Monitor report reveals hike in start-up rates

THE latest edition of the Manchester Monitor – a snapshot of the ecomomic health of Greater Manchester -paints an encouraging picture with a surge in business start-ups and solid house price and employment growth.

Produced by New Ecomomy, the research arm of the Greater Manchester Growth Company, the Monitor cites figures from the Bureau van Dijk FAME business database which show that the number of new business incorporations (firms registering at Companies House) increased by 18.9% (or 355) to just over 2,200 in GM from July 2013 to July 2014, a larger increase than the average recorded across England.

The strongest performing local authority areas were Wigan, up 32%, Bury (+29%), Trafford and Salford.

John Holden, acting director of research for New Economy, said: “As the Greater Manchester economy continues its recovery it’s reassuring to see that confidence is building back into local start-ups. Small businesses are vital contributors to employment growth, so this significant annual increase in regional start-ups instils real promise for the future of the local economy.”

The latest data also shows:
 
• Hotel occupancy rates were recorded at 80.2% for Greater Manchester and 79.8% for Manchester city centre for July. The 80.0% average for the city centre has only been exceeded once before since records began in 2000.

• Manchester Airport also sees continued success. In June 2014, it handled nearly 2.3 million passengers, 121,400 (5.7%) higher than 12 months previously, in June 2013. Month-on-month passenger numbers increased too, from 2.0 million in May 2014, a rise of 10.4% (212,400).

• The average house in cost £107,100 in July 2014, an increase of 5.4% (£5,500) from this time last year. England & Wales saw a larger 7.2% (£1,700) rise with prices reaching £175,700.

•    The number of people claiming Jobseeker’s Allowance in July decreased a further 4.4% from June, a greater reduction than both the North West (3.9%) and British (2.5%) averages.
 
Mr Holden added: “Continued rise in hotel occupancy rates, now approaching our all-time record, proves that people are seeing Manchester as a more attractive destination than ever before. With Soccerex soon getting underway and then the Christmas markets expected to bolster tourism further, there’s reason to believe that this progress will continue.”