50,000 job boom for city centre predicted
MORE than 50,000 new jobs, continued urban living and a major expansion of what is regarded as the city centre, are all predicted for Manchester over the next decade.
A report, Manchester 2025, commissioned by financial services group BNY Mellon to mark its expansion from 50 to 1,100 employees since 2005, says the drivers of growth will be a number of sectors including: professional services, creative & media, advanced manufacturing, energy, logistics, arts & culture and retail.
The report considers areas such as the economy, property development, infrastructure and culture, with contributors including property, technology and investment chiefs, including Mike Ingall of Allied London, Sir Howard Benstein of Manchester City Council, Tim Newns of MIDAS, David Lathwood of JLL and tech entrepreneurs Lawrence Jones and Lou Cordwell.
As well as more jobs and a boom in city centre living, the report predicts that infrastructure improvements will
mean the number of people who live within an hour of Manchester will more than double from seven million today to 15 million in 2025.
Investment on the city region will run into the billions with Manchester Airport’s £1bn transformation project, Allied London’s £1bn St John’s and Trinity Islands developments and the £110m Factory Manchester arts complex already on the drawing board.
David Lathwood North West head at real estate consultancy JLL saysd: “In the next decade we will undoubtedly see the geography of Manchester’s city centre expand – both outwards and upwards.
“Fringe areas that currently border the city centre, including Salford Quays, Great Ancoats Street and
Oxford Road, will be absorbed into what is considered the heart of the city. Manchester has a relatively compact
city centre zone compared with its international peers and as this expands to include well-established fringe areas, what is considered to be the city centre will grow rapidly as these become enveloped in its development.”
Matt Wells, Manchester site executive at BNY Mellon, said: “The over-arching message of Manchester 2025 is that the next decade promises much, including more jobs, large-scale investment and a city that is playing an increasingly crucial role in the future of the UK economy.
“This potential will not be fulfilled without collaboration and a huge amount of determination, but Manchester 2025 demonstrates how well-positioned the city is to become a truly global destination.”
Sir Richard Leese, leader of Manchester City Council, added: “We are building for the future, as evidenced by the works taking place at the moment to improve the city’s transport infrastructure. We are pleased that this report shares our optimism for the city and wider region. BNY Mellon showed great vision as well as confidence by investing in Manchester and we welcome the major contribution they have made and continue to make to the city.”
Reflecting on a very positive decade for BNY Mellon in the city, Michael Cole-Fontayn, executive vice president and chairman of Europe, Middle East and Africa at BNY Mellon, said: “The decision of where to base this site
– which would house vital client and operational services – was not an easy one, but in many ways the city was the logical choice. Manchester and our wonderful staff have outperformed our expectations.”