The economy of Manchester is among the largest in England.
Manchester
Manchester () is a city in Greater Manchester, England. It had a population of 552,000 in 2021. It is bordered by the Cheshire Plain to the south, the Pennines to the north and east, and the neighbouring city of Salford to the west. The t ...
is a city and
metropolitan borough of
Greater Manchester
Greater Manchester is a metropolitan county and combined authority area in North West England, with a population of 2.8 million; comprising ten metropolitan boroughs: Manchester, Salford, Bolton, Bury, Oldham, Rochdale, Stockport, Tam ...
. It lies within the United Kingdom's
second-most populous urban area, with a population of 2.55 million.
Manchester's
commercial centre is in
Manchester city centre
Manchester City Centre is the central business district of Manchester in Greater Manchester, England situated within the confines of Great Ancoats Street, A6042 Trinity Way, and A57(M) Mancunian Way which collectively form an inner ring road. ...
, focused on
Spinningfields
Spinningfields is an area of Manchester city centre, in North West England, developed in the 2000s between Deansgate and the River Irwell by Allied London Properties. The £1.5 billion project consists of twenty new buildings, totalling approxima ...
,
Mosley Street
Mosley Street is a street in Manchester, England. It runs between its junction with Piccadilly Gardens and Market Street to St Peter's Square. Beyond St Peter's Square it becomes Lower Mosley Street. It is the location of several Grade II and G ...
,
Deansgate,
King Street and
Piccadilly Gardens.
Historically, the world's first industrialised city,
•
• the region was once in economic and population decline. In 2012 Greater Manchester South, which includes the cities of Manchester and
Salford
Salford () is a city and the largest settlement in the City of Salford metropolitan borough in Greater Manchester, England. In 2011, Salford had a population of 103,886. It is also the second and only other city in the metropolitan county afte ...
and three other
metropolitan boroughs, was the
largest NUTS3 area outside London in economic terms, and growth was 3.8% vs the
Core Cities
The Core Cities Group (also Core Cities UK) is a self-selected and self-financed collaborative advocacy group of large regional cities in the United Kingdom outside Greater London. The group was formed in 1995 and serves as a partnership of el ...
average of 2%.
Between 2002 and 2012 Greater Manchester South grew 45% vs. national growth of 44%. Meanwhile, the 2011 census also showed that Manchester was the fastest growing city in the UK in terms of population. Manchester is also a city of contrast, where some of the UK's most deprived and most affluent neighbourhoods can be found. According to the 2010
Indices of Multiple Deprivation Manchester is the 4th most deprived local authority in England.
[https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/6884/1871689.xls ] On the other hand, Greater Manchester is home to more multi-millionaires than anywhere outside London, with the City of Manchester taking up most of the tally. In 2013 Manchester was ranked 6th in the UK for quality of life, according to a rating of the UK's 12 largest cities.
[https://www.telegraph.co.uk/news/uknews/10386993/Bristol-is-best-city-to-live-in-the-UK.html , Opinium Research LLP on behalf of MoneySupermarket]
Manchester is considered to be a 'beta -'
global city, rated as the second most globally influential city in the UK after London with Edinburgh third, Belfast fourth and Glasgow fifth. The region is now an economic knowledge-led centre, with research and enterprise clustered around the
University of Manchester
, mottoeng = Knowledge, Wisdom, Humanity
, established = 2004 – University of Manchester Predecessor institutions: 1956 – UMIST (as university college; university 1994) 1904 – Victoria University of Manchester 1880 – Victoria Univ ...
,
where research ranked as the third most powerful in the UK behind
Cambridge
Cambridge ( ) is a College town, university city and the county town in Cambridgeshire, England. It is located on the River Cam approximately north of London. As of the 2021 United Kingdom census, the population of Cambridge was 145,700. Cam ...
and
Oxford
Oxford () is a city in England. It is the county town and only city of Oxfordshire. In 2020, its population was estimated at 151,584. It is north-west of London, south-east of Birmingham and north-east of Bristol. The city is home to the ...
. Typical industry areas include: digital and creative,
financial, legal and business services,
biotechnology
Biotechnology is the integration of natural sciences and engineering sciences in order to achieve the application of organisms, cells, parts thereof and molecular analogues for products and services. The term ''biotechnology'' was first used ...
,
advanced manufacturing
Advanced manufacturing is the use of innovative technology to improve products or processes, with the relevant technology being described as advanced, innovative or cutting edge. Advanced manufacturing industries increasingly integrate new innov ...
,
environmental technologies,
tourism
Tourism is travel for pleasure or business; also the theory and practice of touring, the business of attracting, accommodating, and entertaining tourists, and the business of operating tours. The World Tourism Organization defines tourism mor ...
, global sports brands,
media
Media may refer to:
Communication
* Media (communication), tools used to deliver information or data
** Advertising media, various media, content, buying and placement for advertising
** Broadcast media, communications delivered over mass e ...
and
real estate
Real estate is property consisting of land and the buildings on it, along with its natural resources such as crops, minerals or water; immovable property of this nature; an interest vested in this (also) an item of real property, (more general ...
. The city is also a key location for many foreign owned companies and headquarters, and almost half of the
Northwest's Top 500 businesses.
[http://www.manchester.gov.uk/info/200079/regeneration/2482/manchester_a_great_city_to_do_business , Manchester.gov.uk.] Manchester City Council also plays a uniquely active role in business, where it owns key infrastructures such as a 35.5% stake in
Manchester Airports Group, which owns other UK airports such as
London Stansted Airport
London Stansted Airport is a tertiary international airport serving London, England, United Kingdom. It is located near Stansted Mountfitchet, Essex, England, northeast of Central London.
London Stansted serves over 160 destinations ac ...
, and is the owner of the
City of Manchester Stadium, home to one of the world's highest earning football clubs.
Economic indices
Below is a collection of economic indices featuring Manchester. It is important to remember that while useful, surveys and indicators have limitations, and are at times subjective and incomplete. For example, no complete list of factors affecting quality of life can be created, and the way people weight these factors differs.
Quality of Life
* 6th in the UK for quality of life, according to a rating of the UK's 12 largest cities. The cities were assessed on a range of factors including property market activity, rental costs, salary levels, disposable income growth, cost of living, unemployment rates and
life satisfaction
Life satisfaction is a measure of a person's well-being, assessed in terms of mood, relationship satisfaction, achieved goals, self-concepts, and self-perceived ability to cope with life. Life satisfaction involves a favorable attitude towards one ...
.
*51st best city in the world to live in according to
the Economist
''The Economist'' is a British weekly newspaper printed in demitab format and published digitally. It focuses on current affairs, international business, politics, technology, and culture. Based in London, the newspaper is owned by The Eco ...
Intelligence Unit in 2012, in a study which looks at crime levels, education, health care, culture and infrastructure.
The survey only included two British cities (London and Manchester), and Manchester's decline of 9 places since the previous year follows the
2011 England Riots
The 2011 England riots, more widely known as the London riots, were a series of riots between 6 and 11 August 2011. Thousands of people rioted in cities and towns across England, which saw looting, arson, as well as mass deployment of police ...
, and was greater than any of the 140 other cities worldwide except
Damascus, which descended into civil war in 2011. Also ranked ahead of London in 2011, it was said the city ranks slightly ahead because it had better healthcare, whilst it was also considered to be a more "stable" city in terms of crime and terrorism.
*Europe's most affordable city featured, according to
KPMG
KPMG International Limited (or simply KPMG) is a multinational professional services network, and one of the Big Four accounting organizations.
Headquartered in Amstelveen, Netherlands, although incorporated in London, England, KPMG is a net ...
's Competitive Alternative 2012 report, ranking slightly better than Dutch cities,
Rotterdam
Rotterdam ( , , , lit. ''The Dam on the River Rotte'') is the second largest city and municipality in the Netherlands. It is in the province of South Holland, part of the North Sea mouth of the Rhine–Meuse–Scheldt delta, via the ''"Ne ...
and
Amsterdam
Amsterdam ( , , , lit. ''The Dam on the River Amstel'') is the capital and most populous city of the Netherlands, with The Hague being the seat of government. It has a population of 907,976 within the city proper, 1,558,755 in the urban ar ...
, who all have a cost of living index less than 95.
*4th most deprived Local Authority in England according to the 2010 Indices of Deprivation, which takes into account: income; employment; health and disability; education, skills and training; barriers to housing and services; crime; and living environment. There has been improvement since 2007; the number of Lower Super Output Areas in Manchester considered most deprived fell by 13%.
*7th most congested city in Europe, 2nd in the UK after London, according to
NAVTEQ's report on Europe's most congested cities.
*4th most bike-friendly big city in the UK in 2010, after
Bristol
Bristol () is a city, ceremonial county and unitary authority in England. Situated on the River Avon, it is bordered by the ceremonial counties of Gloucestershire to the north and Somerset to the south. Bristol is the most populous city in ...
,
Nottingham
Nottingham ( , locally ) is a city and unitary authority area in Nottinghamshire, East Midlands, England. It is located north-west of London, south-east of Sheffield and north-east of Birmingham. Nottingham has links to the legend of Robi ...
and
Leicester.
*5th best sports city in the world (2012) after
London
London is the capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary dow ...
,
Melbourne
Melbourne ( ; Boonwurrung/Woiwurrung: ''Narrm'' or ''Naarm'') is the capital and most populous city of the Australian state of Victoria, and the second-most populous city in both Australia and Oceania. Its name generally refers to a met ...
,
Sydney and
New York City
New York, often called New York City or NYC, is the most populous city in the United States. With a 2020 population of 8,804,190 distributed over , New York City is also the most densely populated major city in the Un ...
according to a SportBusiness Group Ultimate Sports Cities report. The reported noted that New York and Manchester enjoy the benefits of worldwide sports club brands and their social legacy, especially in the case of Manchester.
Manchester has been shortlisted amongst 30 other cities for the 2014 top cities ranking.
Business
*9th lowest tax cost of any industrialised city in the world in 2012 according to KPMG's Competitive Alternative report, where the report noted the city was a notable improver in competitiveness compared with other European cities, with currency depreciation, taxation reductions and decreased industrial facilities costs highlighted as factors.
*Along with London, Manchester featured in the top 30 cities in the world for investment, and of the top 30, Manchester was 12th for the highest proportion of urban economy derived from financial and business services.
*Manchester has also overtaken
Stuttgart and
Tokyo
Tokyo (; ja, 東京, , ), officially the Tokyo Metropolis ( ja, 東京都, label=none, ), is the capital and List of cities in Japan, largest city of Japan. Formerly known as Edo, its metropolitan area () is the most populous in the world, ...
to rank 24th in the world, 2nd in the UK after London, in the global innovation cities league tables, according to the most recent 2thinknow Consulting report on Innovation Cities.
GVA
The
Office for National Statistics
The Office for National Statistics (ONS; cy, Swyddfa Ystadegau Gwladol) is the executive office of the UK Statistics Authority, a non-ministerial department which reports directly to the UK Parliament.
Overview
The ONS is responsible for t ...
does not produce
GVA data for the City of Manchester alone, instead the sub-region of Greater Manchester (GM) is divided into two groups of authorities to form
NUTS 3
Nomenclature of Territorial Units for Statistics or NUTS (french: Nomenclature des unités territoriales statistiques) is a geocode standard for referencing the subdivisions of countries for statistical purposes. The standard, adopted in 2003 ...
areas for statistical purposes:
Greater Manchester South (
Manchester
Manchester () is a city in Greater Manchester, England. It had a population of 552,000 in 2021. It is bordered by the Cheshire Plain to the south, the Pennines to the north and east, and the neighbouring city of Salford to the west. The t ...
,
Salford
Salford () is a city and the largest settlement in the City of Salford metropolitan borough in Greater Manchester, England. In 2011, Salford had a population of 103,886. It is also the second and only other city in the metropolitan county afte ...
,
Stockport,
Tameside
The Metropolitan Borough of Tameside is a metropolitan borough of Greater Manchester in England. It is named after the River Tame, which flows through the borough, and includes the towns of Ashton-under-Lyne, Audenshaw, Denton, Droylsden, ...
,
Trafford
Trafford is a metropolitan borough of Greater Manchester, England, with an estimated population of 235,493 in 2017. It covers Retrieved on 13 December 2007. and includes the area of Old Trafford and the towns of Altrincham, Stretford, Ur ...
)
Greater Manchester North (
Bolton
Bolton (, locally ) is a large town in Greater Manchester in North West England, formerly a part of Lancashire. A former mill town, Bolton has been a production centre for textiles since Flemish weavers settled in the area in the 14th ...
,
Bury,
Oldham
Oldham is a large town in Greater Manchester, England, amid the Pennines and between the rivers Irk and Medlock, southeast of Rochdale and northeast of Manchester. It is the administrative centre of the Metropolitan Borough of Oldham ...
,
Rochdale
Rochdale ( ) is a large town in Greater Manchester, England, at the foothills of the South Pennines in the dale on the River Roch, northwest of Oldham and northeast of Manchester. It is the administrative centre of the Metropolitan Borough ...
,
Wigan
Wigan ( ) is a large town in Greater Manchester, England, on the River Douglas. The town is midway between the two cities of Manchester, to the south-east, and Liverpool, to the south-west. Bolton lies to the north-east and Warrington t ...
)
Manchester can only be analysed alongside neighbouring
metropolitan boroughs
A metropolitan borough (or metropolitan district) is a type of local government district in England. Created in 1974 by the Local Government Act 1972, metropolitan boroughs are defined in English law as metropolitan districts within metropolit ...
within GM South, which tend to have high levels of economic coherence nevertheless; for example,
Salford Central railway station
Salford Central railway station is in the city of Salford, Greater Manchester, England, close to Spinningfields and Deansgate. It is served by trains to and from Manchester Victoria, towards Rochdale and Wigan Wallgate.
History
The railway st ...
is less than 150 meters (170 yards) away from the boundary of Manchester city centre whilst Salford itself has no identifiable city centre.
In 2012, Greater Manchester South's
GVA was £34.8bn ($61.5bn), accounting for 68.2% of the GVA of the
Greater Manchester
Greater Manchester is a metropolitan county and combined authority area in North West England, with a population of 2.8 million; comprising ten metropolitan boroughs: Manchester, Salford, Bolton, Bury, Oldham, Rochdale, Stockport, Tam ...
, 26.6% of the GVA of the
North West
The points of the compass are a set of horizontal, radially arrayed compass directions (or azimuths) used in navigation and cartography. A compass rose is primarily composed of four cardinal directions—north, east, south, and west—each sepa ...
and 2.5% of the GVA of the
UK.
Compared with other
NUTS 3
Nomenclature of Territorial Units for Statistics or NUTS (french: Nomenclature des unités territoriales statistiques) is a geocode standard for referencing the subdivisions of countries for statistical purposes. The standard, adopted in 2003 ...
areas in the UK, the economy of Greater Manchester South is exceeded only by
London
London is the capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary dow ...
(comprising five NUTS 3 areas - £309.3bn), and annual GVA growth was 3.8% vs. the
Core Cities
The Core Cities Group (also Core Cities UK) is a self-selected and self-financed collaborative advocacy group of large regional cities in the United Kingdom outside Greater London. The group was formed in 1995 and serves as a partnership of el ...
average of 2%.
''
excluding Manchester, included Newcastle, Liverpool, Sheffield, Leeds, Nottingham, Bristol and Birmingham''
Productivity
GVA per employee in Greater Manchester South is estimated to be £46,500 in 2012. Compared with other
NUTS 3
Nomenclature of Territorial Units for Statistics or NUTS (french: Nomenclature des unités territoriales statistiques) is a geocode standard for referencing the subdivisions of countries for statistical purposes. The standard, adopted in 2003 ...
city areas in the UK, Greater Manchester South ranks 4th, behind London (£75,100),
Edinburgh
Edinburgh ( ; gd, Dùn Èideann ) is the capital city of Scotland and one of its 32 council areas. Historically part of the county of Midlothian (interchangeably Edinburghshire before 1921), it is located in Lothian on the southern shore of t ...
(£54,100) and
Leeds
Leeds () is a city and the administrative centre of the City of Leeds district in West Yorkshire, England. It is built around the River Aire and is in the eastern foothills of the Pennines. It is also the third-largest settlement (by popula ...
(£46,900).
''
excluding Manchester, included Newcastle, Liverpool, Sheffield, Leeds, Nottingham, Bristol and Birmingham''
GVA by sector
GDP
According to the 2012 Eurostat figures, GDP per capita (in euros) of Greater Manchester is = €27,500 just ahead the West-Midlands with €26,600 but only half the GDP per capita of Dublin €56,671, London with €54,200 or Paris with €60,100.
Greater Manchester has a total GDP of 62 billion, West Midlands has a total GDP of 122 billion but less than the €103.000 bn in Greater Dublin, $690.000 bn in Greater London and $882.000 bn for the Paris region.
Employment, Welfare and Education
The mid-year estimate for the population of Manchester was 510,800 in 2012 and population growth on the previous year was 1.56%, the second highest of the
Core Cities
The Core Cities Group (also Core Cities UK) is a self-selected and self-financed collaborative advocacy group of large regional cities in the United Kingdom outside Greater London. The group was formed in 1995 and serves as a partnership of el ...
after
Nottingham
Nottingham ( , locally ) is a city and unitary authority area in Nottinghamshire, East Midlands, England. It is located north-west of London, south-east of Sheffield and north-east of Birmingham. Nottingham has links to the legend of Robi ...
.
[, Population change in core cities, Manchester.gov.uk.] An estimated 6,402,684 people lived within 30 miles of Manchester, and 11,472,603 within 50 miles. The 2011 Census also showed that between 2001 and 2011, the population of Manchester grew 19%, making it the fastest growing area in the UK outside London. Whilst the population of Manchester grew more than both Birmingham and Liverpool combined, there has also been a reversal of the traditional
brain drain to the
South, where some 1,600 people moved from London to Manchester in 2010.
Employment
''It would appear that Manchester has a high rate of economic inactivity, however Manchester has an above average student population size, where 39.5% of those economically inactive are students vs. the British average of 25.4%.''
Earnings
Median earnings in pounds for employees living in the area.
Median earnings in pounds for employees working in area.
Education
Business activity
As the UK economy continues to recover from the downturn experienced in 2008-10, Manchester compares favourably to other geographies. It is shown the strongest annual growth in business stock (of 5%) of all the
Core Cities
The Core Cities Group (also Core Cities UK) is a self-selected and self-financed collaborative advocacy group of large regional cities in the United Kingdom outside Greater London. The group was formed in 1995 and serves as a partnership of el ...
.
The city experienced a relatively sharp increase in the number of business deaths, the largest increase of all the Core Cities, however this was offset by strong growth in new businesses which resulted in a strong net growth.
Headquarters
Manchester is a major headquarters location, with a growing number of global, European and national headquarter offices. International property experts
Cushman & Wakefield
Cushman & Wakefield plc is a global commercial real estate services firm. The company's corporate headquarters is located in Chicago, Illinois.
Cushman & Wakefield is among the world's largest commercial real estate services firms, with revenues ...
have ranked Manchester as the best city to locate a new headquarters operation largely down to ease of access to a pool of knowledge and global connectivity. Companies with global headquarters in Manchester include
Umbro
Umbro is an English sports equipment manufacturer founded in 1924 in Wilmslow, Cheshire and based in Manchester. They specialise in football and rugby sportswear featuring their ''Double Diamond'' logo. Umbro products are marketed in over 10 ...
,
PZ Cussons, and
The Co-Operative Group
Co-operative Group Limited, trading as Co-op, is a British consumer co-operative with a group of retail businesses including food retail, wholesale, e-pharmacy, insurance and legal services, and funeral care.
The Co-operative Group has over ...
. Manchester is also the European headquarters for companies like
Brother
A brother is a man or boy who shares one or more parents with another; a male sibling. The female counterpart is a sister. Although the term typically refers to a familial relationship, it is sometimes used endearingly to refer to non-familia ...
and
UAE
The United Arab Emirates (UAE; ar, اَلْإِمَارَات الْعَرَبِيَة الْمُتَحِدَة ), or simply the Emirates ( ar, الِْإمَارَات ), is a country in Western Asia (The Middle East). It is located at th ...
firm
Etihad Airways.
Kellogg's,
Adidas,
Siemens and
Totesport
The Tote is a British gambling company which is the largest pool betting operator in the United Kingdom. Headquartered in Wigan, England, its main products are sports betting and online casino. Founded in 1928, the company was owned by the U ...
are amongst hundreds of firms with national headquarters in Manchester.
[http://www.investinmanchester.com/why-manchester/business-activities/headquarters/ , Invest in Manchester.] Well Pharmacy
Well, formerly known as The Co-operative Pharmacy, is the largest independent pharmacy business and the third largest overall pharmacy chain after Boots UK and Lloyds Pharmacy in the United Kingdom. It is the largest pharmacy chain in Wales.
Fo ...
is based in Central Manchester and the largest
pharmaceutical
A medication (also called medicament, medicine, pharmaceutical drug, medicinal drug or simply drug) is a drug used to diagnose, cure, treat, or prevent disease. Drug therapy (pharmacotherapy) is an important part of the medical field an ...
company based in the North of England.
Manchester's ability to host major headquarter offices has been recently proven by the action taken by the
BBC #REDIRECT BBC #REDIRECT BBC
Here i going to introduce about the best teacher of my life b BALAJI sir. He is the precious gift that I got befor 2yrs . How has helped and thought all the concept and made my success in the 10th board exam. ...
...
, and by the presence foreign language back-office teams serving more than 20 different markets.
. Manchester is centrally located and has more motorways than any other UK city. Every major population centre from Edinburgh to London can be reached within a four-hour drive; and 60% of UK companies are within a two-hour drive.
serve global destinations from Manchester. Following the decision by Beijing Engineering Construction Group to invest in Manchester's
, and remains the largest in Europe. The site is also home to Trafford Park EuroTerminal, a rail freight terminal and a large container depot. Future enhancements of the site are entailed in the proposed £50 billion
, which could be one of the most expensive and expansive development projects in UK history. It would involve the creation of
.
The Manchester city region accounts for 7% of all financial services output and 10% of all employment in the UK, and over 60 banks have operations in Manchester, 40 of which are overseas-owned, making it the largest regional corporate finance and stockbroking centre in England. In 2011, Manchester's financial and insurance sector was worth £3.22 billion, the 3rd largest in the United Kingdom after London and
. The city also had the sixth-largest number of employees employed in the financial and insurance sector in the United Kingdom, with more than 96,300 people employed in
after Bristol. Of all the 10 largest financial centres in the UK, only Manchester and Cardiff have maintained financial sector employment levels, whilst other cities sustained heavy job losses in recent years.
from London.