Manchester Economic Growth Larger Than UK and European Union

Manchester Economic Growth Larger Than UK and European Union

New research highlights the pace of growth in Manchester amid surging demand for real estate in the city from investors around the world.

Summary:

  • Annual GVA growth levels in the UK and European Union are being recorded in Manchester every quarter
  • It’s just one of several findings in new economic research for the city, which also found the population of Manchester city centre could increase by as much as 63% by 2025
  • Private and institutional investors from around the world are driving investment levels in Manchester’s property market, attracted by its strong growth projections

Economic growth in Manchester is rapidly outstripping the average for both the UK and European Union.

That’s just one of several new findings published by commercial real estate news agency Bisnow.

It found that, while annual gross value added (GVA) for the UK and European Union currently averages 1.7% and 1.2-1.4% respectively, Manchester grows by that amount each quarter.

Bisnow states that official data “lags behind” economic reality for Manchester, asserting that actual economic growth for Manchester is even greater than the 5-7% GVA per year recorded by the Centre for Economics and Business Research.

Other economic findings compiled by Bisnow include:

  • Manchester currently has more skyscraper development than any North American city (except for Toronto), with a record 64 cranes recorded above the city last summer – Deloitte Real Estate
  • Close to £2 billion was invested into Manchester’s commercial property sector by overseas investors between 2015-2019, with the fastest growing level of spend registered by North American and Far Eastern investors – Savills
  • A rising number of institutional investors are acquiring real estate assets in Manchester, including Aviva, Legal & General and DWS, who recently bought the Vita Student First Street project as part of a wider £600 million investment
  • 35,000 new residents will move into Manchester city centre by 2025, with the Deansgate (63%), Ardwick (62%) and Piccadilly (61%) wards expected to experience the greatest level of growth

With Manchester boasting some of the strongest economic levels in both the UK and Europe – and with population growth continuing to put a strain on current supply levels in the city’s property market – it remains one of the most in-demand investment locations from global buyers.

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