Manchester is expected to lead in economic performance, particularly in job creation, into 2023 according to accountancy firm EY’s annual Regional Economic Forecast.
The city is expected to create over 25,000 new jobs in the next three years, a rise of 1.4%, with Manchester topping EY’s league table for job creation.
Stockport looks set to benefit from Manchester’s success, as over 20% of residents of the borough commute into the city for work, while also being an increasingly attractive town for businesses to operate from.
Further construction of high-quality town centre housing is planned over the next ten years, well connected to the city centre by public transport links, making it an attractive offer for commuters and young professionals. High calibre developments such as Stockport Exchange are also making the town a more appealing alternative for employers, who can access the same skilled workforce and same connectivity to the rest of the UK, and globally as a Manchester office offers, but often without the price premium that comes with an M1 postcode.
While EY’s forecast painted a positive picture for Greater Manchester, the report also cautioned against widening inequality between London and other UK regions, but also within regions themselves.
While job creation in Manchester is high, the entire North-West region is only expected to see its workforce grow by just 0.3% annually, with the economies of smaller towns forecast to perform worst as more people relocate or commute to regional economic centres.
EY’s report advised that government should prioritise rebalancing the economy not only away from the South-East, but also focus on more local priorities in smaller towns, rather than on regional centres.
Bob Ward, Managing Partner for EY in the North West, said:
Manchester continues to see growth and success, leading the way and outpacing the regional and national picture. Liverpool is also predicted to go from strength to strength, doubling its average employment growth rate for the forecast period.
“We have huge opportunities across the North West; our professional, scientific and technical sectors are already buoyant, but with a consolidated approach to improving infrastructure and connectivity and capitalising on the benefits brought about through digital and technology, we can ensure that the region’s prosperity is enjoyed by all our towns, not just our major cities.”