New Report Reveals Mixed Outlook For The North West
Manchester enjoyed one of the strongest employment growth rates in the UK in the first three months of this year, according to a new report which painted a more worrying picture for other parts of the North West.
The UK Powerhouse study is produced by Irwin Mitchell and the Centre for Economics and Business Research (Cebr) and provides an estimate of GVA growth and job creation within 46 of the UK’s largest cities at least 12 months ahead of the Government’s official figures.
Published this month, the latest report revealed that Manchester’s employment growth rate of 1.8% in Q1 2018 was the fifth highest recorded in the UK across the period, with the city expected to maintain its position in the top 10 by the end of the year.
While Stockport’s employment growth rate of just 0.1% put it among the worst performing cities in the UK, the location’s GVA growth of 2.0% was the best recorded in the North West across the period. There was less good news for Liverpool in terms of GVA growth though, with its rate of 1.4% making it the fourth worst performing city economy in the UK.
Looking into the long-term future, the report predicted that Stockport would remain in the bottom four cities for employment growth by Q4 2028.
Expert Opinion“This latest UK Powerhouse report reveals a positive picture for Manchester in terms of employment growth.
“Disappointingly, however, Manchester’s economy only grew by 1.7% in Q1 2018 which although is a solid increase, it was behind many locations in the South of England. According to our UK Powerhouse study, there are no North West cities in the top 10 for GVA growth in the first three months of this year and looking at the end of the year and also the end of 2028, the cities in the South continue to dominate the top 10.
“The fact that Northern cities are falling behind their southern counterparts, highlights that much more needs to be done to ensure Manchester and the wider Northern Powerhouse region is able to realise its true potential.”
Duncan Hope - Partner