In recent years, it has been no secret that Greater Manchester has become the city to watch when it comes to tech investment and this year, the region has solidified its status as one of the UK’s leading regions of the tech and digital sector.
In a report by Tech Nation and the job search engine Adzuna, it was found that Manchester came second only to London when it came investment within the tech sector. It was reported that Manchester secured $687.6 million venture capital investment in the city in 2019, which has increased from $199.1m in 2018.
Overall, the tech sector employed more than 100,000 people in 2019 and there are currently around 4,235 job openings – an impressive figure considering the current economic climate. Manchester’s success within the tech sector is largely attributed to tech giants that have moved to the city in recent years. These include companies like TalkTalk, OnTheBeach.com, Sage and The Hut Group, who recently announced that they will be creating a further 500 jobs across the North West.
In the report, it was found that the average IT salary in Manchester currently stands at £49,765, which is £12,000 more than the average salary for jobs within other sectors in the city. Tech Nation also noted in the report that there is a growing demand for skills in cloud computing. The demand for this particular skill has increased by 22% in the last two years.
Digital Minister Caroline Dinenage said: “Manchester’s tech star has been rising for the past few years and the recent success of The Hut Group has helped to cement the city’s reputation as an industry hub to rival the capital.
“These new figures show it is creating new jobs and opportunities, and I am delighted that some of the country’s leading tech talent are coming together to discuss how we can help further strengthen the UK’s reputation as Europe’s leading tech player.”
These statistics should be welcome news for those looking to invest in Manchester in the near future. The wealth of opportunities in a high-demand sector means that skilled individuals will be relocating to Manchester for work. What’s more, Manchester has the added benefit of offering better affordability than London, which will make it an even more desirable location for many jobseekers. In a separate report by ABC Finance Limited, a commercial and business loan company, it was found that those living in Manchester had more disposable income than the national average. With the above factors in mind, it’s understandable that someone looking for new opportunities in the tech sector would be drawn to Manchester.
The growing demand from tenants moving into Manchester is also being reflected in the region’s property market. In Rightmove’s Q3 2020 rental tracker, four out of the top five most in-demand areas were in Greater Manchester. On top of this, data from Hometrack found that the average rent in Manchester had increased by 2.6% in the last twelve months.
Even in these trying economic times, Manchester seems to be proving – time and time again – that it is still one of the most exciting places to live in and grow a business.