Manchester is often referred to as the UK’s second city despite the official honour belonging to Birmingham. Because it’s such a well-known city, it has attracted significant investment, which has propelled certain sectors to new heights. As Manchester’s business environment grows, we’ll see new industries emerge in this remarkable city, which should result in further investment being driven to the North West region.
Trading and Financial Services
While London is still very much the financial powerhouse of the United Kingdom, and that’s unlikely to change soon, Manchester has an excellent opportunity to absorb a big chunk of the economic pie. Looking beyond traditional banking, it’s highly likely that Manchester will continue its development as a trading and financial services hub, even if it isn’t home to many of the banking giants. The financial services sector can be highly lucrative, and with a considerable amount of money flowing into Manchester, plenty of businesses will require these services.
With many young professionals located in the city and many graduates wanting to earn money straight from university, we’re also seeing trading become more common. Traders have access to more tools than ever, including TradingView and MetaTrader, which makes it easier for people to get involved, even if they’re not from a financial background. These converging factors have made Manchester a really exciting place for traders and financial professionals, with plenty of opportunities available thanks to the increased investment.
Technology and Innovation
Manchester has developed a strong reputation for technology and innovation over the past few years, attracting many businesses within this sector. An area of note is the number of startups in the city, many of which operate globally with international brands. Manchester is home to many companies specialising in software development, artificial intelligence, and cybersecurity, attracting talent nationwide.
A large part of this accelerated growth has been the rise of MediaCityUK, where you can find the likes of Warner Bros, ITV Granada, and even the BBC. While this is a well-known example of Manchester’s growing creative reputation, another area to be aware of is the Northern Quarter, which has become a real hotspot for digital firms.
Healthcare
Healthcare is a highly lucrative sector, and while we’re very much appreciative of the NHS, the private health sector is hugely beneficial to the economy. Manchester claims it is home to world-class medical institutions, research facilities, and a supportive ecosystem, which has helped the city become a hub for pharmaceutical companies, biotech startups, and private service providers. This is bolstered by a thriving student scene, which is helping provide local talent right on the doorstep of these firms while also driving down unemployment in the area.
Advanced Manufacturing
Manchester first rose to prominence many years ago for its role in the Industrial Revolution, which helped put it on the map and laid the foundations for what it has become. These industrial roots are still very evident today and have contributed to its thriving industrial sector. While Manchester’s current industrial manufacturing sector is far from what it once was, it’s very much in line with its heritage.
Evolving from a textile and material hub, Manchester is now involved in more advanced practices, becoming a cutting-edge space for robotics, print, and engineering. These industries are very interesting and indicate the new world we find ourselves in. They are also high-value, helping to bring money into an area that has previously struggled with a lower standard of living. Moreover, the new advanced manufacturing facilities have strengthened the region’s job creation and economic stability.
The Impact on the Local Economy
The growth of these sectors not only helps diversify Manchester’s economy but also has a ripple effect on the local job market, creating opportunities in future-thinking industries that should be around for many years to come. There is a massive demand for skilled professionals in the healthcare, financial, and STEM sectors, which offer new opportunities for residents wanting to work in exciting and innovative companies that have made Manchester their home.
Manchester’s economic resurgence has been fuelled by the unique sectors listed above, showing how forward-thinking the city’s leadership is. This investment has allowed the local government to provide services at a much higher level than in many other areas, increasing the local quality of life. As Manchester develops its reputation for being a great place to live and work, it will attract more professionals, which, in turn, will retain and attract more businesses.
Whether in trading and finance, technology, healthcare, or manufacturing, Manchester’s current business landscape is a testament to its adaptability and resilience in the ever-changing global economy.
