Investment fund triggers £900m boost to economy
THE creation of more than 9,000 jobs has been supported by Greater Manchester’s Investment Fund since it launched in 2015 while the local economy has received a £900m boost, according to new figures.
The Greater Manchester Combined Authority (GMCA) added that £575m has been injected into residential developments, resulting in 7,793 new homes. Investments totalling £15m are also helping to deliver around 300 new homes for vulnerable people in the city region. The fund has also supported the creation of 9,104 jobs through investing into regional businesses across a variety of sectors ranging from education, to FinTech and digital.
Mayor of Greater Manchester Andy Burnham said: “This Investment Fund is an incredible success story for Greater Manchester and is proof of our ability to deliver good jobs and homes for our residents.
“Without GMCA’s investment, many developers, businesses and commercial spaces would have found it difficult to access finance and grow.”
Cllr David Molyneux, GMCA lead for investment and resources, added: “We are proud of the successful businesses, developments and commercial spaces that continue to flourish as a result of the investment fund.
“Successful projects and developments such as Didsbury Technology Park and Bolton’s Logistics North have prospered through the help of GMCA.”
The Investment Fund has so far generated more than £28m of income, of which £12m is ringfenced to support Greater Manchester’s wider housing priorities such as affordable housing, empty homes and rogue landlords.
Another £9m is ringfenced for investment into business.