Brighter outlook for Manchester jobs

RESEARCHERS have revised up their long-term forecasts for the Greater Manchester jobs market.

Economic forecasting business Oxford Economics expects a net gain of 110,000 jobs in the city by 2024, up 10,000, after better-than-expected figures last year.

The jobseekers outlook is also more positive this year too, with around 17,000 fewer claimants expected in 2024.

The numbers are part of the Greater Manchester Forecasting Model (GMFM), produced and updated annually by Oxford Economics for the New Economy think tank on behalf of the Greater Manchester Combined Authority.

GMFM is predicting an average 3% growth in Greater Manchester economy, which will total about £17bn by 2024. The major drivers of this growth are expected to be financial and professional services, wholesale and retail, and the cultural and creative sector. Manufacturing output is expected to grow by 1.7% a year but 10,000 jobs are expected to be lost in the sector as businesses focus on high value activities.

John Holden, director of research at New Economy, said: “The indicators are broadly more positive with this year’s update, reflecting improved economic performance over the past 12 months and may yet need to be revised upwards as the figures do not fully take into account the recent devolution deal, which has the potential to boost growth further.

“However, while the forecasts give every reason to be optimistic about Greater Manchester’s economic future, airing on the side of caution we would also advise those using the forecasts to keep check of the many factors which could potentially disrupt this direction, not least the possibility of another EU-wide recession.”

Meanwhile, Manchester is the second most entrepreneurial city outside the capital, according to data released by StartUp Britain.

Analysis of Companies House data shows that 13,054 new businesses were registered during 2014, behind Birmingham on 18,337.

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