tourist board for the city-region and is a division of Marketing Manchester, which was established in 1996. It is the agency charged with promoting the city of Manchester on a national and international stage. The organisation aims to develop the Manchester city-region into a leading leisure, learning and business destination for domestic and international visitors, enhance the national and international reputation of the city-region and promote sustainable economic development and growth.
Sport
The city has links with Umbro and Reebok, both companies were founded nearby in Wilmslow and Bolton respectively. Another major sports apparel company, Adidas, has its UK head office in Stockport[82] and its national distribution warehouse in nearby Trafford Park[83] - both sites total 60% of Adidas's UK workforce.[84]
Manchester is also popularly known for its major football clubs,
Food and drink
Manchester has a range of restaurants, bars, and clubs, spanning the famous "Curry Mile" in Rusholme to traditional ‘grub’. The Chinatown area of the city features many oriental foods. Modern bars and bistros line Deansgate Locks in the city centre. In addition to these there are many independent fast food retailers throughout Manchester. There are now many top class restaurants.
The city is also home to some famous food manufacturing companies. Kellogg's have based their European headquarters in Trafford Park since 1937. It is currently the largest cereal factory in the world, with Corn Flakes the most widely produced product. McVitie's also has a key production site in Stockport Road where it has been based since 1917.
See also
Notes
- ^ In employment and aged 16 or over (quantity) or aged 16–64 (percent)
- ^ Percent is a proportion of all persons in employment aged 16 and over
- ^ Unemployed aged 16 and over. Percent is a proportion of economically active.
- ^ Median gross weekly pay for full time employees resident in Manchester
- ^ a b Goods and services
- ^ a b Excluding services
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