Manchester Growth Expected To Continue
Even if you haven’t done your research and looked up figures, you have a good idea that Manchester is booming. The level of development work taking place in and around the city may be inconvenient for many people, but it indicates this is a city which is on the rise. In the long-term, this is positive news for Manchester and the annual State of the City report, issued by the city council, believes that there will be significant growth in key areas for the next decade and a half.
The report announced population, housing and offices are all expected to grow in number over the next 15 years. The report looks at a number of key sectors including property, economics and even compares homelessness figures to previous years. The report also details the major developments taking place across the city of Manchester.
The city centre of Manchester is blooming
While population has grown across the whole of Manchester, the most prominent areas of growth are the city centre and surrounding wards. The development work taking place in the heart of Manchester has led the city council to predict there will be an increase of 637,000 residents by 2025. 100,000 of these new residents are expected to reside in the city centre. Unsurprisingly, the city centre is most appealing to students, graduates and professionals while families are setting up home in the inner suburbs of the city.
The latest ONS Business Register & Employment Survey indicates that employment rose from 357,000 in 2015 to 392,000 in 2017. The sector with most employees in Manchester is the financial, professional and scientific sector, which has 20.2% of the workforce. This figure is 6% higher than the English figure.
Jobs are on the rise in Manchester
In the 20 years between 1996 and 2016, 85,000 jobs were created in Manchester. By 2036, a further 65,000 are expected to be created. Due to the number of developments taking place in and around Manchester, the construction sector is likely to grow by a significant factor.
The largest number of employees in Manchester, 20.2%, are employed within the financial, professional and scientific sectors; 6% higher than England as a whole. Between 1996 and 2016, 85,000 jobs were created in Manchester, and a further 65,000 are expected by 2036. As a result of major developments in the city, construction, in particular, is predicted to grow.
Since 2014/15, there have been more than 10,000 home developed in Manchester. A significant number of these homes have been backed by the £300m Greater Manchester Housing Investment Fund. Outside London, Manchester holds the biggest office market in the country, and more office space is set to be added to the city in the next few years.
A significant project which could bring up to 40,000 jobs and 13,000 homes top the city is the arrival of HS2 and Northern Powerhouse Rail, which is coming to Manchester Piccadilly.
It is easy to see why Manchester is in demand, and if you want to get ahead in the property market, you need assistance. At Peter Anthony, we are local property market specialists, and we look forward to assisting you.