Manchester Monitor: Greater Manchester LEP area has country’s highest economic growth rate

The March 2015 edition of the Manchester Monitor – a snapshot of the conurbation’s latest socio-economic indicators – highlights that Greater Manchester’s Local Enterprise Partnership (LEP) area has the fastest growing economy in the country.

The data obtained from a recent Office for National Statistics (ONS) release show that Greater Manchester experienced growth of 4.6% (£2.5 billion) in 2013 – the highest growth rate of all LEPs in England; exceeding both London’s GVA growth of 4.0% and 4.3% in Birmingham.

In 2013, GVA in Greater Manchester was recorded as £56.3 billion, rising from £39.5 billion in 2003 and representing an increase of £16.8 billion (42.5%) over the decade.
The latest data available for Greater Manchester has been drawn together for the Monitor by New Economy, Greater Manchester’s economic intelligence and policy advisors.

It shows:

• Office take-up in Greater Manchester is up 67.8% since this time last year

• Hotel Occupancy in Greater Manchester was 67.6% in January 2015

• House prices are up by 4.1% with the average house in Greater Manchester now costing £108,409 (January 2015) – although this is lower than the 6.7% growth seen in England and Wales.

• Assault attendances at each of Greater Manchester’s eight hospital trusts’ local emergency departments are at an all-time low, with a decrease of 8.3% since 2013.

John Holden, director of research at New Economy, said: “It’s excellent news that Greater Manchester has emerged as the country’s strongest economic performer when compared with other Local Enterprise Partnership areas. Given the size of the city region’s economy, this confirms that Greater Manchester is one of the UK’s most e significant growth zones.

“Indeed there are many encouraging economic indicators emerging from this month’s Manchester Monitor –office space take-up and hotel occupancy are both especially buoyant and the labour market is performing well. Coupled with the major investments aimed at strengthening economic growth that Greater Manchester has recently secured, 2015 has started off on a very strong footing to maintain and enhance this growth trajectory.”