The North West city of Manchester has seen an impressive 36% rise in the number of current SMEs since the start of the decade which also provides 27,000 jobs according to research conducted by npower Business by Capital Economics. It also found that the city ranks at the top of the list for national SME growth.
If Manchester continues to stretch its growth by 2020 the city will produce roughly 16,000 more jobs. Opportunities are found within the creative and digital sector that pump blood throughout the vibrant city creating business opportunities for even more SMEs.
Success is apparent within the youth found in employment throughout the city, the low business rates and property prices in comparison to other cities in the UK and the enterprise zone powered by Manchester airport also adds extras to the bar!
The top 15 UK cities with the greatest growth prospects within SMEs could produce a further £16 billion to the economy annually by the end of the decade according to Capital Economics. At present SMEs cater to 16.8 million people in employment, this is 50% of all employment in the UK.
Head of npower, Philip Scholes comments;
“Manchester has led the country in SME growth – a fabulous achievement and as this report shows, the opportunity is there for SMEs to grow even further achievement and as this report shows, the opportunity is there for SMEs to grow even further. Manchester has a stunning 60% more information service SMEs than the national average and as a city it is fizzing with creative energy.
“At npower, we are dedicated to working closely with Manchester’s SMEs to help support the huge contribution that they make to the economy.”
Board advisor at the Centre for Entrepreneurs, Dale Murray also added;
“Manchester’s energy and verve shows in its clear opportunities for entrepreneurs to start new businesses and to expand existing ones in the city.
“Affordable business rates, living conditions and workforce skills are all crucial to attracting SMEs. I hope that policy makers continue to do everything that they can to build on current momentum, so that SMEs continue to thrive in the city.”