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Manchester’s low carbon economy worth £5.4bn

Greater Manchester’s low carbon sector was worth £5.4bn in 2011/12 after growing by 4%, and further growth is expected over the next 12 months.

Think tank, New Economy released it’s latest Manchester Monitor, to show similar growth is expected over the next three years, although staff levels have remained fairly static.

Exports in the low carbon sector grew by 2.9% between 2010/11 and 2011/12 to £529m, while last year 37,000 people were employed across 2,000 businesses in Greater Manchester’s low carbon and environmental goods and services sector.

Baron Frankal, director of economic strategy at New Economy, said: “The low carbon ‘sector’ is touted by all cities as a strong arrow in their quiver.

“Data within this month’s Manchester Monitor does seem to show that it is something of a strength in our region.

“The sector’s growth rate in Greater Manchester has outperformed the UK economy throughout the recent recession and is forecast to continue to grow by more than 4% per year over the next few years.

“This news is a particular boost for our manufacturing and engineering businesses and suggests that there is real scope for businesses to diversify into low carbon and environmental goods services.

“Across the board, trends suggest that we may have a glimpse of some sort of economic recovery.

“However, we’re certainly not out of the woods yet and many factors have still to come fully into force. Not least are the implications of last week’s spending review, which will test all energies to drive Greater Manchester’s economy in the right direction over the next decade.”

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