Greater Manchester investment in local economy tops £1 billion

Greater Manchester Combined Authority (GMCA) has announced that its investment funds have delivered over £1 billion of funding to support the city-region’s local economy.

Greater Manchester’s investment funds have so far made £1.2 billion of investments, with the figure continuing to rise through fund recycling as money is repaid and reinvested into new projects. Efforts have resulted in thousands of new jobs, new quality homes and boosts for businesses in the city-region, with new investments continuing to be made.

The Housing Investment Loan Fund is currently on track to deliver 10,000 new homes across the city-region, with £700 million invested into residential property so far. A total of 9,571 new homes have been developed to date, with the fund starting at £300 million in its inception back in 2015. To date, this has been recycled over two times.

A total investment of £110 million has also been put into businesses in sectors ranging from digital to manufacturing, supporting the creation of 8,347 quality jobs across Greater Manchester and ensuring businesses can continue to grow in the city-region, while over £350 million has been invested into commercial property schemes and businesses.

GMCA funds have also committed £20 million into social impact initiatives such as the Growth Impact Fund, with investment designed to support social enterprises and aimed at tackling inequality and promoting racial justice.

Cllr David Molyneux, GMCA lead for Investment and Resources, said:

“Greater Manchester’s Investment Funds are a fantastic example of devolution working in practise. Through the funds, we are able to maximise the impact of public sector funding.

“The funds have helped to unlock the delivery of thousands of new homes and have secured more than 200 properties for vulnerable people such as those experiencing homelessness or survivors of domestic violence. We have also been able to use funding to support business growth and the creation of thousands of jobs.

“We are now urging other organisations, businesses and developers with viable proposals to please get in touch and find out how we can support you.”