Economic growth in the North of England will be led by Manchester over the next three years, according to new research.
The global service provider, Ernst & Young Global Limited (EY) released their latest growth projections, with Manchester’s Gross Value Added (GVA) set to increase by 2.0% between 2017 and 2019 – surpassing the UK average by 0.5%.
EY states that the city is set to experience the second largest employment growth of all of the locations covered in their report, with work opportunities set to increase by 0.7% over the three-year period.
The projections follow EY’s forecasts of a 3.0% increase in GVA for Manchester throughout 2016, significantly outpacing the 1.2% rise seen in the north west and the national average for this year of 2.0%.
The report highlighted how substantial investment in modernising Manchester city centre made over the course of the last decade, in addition to the financial backing given to the city’s infrastructure, have had a positive impact on the city’s reputation and has served as a catalyst for further growth.
The UK’s growing technology sector has also played a key role in the rise of new economic hubs such as Manchester and Leeds, with companies from around the world expressing interest in investing in these areas through new industries.
Earlier this week, former Chancellor, George Osborne, restated the government’s commitment to the Northern Powerhouse following the announcement of various new housing initiatives throughout the North of England.