Manchester Is Booming But Stockport Is Doing Even Better New Economic Data Shows
Stockport has the fastest expanding economy in the North West.
The U.K. Powerhouse analysis of 46 U.K. towns and cities, produced by law firm Irwin Mitchell and the Centre for Economics and Business Research, says Stockport's £5.7B economy grew by 2.3% in the second quarter of 2018, and will grow by a further 1.3% in the second quarter of 2019.
In 2018 Stockport was the 14th fastest grower in the U.K., however total employment growth was small, just 0.2% placing the town 46th out of 47, with total employment of 118,000. This suggests relatively high-value jobs are being created.
In their predictions for 2019 Irwin Mitchell and the Centre for Economics and Business Research place Stockport marginally higher at 13th place thanks to 1.3% economic growth, but they do not expect any net new job creation.
For comparison Manchester is 15th placed in 2018, also seeing growth of 2.1% but this comes as the city sees employment growth of 2%. In the second quarter of 2019 the city is expected to see growth slow to 1.1% and employment growth cool to 1.5%.
The top of the national table for economic growth are Oxford, Cambridge, Reading and Milton Keynes.
Only Leeds retains its top five spot for jobs growth in both the 2018 and 2019 figures. The city recently won the relocation of the new Channel 4 headquarters.
You can find the full report here.
