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Business and Economy News Manchester Property News

Northern Powerhouse Areas Expect Economic Growth

Economic growth for cities composing the Northern Powerhouse has already started as the regin is prepared for years of maintained investment as part of national plans.

The officials of the region experienced economic growth in 2012-14 and are now expecting new developments since the global economic crisis.

Manchester experienced high degrees of institutional investment into its real estate market in 2015 and investors have seen future growth potential of purchasing properties in Northern Powerhouse’s prime cities.

It was introduced in order to help resolve the economic imbalance between the south and the north but it would seem that counties and cities within the Northern Powerhouse regions have already started their growth curve years before the multi-billion pound investment.

During the time of the global economic crisis until the next years, the gap between the northern part of England and other areas widened, partly because of the effect of the manufacturing sector in the larger north compared to the quantitative moderation of the south-east’s financial sector.

A research found that during the years 2012 through 2014, the Northern Powerhouse reduced the gap on other regions of the UK, with the area scoring highly in transport, skills and housing affordability.

However, the growth started even while the Northern Powerhouse plans were still on the making. This means that the reduction of the economic gap will reduce even faster in the coming years due to sustained investment.

Manchester has made investment a priority with approximately 10,000 new private rented sector units planned for the next few years.

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