Manchester is outperforming both London and the UK average for the number of new business created, according to research from accountancy group, UHY Hacker Young.
The research found that Manchester creates 79 new businesses per 10,000 population, which is 58% percent higher than the UK average, at just 50 new businesses.
UHY Hacker Young adds that Manchester’s new business creation is also higher than London, which creates 64 new businesses per 10,000 population, 19% fewer than Manchester.
One of the principal drivers behind Manchester’s performance in new business creation is the availability of cheaper commercial rents for offices and workspaces.
Manchester has also recently been named as the third most active tech city in the UK, according to the UK Tech Innovation Index. Manchester ranked highly for creative industries, innovation, and Artificial Intelligence.
The £33m investment in the Manchester Business School means it will further enhance the city’s reputation for providing high-flying young professionals – which attracts so many employers to Manchester.
Mark Robertson, partner of UHY Hacker Young Manchester, says: “For Manchester to be outperforming London in new business creation is incredibly encouraging.
“There has been plenty of investment and regeneration in the City in the last few decades, from education to transport – even in sport, and perhaps now we are seeing the benefits.
“The challenge now is to keep the ball rolling. HS2 is set to attract even more investment into the city. However, Mancunians and entrepreneurs alike will be keeping an eye on the speed of its delivery.”