Member Article

Business services sector to drive growth in Greater Manchester over next decade

The latest monthly analytical snapshot of Greater Manchester’s economic wellbeing, in the Manchester Monitor, produced by New Economy, shows that business services are set to drive employment and growth in the region.

The January 2014 quarterly edition highlights the findings of the 2013 Greater Manchester Forecasting Model (GMFM), including those sectors that are expected to lead Greater Manchester’s growth over the next 10 years.

The 2013 GMFM results find that from an employment perspective business and professional service activities are expected to be the largest contributors to jobs growth in Greater Manchester over the next decade, with 54,000 jobs being created in these sectors.

The results also suggest an increasing number of roles in the conurbation will be created at either the higher or lower ends of the skills ladder up to 2023, with fewer at intermediate levels.

Additional data for Greater Manchester also shows:

Jobseeker numbers fell for the ninth consecutive month, with a decline of 3,800 (5.6%) people claiming Jobseekers Allowance (JSA) in November 2013 compared with October 2013; Greater Manchester house prices remain stagnant, with average prices at £104,000 in November 2013; Hotel occupancy is faring well with Manchester city centre achieving its highest monthly average figure to date with 87%; Total volumes of crime have continued to fall, declining by over 4% over the last 12 months.

Dr Alexander Roy, Head of Research at New Economy, said: “With the renewed vigour that January brings, now is a good time to look closely at the regional economy and the long-term trends that it faces. The 2013 Greater Manchester Forecasting Model suggests that around 100,000 jobs will be created from 2013 to 2023 with professional & business services leading the way and contributing about half of those jobs.

“Another significant finding – the forecast squeeze in jobs at the intermediate level – has implications on the type of job opportunities that will be available in Greater Manchester through to 2013, and it is now up to city leaders and policymakers to ensure we plan for a workforce that has the right skill set and qualifications to access these new jobs.”

This was posted in Bdaily's Members' News section by Simon Malia .