Northern Powerhouse celebrates five years of investment
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Since the Northern Powerhouse’s launch in June 2014, £13bn has been invested into transport and 287,000 jobs have been created in the north of England.
The north has seen billions of pounds worth of economic growth, the creation of tens of thousands of jobs, and money and power being transferred away from London. The government is looking towards the next five years to build on the progress that has been made so far and to provide more opportunities for those living in the Northern Powerhouse.
Jake Berry, minister of the Northern Powerhouse, commented: “The Northern Powerhouse is more than a plan for the future, it’s a story of success. From record investment in transport to more than £5 billion in devolution and growth deals across the North we are making progress towards rebalancing our economy but we are determined to do even more to make sure the whole of the North can reach its full potential.”
With an economy worth more than £339bn, the north’s economy has increased by £10bn in the past five years. Transport has seen major improvements and will continue as the government is putting £3bn towards HS2, Northern Powerhouse Rail, and the TransPennine route, which includes connectivity for Manchester, Leeds, Glasgow and Newcastle.
Additionally, the number of foreign direct investments in the north has roughly doubled to over 1,000 since 2010. This helped created more than 39,400 jobs alone and put the Northern Powerhouse on the international stage. Property investment in the north has even seen increased interest from overseas investors.
The “Core Cities” of the Northern Powerhouse include Manchester, Leeds, Liverpool, Hull, Sheffield, and Newcastle. These cities have seen a great deal of regeneration and investment in the past few years and are expected to continue to see even more.
Manchester slated for more growth
Released in June 2019, the Local Industrial Strategy for Greater Manchester was the first of its kind for the Northern Powerhouse. It’s a long-term plan with an aim to increase prosperity in a variety of neighbourhoods within the city region. For example, a £1bn regeneration scheme in Bolton proposes to create 7,400 jobs and 1,800 homes.
With a record level of job creation, Manchester boasts a diversified and fast growing economy and is attracting many young professionals to move to the city. As a city with a large population of students and graduates, Manchester is expected to see the city’s housing market, economy, and infrastructure continue to grow.
Liverpool seeing new investment
Regeneration in Liverpool has brought investment to the city by the Mersey with the creation of new homes and jobs, including a scheme backed by the Department of International Trade. Liverpool’s waterfront has been transformed and more investment is on the way, including plans for a new Everton football stadium and cruise liner terminal.
With more affordable property prices that are moving with the times and lucrative buy-to-let rental yields, Liverpool has become a popular choice for property investors. New building projects in the city are continuing to bring more investment and regeneration to Liverpool.
Leeds set for additional regeneration
In the past few years, Leeds has seen dramatic changes, especially in South Bank – one of the largest regeneration schemes in Europe. More businesses and young professionals are coming to the city. As major operations for NHS Digital and Sky Gaming call Leeds home and Channel 4 is opening a headquarters location in the city centre, Leeds is becoming a digital and creative hub.
With more people moving to this Yorkshire city, improving transport in Leeds is key to boosting the city’s property market and economy. With improved rail and bus journeys and better connectivity to other areas of the UK, Leeds is expected to see more growth in the coming years.
More regeneration, investment and the creation of additional jobs in the Northern Powerhouse will continue to boost the region. Further growth will help the north become an even more liveable region and bring more people to live, work, and invest there.