Economy of Manchester

The economy of Manchester is among the largest in England. Manchester is a city and metropolitan borough of Greater Manchester. It lies within the United Kingdom's second-most populous urban area, with a population of 2.55 million. Manchester's commercial centre is in Manchester city centre, focused on Spinningfields, Mosley Street, Deansgate, King Street and Piccadilly Gardens.
Historically, the world's first industrialised city, the region was once in economic and population decline. In 2012 Greater Manchester South, which includes the cities of Manchester and Salford and three other metropolitan boroughs, was the largest NUTS3 area outside London in economic terms, and growth was 3.8% vs the Core Cities average of 2%. Between 2002 and 2012 Greater Manchester South grew 45% vs. national growth of 44%. Meanwhile, the 2011 census also showed that Manchester was the fastest growing city in the UK in terms of population. Manchester is also a city of contrast, where some of the UK's most deprived and most affluent neighbourhoods can be found. According to the 2010 Indices of Multiple Deprivation Manchester is the 4th most deprived local authority in England. On the other hand, Greater Manchester is home to more multi-millionaires than anywhere outside London, with the City of Manchester taking up most of the tally. In 2013 Manchester was ranked 6th in the UK for quality of life, according to a rating of the UK's 12 largest cities.
Manchester is considered to be a 'beta -' global city, rated as the second most globally influential city in the UK after London with Edinburgh third, Belfast fourth and Glasgow fifth. The region is now an economic knowledge-led centre, with research and enterprise clustered around the University of Manchester, where research ranked as the third most powerful in the UK behind Cambridge and Oxford. Typical industry areas include: digital and creative, financial, legal and business services, biotechnology, advanced manufacturing, environmental technologies, tourism, global sports brands, media and real estate. The city is also a key location for many foreign owned companies and headquarters, and almost half of the Northwest's Top 500 businesses. Manchester City Council also plays a uniquely active role in business, where it owns key infrastructures such as a 35.5% stake in Manchester Airports Group, which owns other UK airports such as London Stansted Airport, and is the owner of the City of Manchester Stadium, home to one of the world's highest earning football clubs.

Economic indices

Below is a collection of economic indices featuring Manchester. While useful, surveys and indicators have limitations, and are at times subjective and incomplete. For example, no complete list of factors affecting quality of life can be created, and the way people weigh these factors differs.

Quality of Life

6th in the UK for quality of life, according to a rating of the UK's 12 largest cities. The cities were assessed on a range of factors including property market activity, rental costs, salary levels, disposable income growth, cost of living, unemployment rates and life satisfaction.
51st best city in the world to live in according to the Economist Intelligence Unit in 2012, in a study which looks at crime levels, education, health care, culture and infrastructure. The survey only included two British cities, and Manchester's decline of 9 places since the previous year follows the 2011 England Riots, and was greater than any of the 140 other cities worldwide except Damascus, which descended into civil war in 2011. Also ranked ahead of London in 2011, it was said the city ranks slightly ahead because it had better healthcare, whilst it was also considered to be a more "stable" city in terms of crime and terrorism.
Europe's most affordable city featured, according to KPMG's Competitive Alternative 2012 report, ranking slightly better than Dutch cities, Rotterdam and Amsterdam, who all have a cost of living index less than 95.
4th most deprived Local Authority in England according to the 2010 Indices of Deprivation, which takes into account: income; employment; health and disability; education, skills and training; barriers to housing and services; crime; and living environment. There has been improvement since 2007; the number of Lower Super Output Areas in Manchester considered most deprived fell by 13%.
7th most congested city in Europe, 2nd in the UK after London, according to NAVTEQ's report on Europe's most congested cities.
4th most bike-friendly big city in the UK in 2010, after Bristol, Nottingham and Leicester.
5th best sports city in the world after London, Melbourne, Sydney and New York City according to a SportBusiness Group Ultimate Sports Cities report. The report noted that New York and Manchester enjoy the benefits of worldwide sports club brands and their social legacy, especially in the case of Manchester. Manchester has been shortlisted amongst 30 other cities for the 2014 top cities ranking.
Business
9th lowest tax cost of any industrialised city in the world in 2012 according to KPMG's Competitive Alternative report, where the report noted the city was a notable improver in competitiveness compared with other European cities, with currency depreciation, taxation reductions and decreased industrial facilities costs highlighted as factors.
Along with London, Manchester featured in the top 30 cities in the world for investment, and of the top 30, Manchester was 12th for the highest proportion of urban economy derived from financial and business services.
Manchester has also overtaken Stuttgart and Tokyo to rank 24th in the world, 2nd in the UK after London, in the global innovation cities league tables, according to the most recent 2thinknow Consulting report on Innovation Cities.
GVA

Year	GVA	Growth
2002	24,011	3.8%
2003	25,063	4.4%
2004	27,862	11.2%
2005	28,579	2.6%
2006	30,384	6.3%
2007	32,011	5.4%
2008	32,081	0.2%
2009	33,186	3.4%
2010	33,751	1.7%
2011	33,468	0.8%
2012	34,755	3.8%

The Office for National Statistics does not produce GVA data for the City of Manchester alone, instead the sub-region of Greater Manchester is divided into two groups of authorities to form NUTS 3 areas for statistical purposes:

Greater Manchester South

Greater Manchester North
Manchester can only be analysed alongside neighbouring metropolitan boroughs within GM South, which tend to have high levels of economic coherence nevertheless; for example, Salford Central railway station is less than 150 meters away from the boundary of Manchester city centre whilst Salford itself has no identifiable city centre.
In 2012, Greater Manchester South's GVA was £34.8bn, accounting for 68.2% of the GVA of the Greater Manchester, 26.6% of the GVA of the North West and 2.5% of the GVA of the UK.
Compared with other NUTS 3 areas in the UK, the economy of Greater Manchester South is exceeded only by London, and annual GVA growth was 3.8% vs. the Core Cities average of 2%.

Area	GVA	GVA growth 2011-12	GVA	GVA per head growth 2011-12
GM South	34,755	3.8%	23,476	2.9%
Greater Manchester	50,991	3.1%	18,870	2.5%
Core Cities average	13,752	2.0%	22,452	1.0%

''excluding Manchester, included Newcastle, Liverpool, Sheffield, Leeds, Nottingham, Bristol and Birmingham''

Productivity

GVA per employee in Greater Manchester South is estimated to be £46,500 in 2012. Compared with other NUTS 3 city areas in the UK, Greater Manchester South ranks 4th, behind London, Edinburgh and Leeds.

Area	GVA per worker	GVA per worker % change 2007-12
GM South	46,500	12%
Core Cities average	40,100	10.1%