Member Article

Manchester's creative and financial industries to flourish

2013 will be a year of growth in Greater Manchester for the creative and financial industries, according the the latest statistics from the Manchester Monitor.

Figures showed the financial services sector and creative industries to be the most likely to drive expansion in Manchester’s urban areas over the next decade, while the job seekers market has also made slight improvements already.

Think tank New Economy’s quarterly forecast showed that during the recession, businesses in Manchester have shown significant resilience, despite tough trading conditions.

Predictions say that within the next 10 years, over 45,000 jobs will be created by the financial sector in Greater Manchester, while creative industries will be responsible for the creation of approximately 23,000 posts.

The Manchester Monitor showed that job creation over the next decade in finance will account for 40% of Greater Manchester’s Gross Value Added (GVA), while creative sector jobs will contribute around 13% growth.

December’s ‘English Business Survey’, from the Department for Business, Skills and Innovation, demonstrated a third quarter rise in output from 75% of Manchester-based firms in comparison to the previous quarter.

Additionally, 44% of companies said they anticipate a further rise in output for the last three months of 2012.

New Economy’s director of economic strategy, Baron Frankal, commented: “Looking ahead, significant growth is expected to come from financial services and the creative industries in the next year and beyond.

“This is in addition to other sectors which are also expected to strengthen Greater Manchester’s economy going forward, particularly manufacturing which is estimated to increase its current GVA output by £1.3 billion in the next ten years.”

“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.”

A slight decline in the number of people claiming job seekers allowance has been attributed to temporary posts over the Christmas period, with a slight drop of 1.3% between October and November. For the full year, the number of claimants in Manchester is up by 2%, with 1,600 more people claiming than in 2011.

Mr Frankal continued: “With two weeks to go until ‘Blue Monday’, said to be the most depressing day of the year, our latest Manchester Monitor demonstrates plenty of areas that should keep spirits high over the coming months.”

“In addition to the continued strong performance of Greater Manchester’s visitor economy, as well as an ongoing decline in its crime figures, we’re seeing a particularly positive reception from Greater Manchester’s business community; one that is in stark contrast to difficult trading circumstances it has faced in the last year.”

This was posted in Bdaily's Members' News section by Miranda Dobson .