Member Article

Manchester economy gives mixed picture

Manchester?s latest economic wellbeing survey, the Manchester Monitor, has given a mixed view of how the city is faring.

Over the past month, Manchester?s conurbation economy was weak across the services sector and contracted in manufacturing and the domestic market, despite a sharp rise in manufacturing export orders.

Unemployment took a slightly positive turn, with a 1.3% decrease in the number of people on Jobseekers Allowance in March 2013, down by 1,100 people.

However this decrease is less that the 1.7% average fall for the North West as a whole, and lower than the 1.8% average decrease for Great Britain.

House prices were varied across Greater Manchester, with the average house prices of £101,897 which is 3% less than 12 months ago.

Three districts in the county have house prices above the national average of £161, 793, with prices in the seven remaining districts significantly below this figure.

Despite this mixed view of the regional economy, visitor numbers to Manchester were strong in March, as passenger levels at Manchester Airport grew for the tenth consecutive month and hotel occupancy levels produced their strongest quarter in six years.

Baron Frankal, director of economic strategy at think tank, New Economy, commented: ?Last month there were some welcome distractions from the ongoing weakness of the national economy.

?The conurbation?s visitor economy is enjoying it?s best start since pre-recession 2007, with hotels regularly filling up, meanwhile Manchester Airport has now seen a 1.5% jump in passenger numbers year-on-year compared to its rivals Heathrow (1.0%), Birmingham (0.6%) and Gatwick (-0.7%).

?New services to Moscow and St Petersburg with easyJet, Stavanger with Norwegian, and Warsaw with Ryanair should help continue this growth throughout 2013.

?Manchester Airports Group is also working very hard to secure direct flights to China ? no coincidence given that a major step towards strengthening our link?s with the world?s fastest growing market took place last week with the launch of the Manchester?China Forum by the Chancellor of the Exchequer.

?This is an ambitious commitment to building real partnerships with counterparts in China with the potential to amplify exponentially Manchester?s position as a gateway for Chinese business to the North of England.?

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