In recent months the phrase Northern Powerhouse has been passed excitedly around the North West business community. This buzz would appear to be well founded as a recent study conducted by Oxford Economics revealed Manchester and Liverpool’s job creation will overtake that in leading international cities.
The report, which undertakes an in-depth analysis of the performance of the UK’s economy, predicts employment growth of 3.8 percent in Manchester and 2.6 percent in Liverpool over the next five years. When compared to Paris, with a projected employment growth of 1.7 percent, and Berlin, standing at 1 percent, the potential the North West holds in asserting itself as a leading business hub is apparent.
In the last five years during the country’s economic recovery Manchester and Liverpool reported the largest job growth in the UK at 55 percent. Manchester produced 14,000 jobs in the professional services industries such as law and finance, whilst Liverpool generated 7,547 jobs in the creative and digital sector.
For those employed within the above industries, the good news continues. The study forecasts further growth within these sectors; with Manchester predicted to generate a further 7,800 new jobs during 2015-2020. Liverpool will also continue to assert itself as a thriving hub for digital and creative industries, with 2,000 more positions on the cards. It would appear that the creation of a Northern Powerhouse is well under way, as Manchester and Liverpool continue to establish themselves as essential contributors in the growth of the UK’s economy.
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