The economy of Manchester is amongst the largest in England. The city lies at the heart of one of Europe's largest metropolitan areas, Greater Manchester, with a population of 2.6 million. The city is also part of the recently formed Manchester City Region with a population of approximately 3.2 million and aims to fuel economic growth with the surrounding areas of Greater Manchester. The central business districts in Manchester are Spinningfields and Corridor Manchester and manufacturing sites include Trafford Park.
Historically, the world's first industrialised city, the region was once in economic decline. Greater Manchester has since developed a diversified, dynamic economy with little reliance on one sector. The region is now an economic centre for the cultural industries, media, real estate, financial services, legal services, manufacturing. Its economy features 65 of the FTSE 100 companies.
In a poll of British business leaders published in 2006, Manchester was regarded as the best place in the UK to locate a business. In 2010 it was ranked the second-best city in the UK to locate a business, and the twelfth-best city in Europe. A report commissioned by Manchester Partnership, published in 2007, showed Manchester to be the "fastest-growing city" economically. It is the third most visited city in the United Kingdom by foreign visitors after London and Edinburgh.
The late 2000s recession generated an economic contraction across all UK regions with Manchester included, however Scotland and the North West England, which Manchester is situated in contracted the least in 2009 according to GVA. In late 2010 and 2011 employment in Manchester remains volatile, but has been steadily increasing bucking the employment rise trend in North West England.
The city and Greater Manchester region have benefited from large-scale developments such as Metrolink expansion, the £650m MediaCityUK development and the largest development outside South East England in NOMA, Manchester at a cost of £800m. Future developments include the £650m Manchester Airport City, the Etihad Campus project in conjunction with Manchester City F.C. and the £50 billion Atlantic Gateway project which aims to reinvigorate the Manchester Ship Canal.
Famous quotes containing the words economy of, economy and/or manchester:
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“The [nineteenth-century] young men who were Puritans in politics were anti-Puritans in literature. They were willing to die for the independence of Poland or the Manchester Fenians; and they relaxed their tension by voluptuous reading in Swinburne.”
—Rebecca West (1892–1983)