Manchester driving regional business growth says New Economy

GREATER Manchester’s economy continued to strengthen last month, as it emerged that the city region is home to nearly 40% of all North West businesses.

Emphasising Manchester’s status as the region’s business core, figures from the Inter-Departmental Business Register show there are more than 93,000 companies in the area – up by 600 or 0.7% in the 12 months to the end of October.

The majority of the firms – some 75,000 are defined as being micro-businesses, employing up to nine staff. The sectors showing most growth over the past year are information and communication, property and professional and scientific and professional.

The monthly Manchester Monitor produced by New Economy, which helps the region;s leaders set the course for growth, reveals: Jobseeker numbers fell for the eight consecutive month, with 3,300 (4.5%) fewer people claiming Jobseekers Allowance (JSA) in October 2013 than in October 2012; despite 3% growth in Trafford and 3.7% growth in the city centre Greater Manchester house prices remain stagnant, with average prices at £103,638 in October 2013; growth in hotel occupancy and airport passenger numbers was also recorded.

Dr Alexander Roy, head of research at New Economy, said: “With the Chancellor’s Autumn Statement on its way, this is an important time for Greater Manchester’s policymakers, academics, leaders and business professionals to take stock of our economy and review its needs.

“Indeed the latest Manchester Monitor confirms that Greater Manchester is the engine for growth in the North of England.  While this is great news for the conurbation, it comes with a significant amount of responsibility.

“Greater Manchester is often cited as an exemplar model in terms of its leadership and strategy.  Therefore we must not take this positioning for granted and continue to address the issues of concern for the conurbation – particularly, our long-term jobseekers claimants and maintaining long-term sustainable growth”.