Manchester is on track to become the UK’s fastest-growing city in 2024, according to recent projections.
- A notable increase of 142 high-growth businesses has been recorded in Manchester and Cheshire this year.
- Economic forecasts predict a 1.8% rise in Manchester’s Gross Value Added (GVA), highlighting effective growth strategies.
- Prominent companies are establishing innovation hubs in Manchester, cementing its status as a leading employment centre.
- The city’s vibrant innovation ecosystem is supported by extensive investment and strategic partnerships.
Manchester is poised to maintain its position as the UK’s fastest-growing city in 2024. A key factor in this growth is the influx of 142 new high-growth businesses setting up offices and labs in the city and Cheshire.
The EY ITEM Club, a leading UK economic forecaster, anticipates a 1.8% rise in Manchester’s GVA in 2024. This growth is attributed to the city’s strategic focus on attracting talent to sectors that add significant value, such as digital tech, life sciences, and fintech.
In 2023, Manchester was home to 305 high-growth tech companies – a number expected to increase further with new arrivals in 2024. Global names like SafetyCulture and AO.com have established bases in Manchester, drawn by the rich talent pool and collaborative opportunities.
The robust support ecosystem, spearheaded by Bruntwood SciTech, has been pivotal. They have introduced projects like the £243m developments in the city centre, offering state-of-the-art workspaces to innovative businesses.
Key players like UrbanChain and Northern Gritstone have flourished in Manchester due to access to a dynamic partner network and extensive facilities. This has not only benefited businesses but also strengthened Manchester’s reputation as a thriving innovation hub.
Manchester’s strategic initiatives and thriving business ecosystem are driving its rapid expansion, solidifying its status as a key UK innovation centre.
