Greater Manchester - Economy

Economy

See also: List of companies based in Greater Manchester and Economy of Manchester

Much of Greater Manchester's wealth was generated during the Industrial Revolution, particularly textile manufacture. The world's first cotton mill was built in the town of Royton, and the county encompasses several former mill towns. An Association for Industrial Archaeology publication describes Greater Manchester as "one of the classic areas of industrial and urban growth in Britain, the result of a combination of forces that came together in the 18th and 19th centuries: a phenomenal rise in population, the appearance of the specialist industrial town, a transport revolution, and weak local lordship". Much of the county was at the forefront of textile manufacture during the Industrial Revolution and into the early-20th century; Peter Smith, Baron Smith of Leigh, chair of the Greater Manchester Combined Authority said “clearly, all of the Greater Manchester area was once at the heart of a very vibrant industry", represented by former textile mills found throughout the county. The territory that makes up Greater Manchester experienced a rapid decline of these traditional sectors, partly during the Lancashire Cotton famine brought on by the American Civil War, but mainly as part of the post-war economic depression and deindustrialisation of Britain that occurred during the 20th century.

Considerable industrial restructuring has helped the region to recover from the demise of mass production of textiles. Historically, the docks at Salford Quays were an industrial port, though are now (following a period of disuse) a commercial and residential area which includes the Imperial War Museum North and The Lowry theatre and exhibition centre. The BBC is now established in their new home at MediaCityUK, at Salford Quays. This is home to BBC North West, several BBC departments, including BBC Sport, Blue Peter and, as of April 2012, BBC Breakfast. Despite this economic diversification, as of November 2012, government plans are under development to revive textile production in Greater Manchester, and restore it as the national home of British textile manufacture.

Today, Greater Manchester is the economic centre of the North West region of England and is the largest sub-regional economy in the UK outside London and South East England. Greater Manchester represents more than £42 billion of the UK regional GVA, more than Wales, Northern Ireland or North East England. Manchester city centre, the central business district of Greater Manchester, is a major centre of trade and commerce and provides Greater Manchester with a global identity, specialist activities and employment opportunities; similarly, the economy of the city centre is dependent upon the rest of the county for its population as an employment pool, skilled workforce and for its collective purchasing power. Manchester today is a centre of the arts, the media, higher education and commerce. In a poll of British business leaders published in 2006, Manchester was regarded as the best place in the UK to locate a business. 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 and is now often considered to be the second city of the UK. The Trafford Centre is one of the largest shopping centres in the United Kingdom, and is located within the Metropolitan Borough of Trafford.

As of the 2001 UK census, there were 1,805,315 residents of Greater Manchester aged 16 to 74. The economic activity of these people was 40.3% in full-time employment, 11.3% in part-time employment, 6.7% self-employed, 3.5% unemployed, 5.1% students without jobs, 2.6% students with jobs, 13.0% retired, 6.1% looking after home or family, 7.8% permanently sick or disabled and 3.5% economically inactive for other reasons. The figures follow the national trend, although the percentage of self-employed people is below the national average of 8.3%. The proportion of unemployment in the county varies, with the Metropolitan Borough of Stockport having the lowest at 2.0% and Manchester the highest at 7.9%. In 2001, of the 1,093,385 residents of Greater Manchester in employment, the industry of employment was: 18.4% retail and wholesale; 16.7% manufacturing; 11.8% property and business services; 11.6% health and social work; 8.0% education; 7.3% transport and communications; 6.7% construction; 4.9% public administration and defence; 4.7% hotels and restaurants; 4.1% finance; 0.8% electricity, gas, and water supply; 0.5% agriculture; and 4.5% other. This was roughly in line with national figures, except for the proportion of jobs in agriculture which is only about a third of the national average of 1.5%, due to the overwhelmingly urban, built-up land use of Greater Manchester.

Regional gross value added by the metropolitan county of Greater Manchester at current basic prices. Figures are in millions of British pounds sterling.
Year Regional Gross Value Added Agriculture Industry Services
1995 25,368 59 8,344 16,966
2000 32,995 38 8,817 24,140
2003 38,300 48 8,973 29,279
2005 42,082 —— ——–

Read more about this topic:  Greater Manchester

Famous quotes containing the word economy:

    It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.
    Henry David Thoreau (1817–1862)

    The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.
    Ralph Waldo Emerson (1803–1882)

    Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.
    Friedrich Nietzsche (1844–1900)