2012 is likely to be another difficult year for Greater Manchester, with unemployment remaining high and household incomes being squeezed as a result of high inflation.
That is according to the latest edition of the Manchester Monitor, which provides an analytical snapshot of the economic wellbeing of Greater Manchester.
The report says that the key test for long-term economic recovery will be job creation and the hope is that new jobs will begin to emerge as the region realises some of the hard work invested into various projects this year such as the enterprise zone at Airport City.
Figures also show that average rents for 3 and 4-bed houses in Greater Manchester declined on an annual basis (5.2% and 7.6% respectively).
However, this is offset by an overall decline in available property to rent, due to a subdued housing market forcing potential buyers into renting instead.
The report also highlights the continuing increase in unemployment, whilst Greater Manchester’s number of Jobseekers Allowance (JSA) claimants picked up slightly on a monthly basis, the figure of 82,000 recorded in October 2011 represents an annual rise of 9,800 (13.5%).
There is also the added issue of falling real wages for those who are in employment, with household incomes becoming increasingly squeezed as a result of high inflation.
Dr Alexander Roy, Head of Research at New Economy, said: “Whilst there is some good news this month, December’s Manchester Monitor has little festive cheer. 2012 is going to be a very testing year and the critical test to Manchester’s economic recovery will of course be job creation.
“We are hopeful that new jobs will begin to emerge as Manchester realises some of the hard work invested into various projects this year such as the enterprise zone at Airport City. The announcement in the Chancellor’s Autumn Statement which supported a number of infrastructure projects in the city, from transport to superfast broadband for ‘super-connected cities’, is also welcome news. With additional money being announced for the Regional Growth Fund it is now vital that investments such as this are translated into job opportunities in GM to drive forward long-term economic growth.”
Showing posts with label manchester monitor. Show all posts
Showing posts with label manchester monitor. Show all posts
Tuesday, 6 December 2011
Monday, 7 November 2011
Stark realities for Manchester's economy as the global downturn bites
The fragility of national and global economic conditions is reflected in Greater Manchester in the latest figures on the number of people claiming Jobseekers Allowance, with the number of claimants growing by 7,800 in the 12 months to September 2011.
The latest Manchester Monitor says that serious fears remain about the prospects for the UK economy, especially in light of the continuing eurozone crisis.
The report adds that the housing market in Greater Manchester remains quiet, with sales having been relatively flat since March this year.
The commercial property market saw slightly lower levels of take-up during Q3 2011, though upcoming inward moves to GM will see Etihad and Aegis take more than 60,000 sq. ft of office space, creating over 700 new jobs.
Meanwhile,the report highlights the stark reality that an increase in GCSE results across Greater Manchester has not been able to halt the rise in youth unemployment.
The analysis shows that GCSE levels of achievement for 2010/2011 increased across the whole of Greater Manchester with more than 50% of all students in each local authority achieving 5 or more GCSE’s at grades A*-C.
Despite the improved results, youth unemployment continues to rise in the region with the number of 16–24 year olds claiming Jobseeker’s allowance, rising to nearly 27,000 in September,a 4.5% increase from August 2011.
The latest Manchester Monitor says that serious fears remain about the prospects for the UK economy, especially in light of the continuing eurozone crisis.
The report adds that the housing market in Greater Manchester remains quiet, with sales having been relatively flat since March this year.
The commercial property market saw slightly lower levels of take-up during Q3 2011, though upcoming inward moves to GM will see Etihad and Aegis take more than 60,000 sq. ft of office space, creating over 700 new jobs.
Meanwhile,the report highlights the stark reality that an increase in GCSE results across Greater Manchester has not been able to halt the rise in youth unemployment.
The analysis shows that GCSE levels of achievement for 2010/2011 increased across the whole of Greater Manchester with more than 50% of all students in each local authority achieving 5 or more GCSE’s at grades A*-C.
Despite the improved results, youth unemployment continues to rise in the region with the number of 16–24 year olds claiming Jobseeker’s allowance, rising to nearly 27,000 in September,a 4.5% increase from August 2011.
Monday, 3 October 2011
Manchester's Labour and housing struggles so thank goodness for tourists and shoppers
The latest Manchester Monitor is out today.
Here is the report
With the exception of the gold industry, it is safe this month to say that virtually all other parts of the global economy have seen better times. Traditionally viewed as an economic safe haven, the price of gold reached record highs in September as investors sought refuge in the precious metals market. However, the picture elsewhere is not so bright and the markets are waiting anxiously to see whether a solution can be found to the eurozone debt crisis.
Against this background, the UK economy remains in an extremely fragile state and the International Monetary Fund said in September that it expects the economy to expand by just 1.1% in 2011 than the 1.5% it had predicted in June. Adding to this, inflation has risen to 4.5% as a result of higher prices for clothing and footwear, petrol and energy. In addition, construction activity declined in the first half of the year, manufacturers reported falling order books for September and unemployment continues to rise. With the very real threat of a double dip recession now looming, the Bank of England has opened the door for another round of quantitative easing worth £50 billion and some analysts believe that this could restart in November.
Greater Manchester is by no means immune to the economic uncertainty, and in particular to the impacts that this is having on the labour market. The number of people claiming Jobseekers Allowance (JSA) in GM grew by more than 6,000 in the 12 months to August 2011, while long-term and youth JSA claimant numbers are continuing to rise on a monthly basis.
The housing market is still subdued, with people unable to find the high deposits required to purchase properties and sales are currently at their lowest level nationally for two years. This issue is being exacerbated by the fact that rental levels houses in GM have increased year-on-year as a result of increased demand and a lack of properties on the market. A typical 3 bed apartment now costs just under £990 per month to rent, a rise over the last 12 months of 3.2. An average 4 bed house in GM is £1,100 per month, an annual rise of 6.2.
The two areas where GM continues to perform well are hotel occupancy and airport passenger numbers, both of which help to support the view that even in these difficult times, GM’s international standing and external profile remains strong. Passenger numbers at Manchester Airport reached 2.1 million in July 2011, 5.6% (+112,000) higher than in July 2010. And whilst hotel occupancy fell back from the record levels achieved in June and July, year-on-year change remains positive.
Here is the report
With the exception of the gold industry, it is safe this month to say that virtually all other parts of the global economy have seen better times. Traditionally viewed as an economic safe haven, the price of gold reached record highs in September as investors sought refuge in the precious metals market. However, the picture elsewhere is not so bright and the markets are waiting anxiously to see whether a solution can be found to the eurozone debt crisis.
Against this background, the UK economy remains in an extremely fragile state and the International Monetary Fund said in September that it expects the economy to expand by just 1.1% in 2011 than the 1.5% it had predicted in June. Adding to this, inflation has risen to 4.5% as a result of higher prices for clothing and footwear, petrol and energy. In addition, construction activity declined in the first half of the year, manufacturers reported falling order books for September and unemployment continues to rise. With the very real threat of a double dip recession now looming, the Bank of England has opened the door for another round of quantitative easing worth £50 billion and some analysts believe that this could restart in November.
Greater Manchester is by no means immune to the economic uncertainty, and in particular to the impacts that this is having on the labour market. The number of people claiming Jobseekers Allowance (JSA) in GM grew by more than 6,000 in the 12 months to August 2011, while long-term and youth JSA claimant numbers are continuing to rise on a monthly basis.
The housing market is still subdued, with people unable to find the high deposits required to purchase properties and sales are currently at their lowest level nationally for two years. This issue is being exacerbated by the fact that rental levels houses in GM have increased year-on-year as a result of increased demand and a lack of properties on the market. A typical 3 bed apartment now costs just under £990 per month to rent, a rise over the last 12 months of 3.2. An average 4 bed house in GM is £1,100 per month, an annual rise of 6.2.
The two areas where GM continues to perform well are hotel occupancy and airport passenger numbers, both of which help to support the view that even in these difficult times, GM’s international standing and external profile remains strong. Passenger numbers at Manchester Airport reached 2.1 million in July 2011, 5.6% (+112,000) higher than in July 2010. And whilst hotel occupancy fell back from the record levels achieved in June and July, year-on-year change remains positive.
Subscribe to:
Posts (Atom)