MIDAS on track for record year after strong first half
MIDAS, the inward investment agency for Greater Manchester, says it is on track to beat its best ever year for job creation, after securing 48 projects which created more than 2,000 jobs in the first half of this year.
The biggest single driver of jobs in the city-region was Towergate Insurance, whose move into Spinningfields, created 400 roles.
In total MIDAS, which is one of the family of public sector-funded bodies that makes up the Manchester Growth Company, has facilitated the creation of 2,093 jobs in the first half. The agency says it is on track to exceed last year’s record of 4,067 jobs.
The total number of jobs created, safeguarded and relocated with support from MIDAS during the first six months of the financial year was 3,372, with a GVA (Gross Value Added) economic impact of over £197m.
Financial and business services sector was the strongest single sector for job creation with 575 (including Towergate’s contribution), while there was a significant rise of investment from the three priority sectors of life sciences, creative and digital, and advanced manufacturing.
Creative and digital businesses have now risen to the second most valuable investment sector in the city region, with 522 jobs created. Bright Future Software, based in MediaCityUK, created 200 jobs alone.
The life science sector has also seen a significant rise in job creation with 297 new jobs created, supporting the city’s investment in facilities such as Citylabs, which opened in September, and Manchester Science Partnership’s expansion plans.
In addition to the strong half year figures for job creation MIDAS has seen year-on-year growth in the project pipeline which currently has over 300 investment projects, with the potential to create nearly 19,000 jobs within the region, and which would have a GVA of £1.3bn.
MIDAS chief executive Tim Newns said: “For the remainder of the financial year, as Manchester continues to establish its self-sufficiency on the national stage, we will focus on continuing to grow the pipeline and increasing activity in our priority sectors in order to bring vital new investment opportunities into the region.
“In recent months Greater Manchester has been at the heart of the Government’s attempts to establish a Northern Powerhouse, and developments such as the £235m Sir Henry Royce Institute for Advanced Materials Research and Innovation and the £60m Graphene Engineering Innovation Centre (GEIC) will play a significant part in cementing Greater Manchester’s position as a global leader in advanced materials.
“This will enable us to attract innovative companies from a number of sectors who are looking to develop disruptive technologies in this field.”
