Greater Manchester Unveils £1 Billion 'Good Growth Fund' for Homes and Economic Expansion

Greater Manchester Mayor Andy Burnham has launched a transformative £1 billion ‘GM Good Growth Fund’ aimed at driving economic prosperity and delivering thousands of new homes across all ten boroughs of the city region. This ambitious initiative seeks to pioneer a new model of economic growth, ensuring that the benefits of the region’s rapid expansion are felt in every community, not just the city centre.

Key Takeaways

A £1 billion fund to stimulate economic growth and housing development across Greater Manchester.
Focus on “good growth” that benefits all communities, moving away from “trickle-down” economics.
Initial £400 million investment to unlock approximately 3,000 homes and 2 million sq ft of workspace.
Projects span town centre revitalisation, new housing, innovation districts, and infrastructure improvements.
Aims to create jobs, apprenticeships, and opportunities for local supply chains.

A New Model For Growth

Greater Manchester has experienced significant economic growth in recent years, outpacing the rest of the UK. However, Mayor Burnham stressed the importance of ensuring this success is inclusive. The GM Good Growth Fund is designed to address this by channelling investment into projects that will revitalise town centres, build much-needed homes, and foster high-growth sectors like life sciences and advanced manufacturing.

Initial Investment and Projects

The first wave of funding, totalling £400 million, is set to be approved imminently and is expected to unlock an additional £1.3 billion in private capital. This initial investment will support a range of projects, including the Prince’s Gate development in Oldham, the Cotton Works scheme in Wigan, and the expansion of the ‘Sister’ innovation hub in Manchester. The fund will also support town centre regeneration in areas like Ashton-under-Lyne and Prestwich, and Mayoral Development Zones in Stockport, Bolton, and Leigh.

Borough-by-Borough Impact

Each of Greater Manchester’s ten boroughs has identified three priority projects to benefit from the fund. These range from the development of new housing estates and affordable homes to the creation of employment spaces, transport hubs, and community facilities. For example, Trafford will see investment in the Trafford Wharf development and the redevelopment of Stretford Mall, while Bolton’s plans include a new logistics hub and town centre regeneration. Rochdale will benefit from plans for new homes near its railway station and the development of the Sustainable Materials and Manufacturing Centre.

Local Investment and Future Plans

The GM Good Growth Fund combines various government funding streams with a significant £300 million investment from the Greater Manchester Pension Fund. This partnership aims to prioritise local investment and align it with the region’s growth strategy. Future phases of the fund will continue to support projects across the region, with a commitment to reinvesting loan repayments to kickstart further development. The initiative also includes plans to recruit housing experts to identify and utilise empty properties, addressing the housing crisis and reducing the cost of temporary accommodation.