A new report from law firm Irwin Mitchell indicates that, should Prime Minister Theresa May get her Withdrawal Agreement through Parliament, employment rates in the city should see a notable year-on-year rise.
Analysis of the data shows that, assuming a smooth Brexit withdrawal, more people will be employed in Manchester in Q3 2019 (475,000) than there were compared to the same period in 2018 when there were 467,900 employed in the city, equating to an employment growth rate of 1.5% year-on-year.
The report additionally anticipates steady GVA growth across the same period, staying at 1.4%.
Irwin Mitchell said in its report: ‘Manchester is the fastest growing Powerhouse city in the North West. While the North West economy as a whole has suffered from weakening of car sales and the manufacturing sector as a whole in 2018, Manchester is home to many businesses in the life science, healthcare, creative, digital and technology sectors, which continue to perform well.’
It added: ‘Established companies such as AO.com and Boohoo.com contribute to the city’s success, while many new start-ups are also stimulating economic activity, with many businesses showing strengths in software development, IoT (internet of things), data analytics and IT services.’
It really shouldn’t come as a surprise that Manchester is expected to remain on an upward trajectory. As noted by Irwin Mitchell, the city is the fastest growing Powerhouse city in the North West, attracting a wealth of new talent as well as nurturing the thousands of students who are educated by the city’s premier universities every year.
It is this cycle of success which continues to make Manchester a sanctuary for buy to let investors who can expect high tenant demand and rising rents as more and more people squeeze into the city centre.
If you’re looking for buy to let in Manchester, or just want to learn more about why people are choosing the city for investment, contact the yieldit team today!
