Manchester economy to grow “£13bn by 2035” says Mayor Andy Burnham

Manchester’s economy has defied national trends in recent years to continue growing through the pandemic and the economic challenges that follows. The new plans being put in place by Mayor of Greater Manchester Andy Burnham and the Combined Authority in the region aim to add a further £13bn to the city’s economy in the next decade.

Andy Burnham said: “Greater Manchester is ready to kickstart a new decade of growth at the heart of a resurgent North.”

How exactly will that be achieved?

• Targeted growth and regeneration locations
• International trade links
• Transport infrastructure investment

Targeted growth locations with more investment and jobs

A key part of the plan is heavy investment in six targeted growth locations around the Greater Manchester region. For example, the ‘western gateway’ site in Trafford, based around Old Trafford stadium, will be the biggest sports-led regeneration in Europe.

Alongside the refurbishment and expansion of the stadium, plans to create new housing, commercial and public space are being put in place to further boost the area.

The Greater Manchester Combined Authority and Andy Burnham believe the scheme could boost the area’s fortunes in the same way that MediaCityUK did for Salford Quays and provide £7.3bn of economic growth.

That makes buy to let investment opportunities like Berkeley Square essential for any investor looking for their next purchase. Located on the waterfront adjacent to Old Trafford, these luxury properties are located right in the heart of one of the most exciting regeneration areas in Europe.

International trade links and the Airport expansion

The £1bn+ expansion of Manchester Airport is another important part of the region’s economic plan. The increased capacity provides improved global connectivity and brand new business opportunities that can deliver more growth.

The new direct link to Mumbai is the perfect example of this. It’s the only year-round, direct link to India’s financial capital in the North of England, and research from Metro-Dynamics shows the potential benefits on offer to Manchester.

It’s estimated that the new ‘IndiGo’ service will create at least £32.9m of new exports per year, and an additional £11.8m will come from Indian tourists visiting Manchester each year. That’s serious money – over £400m per year for Greater Manchester from this one source by 2035.

Vishakha Yaduvanshi, Manchester’s Consul General of India, said: "The launch of IndiGo’s direct flight between Manchester and Mumbai represents a major step forward in enhancing connectivity between India and the North of England.

“This direct link offers a faster, more convenient travel option for business travellers, tourists, and the vibrant Indian diaspora in the region. By cutting travel times and eliminating the need for connecting flights, it opens the door to stronger economic partnerships, deeper educational ties, and richer cultural exchanges."

£2.5bn received for further Bee Network expansion

The Been Network is Greater Manchester’s publicly owned transport network. It has established itself as a national success story providing high quality, integrated bus and tram services to residents. It has been an economic game changer and there’s more to come.

The government has confirmed £2.5bn of funding for the next stage of the Bee Network’s expansion. It will help create a 100% electric bus service, bring trains into the network, new tram lines, new homes and thousands of quality jobs.

Andy Burnham, Mayor of Greater Manchester, said: “Greater Manchester has had a decade of growth faster than the UK average. This funding – together with our devolved decision-making powers – can be the key to unlocking even more growth in the decade to come. 

“It’s a major boost for our own plans to deliver £10bn of investment over the next 10 years, build thousands of new homes, create skilled jobs, and open up new opportunities right across our city-region.”

Property for sale in Manchester has never been more valuable

All of that means there has never been a better time to invest in Manchester buy to let property. Economic growth is strong, and billions of pounds of investment will only make the city more desirable in the future.

Better international links, premium jobs and a world-class lifestyle ensure that more and more people will want to move here. That will only make property increasingly valuable, with higher rents and house price growth in the future.

Want to invest in Manchester property like Berkeley Square? Contact our team today to learn more and discover the opportunities available to you.