Andy Burnham unveils new £1bn growth fund for Greater Manchester
- New growth fund worth £1bn coming to Greater Manchester
- Developments across Manchester, Salford, Bolton, Bury, Oldham, Rochdale, Stockport, Tameside, Trafford and Wigan
- Project will bring 3,000 homes and 22,000 jobs to local economy
A new economic fund that will create 3,000 homes, 22,000 jobs and two million square feet of employment space across Greater Manchester was announced by Mayor Andy Burnham on Thursday.
The GM Good Growth Fund aims to pump £1bn and bring more equal growth across the region’s 10 boroughs after a decade of rapid development in Manchester’s city region.
The first wave of £400m funding will try to re-stimulate Greater Manchester’s town centres with new neighbourhood developments like Wigan’s Cotton Works and Oldham’s Prince’s Gate.
More homes and jobs
The initial phase also hopes to tackle lack of housing with new homes through investments in Salford’s Adelphi Village and Victoria North, one of the Labour government’s first New Towns.
Roughly 12,000 construction jobs are expected to be created by the project, with another 10,000 to follow in what the Greater Manchester Combined Authority (GMCA) has dubbed its “Integrated Pipeline scheme.
‘A new model for growth’
Mr Burnham said: “Greater Manchester is the UK’s economic success story of the past decade.”
He spoke of how devolution had “transformed” Manchester’s city region in ways not thought possible 30 years ago, but said the test of good growth is “whether every person and every place feels the benefits”.
“And it’s why Greater Manchester is ready to pioneer a new model for economic growth – unlocking investment to build new homes, create good jobs, deliver infrastructure, and providing the everyday support that will enable everyone to live a good life.”
GMCA said an additional £38bn could be added to the UK economy by 3035 if Greater Manchester’s current growth levels of 3.1 per cent are maintained.
The first wave of project funding is expected to be approved during the next GMCA meeting on Friday. The second wave of funding is due to be unveiled in March.