The Manchester-Liverpool metropolitan area is now one of the most prolific regions in the world for global business and in a recent report it made it into the top 10 cities for foreign direct investment. According to global tech leader IBM’s annual Global Location Trends, the area pulled in the 10th highest amount of foreign direct investment (FDI), the highest in any UK city outside of London. The two separate cities were grouped together to compare regions from around the world based on equal labour catchment area. The IBM report looks at where companies are setting up new operations or expanding their existing business in different locations around the world.
The Manchester-Liverpool area attracted an impressive combined 68 FDI projects, which created around 7,000 jobs. In Manchester, their high growth industries included cyber security, FinTech and advanced materials, whilst Liverpool is leading the way for digital manufacturing and life sciences. High income jobs in the tech and advanced science sectors are boosting the economy and introducing a growing need for high end city centre accommodation.
This influx of investment has called for a huge increase in the amount of rental accommodation needed. The increasing number of new operations based in the area mean that investment in residential developments is also on the up. Often people who are moving to the city for work, would prefer to move into rental property before they purchase property in the area. Property development firms like RW Invest have been providing this kind of high quality accommodation in the cities for years, with great returns for investors too.
Foreign investment in the UK has been increasing at a rapid level. The UK came fifth on the global list, with FDI creating jobs for an estimated 51,000 people. The Manchester-Liverpool metropolitan region beat globally established cities like Dublin, Toronto and Barcelona, showing that this area is increasingly attractive for overseas investors. The high-performance, future-facing businesses that are choosing to set up in this region are particularly attractive to overseas investors.
The new projects, industries and schemes that are planned in the Manchester-Liverpool region continue to turn the area into a thriving forward thinking place where investors can expect high returns. Speaking about the new report, the head of MIDAS, Manchester’s Investment Development Agency Service, Tim Newns said “This report once again confirms Manchester as a globally significant business destination and, together with Liverpool, illustrates the potential of the Northern Powerhouse.
Greater Manchester is ambitious, visionary and passionate about the future. Billions of pounds are being invested to create inspiring, connected business environments that support innovation and reflect future needs, and ensure that the region continues to be a draw for the world’s most innovative companies and biggest brands. Talent is one of the key attractors for global businesses and with student retention figures at an all-time high in Manchester, it is creating an even more compelling case for investment.
There are some exciting new developments still to come to Manchester including the Graphene Engineering and Innovation Centre which opens this year, plus the Sir Henry Royce Institute for Advanced Materials coming in 2019.”
The record levels of investment, increasingly prestigious jobs available and enthusiasm for growth from around the world mean that the North West region looks set to thrive for decades to come.