A thriving and sustainable city
The city's economy
Manchester’s growth over the past decade has been attributed to the stability and diversification of the city’s economy. The creation of new employment opportunities has contributed to significant growth in the city’s population, which has in turn attracted further inward investment from new businesses.
In recent years, the economy in Manchester has diversified towards knowledge-intensive sectors, supported by high numbers of graduates from the city’s higher education institutions. Many of these graduates have stayed in the city, entering employment in the fast-growing sectors of science, research and innovation; business, financial and professional services; and cultural, creative and digital.
Impacts
However, the prolonged COVID-19 restrictions and economic shutdowns have had a dramatic impact on the economy that could not have been anticipated. Across the city impacts have been far-reaching, disproportionately affecting specific sectors and resident groups, while the repercussions on the hospitality, retail, culture and sport, aviation, tourism and visitor economies have been unprecedented. In addition to this, certain groups of people have been disproportionately affected by unemployment and loss of earnings resulting from the pandemic.
Recovery
Recovery from the pandemic must work towards a more inclusive economy, ensuring that residents from all parts of the city can benefit from high-quality jobs with fair pay and conditions, and opportunities for progression. Manchester's Economic Recovery and Investment Plan sets out sets out how Manchester will emerge, reinvigorated, from the economic shock of the COVID-19 pandemic and other challenges, such as the uncertainties of Brexit.