The Council and democracy State of the city report 2020

A thriving and sustainable city

Manchester’s growth over the past decade can be attributed to the strength and diversity of the city’s economy. The thriving economy has enabled the creation of many jobs and opportunities, and has contributed to the significant growth in our resident population. The visitor economy has been a key driver in the city’s economic success, supported by Manchester Airport as a global gateway. The cultural offer that has made Manchester a sought-after destination has continued to thrive in the past year, not least with building work progressing at The Factory, a globally significant visitor attraction that will also create new employment and training opportunities.

The economy in Manchester has continued to diversify towards knowledge-intensive sectors. Business, financial and professional services; cultural, creative and digital; and science, research and innovation, being three of the fastest-growing sectors. New businesses continue to be founded in Manchester, and existing large businesses are relocating and expanding their workforce here.

While the strength and diversification in Manchester’s economy has safeguarded against previous economic shocks, the unparalleled reach of the global COVID-19 pandemic and the economic shutdown experienced from mid-March 2020 could not have been anticipated. The impact of this economic shutdown will significantly impact on the labour market and employment in future years. Manchester's Economic Recovery and Investment Plan sets out the ambitions to drive economic recovery from COVID-19. The challenge will be ensuring the right sectoral support and stimulus in key industries, such as construction, hospitality, retail, culture and sport, as well as safeguarding the role of the Airport to mitigate against the economic impact of COVID-19 on aviation, tourism and the visitor economy.

 

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