The financial and creative industries are expected to drive Greater Manchester’s economic growth this year, which includes the borough of Stockport’s business community, according to research body New Economy.
The latest edition of the Manchester Monitor, which analyses trends in the region’s economy, highlights the sectors that are most likely to drive Greater Manchester’s growth through to 2022.
An analysis of current trends in the sub-regional economy, suggests that the business, financial & professional services sector is still expected to be the key long-term driver of the GM economy – creating more than 45,000 jobs between 2012 and 2022 and accounting for over 40% of GVA growth over the same period (£6.2 billion).
The growing importance of the cultural & creative industries is forecast to continue and an estimated 23,000 new jobs are forecast over the next decade (growth of 13.0%), reflecting GM’s role as the largest creative/digital hub in the UK outside London.
Wholesale and retail has the third-largest growth potential, with 26,600 new jobs predicted to be created.
On the downside, the report says 10,000 jobs in the public sector and 8,000 in manufacturing will go over the period in question although it predicts that manufacturing will make a greater contribution to the economy, with its output estimated to rise by £1.3bn.
The latest unemployment data show that 83,400 people were claiming Jobseeker’s Allowance (JSA) in GM in November 2012 – a decline of 1,100 (-1.3%) when compared with the figure for October 2012 of 84,500. On an annual basis however, the overall number of JSA claimants is 1,600 (2.0%) higher in GM than this time last year, compared to the overall picture for Great Britain where claimants have declined by 1.8%, and the North West, where numbers have fallen by 0.8%.
Baron Frankal, director of economic strategy at New Economy, the think tank which publishes the Manchester Monitor, commented: “Looking ahead, significant growth is expected to come from financial services and the creative industries in the next year and beyond.”
He added: “As always, there continues to be cause for concern, particularly with regards to employment levels in Greater Manchester and the currently stagnant housing market.
“Unfortunately there isn’t a one-stop solution but a continued nudge towards growth markets driven by robust policies – as is demonstrated by current efforts to boost our local textiles trade – will be positive steps in the right direction.”
In terms of the visitor economy, Manchester Airport continues to perform well and passenger numbers were 1.76 million in October 2012, compared to 1.68 million 12 months ago and representing an annual increase of 4.5%, or 76,000 additional passengers. Over the last year, the Airport has seen passenger numbers grow on an annual basis in 11 out of the last 12 months.
Source: http://neweconomymanchester.com/stories/1181-manchester_monitor
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