According to new figures, the ‘Northern Powerhouse’ might be on its way to becoming a reality.
A recent report, commissioned by the International Festival for Business (IFB) and produced by economic forecasters Oxford Economics, has found that Manchester is likely to outperform global cities like Berlin, Tokyo and Paris in terms of jobs growth over the next five years, as they put employment growth in the city at an expected 3.8 %.
The report stated that over the last five years, Manchester had performed very well and the city wasn’t showing any signs of slowing down. Figures show that since 2010, Manchester has experienced a growth in employment of 68,154. This makes it the seventh best location for employment in the UK. The main driver of this growth is considered to be the professional services industry, but Manchester is also one of the fastest growing cities for jobs in finance, law, management consultancy and advertising outside of London.
Researchers also found that between 2010 and 2015, Manchester created almost 14,000 jobs in professional services and 3,218 jobs in manufacturing, across pharmaceuticals, components and plastic products and printing.
Max Steinberg, Chair of the International Festival for Business, said: “This study indicates that the renaissance of the north is real, creating employment, particularly in the ‘knowledge sector’. What’s particularly impressive is that Manchester is expected to outperform world class cities like Berlin and Paris for employment growth over the next five years.”
An article published in The Guardian earlier this month discussed a study that concluded that young people looking for somewhere to live and work should head to Manchester, rather than London.
The study, carried out by the Intergenerational Foundation (IF), stated that prohibitive housing costs and a poor work-life balance meant that graduates would be better off going north, as other northern cities, such as Liverpool and Sheffield, also scored well on a combination of graduate-level employment opportunities and house price-to-earnings ratios.
Angus Hanton, co-founder of IF, said: “There is a huge untapped pool of graduate opportunities outside London with businesses missing a trick by not locating in these areas.
“Our findings overlap with the current government’s strategy to seek to build a ‘Northern Powerhouse’, and devolution of public expenditure and taxation to Combined Local Authorities would allow these regional centres to truly compete with London for young talent.”
If you are looking for a job in or around Manchester, you could download our new job searching app Zoek to let your new job find you. The app for faster, smarter recruitment can be downloaded on iOS or Android.
Interested in finding out more about the subjects raised on this page?
Simply click on the tags below to read related blog posts...