Mayor Launches Landmark £1 Billion Investment Strategy
Greater Manchester Mayor Andy Burnham has announced a groundbreaking £1 billion investment fund designed to ensure every borough in the city-region benefits from economic prosperity. The innovative Good Growth Fund, set to be formally launched on Thursday, represents a radical new approach to regional development by using proceeds from successful city centre projects to finance schemes in areas that have historically been overlooked.
This ambitious initiative comes as Greater Manchester's economy continues to outpace the national average, growing at 3.1 per cent annually. The fund will support more than 30 projects across the region, with Mr Burnham describing it as a "decisive break with trickle-down economics" that has left the UK with "wide inequalities between people and places".
Closing the North-South Divide Within Greater Manchester
The strategy directly addresses what regional leaders have identified as an internal north-south gap within Greater Manchester. Mr Burnham emphasised that this represents a "very, very serious attempt" at closing this divide. The fund draws inspiration from the late Manchester council chief Sir Howard Bernstein's approach, using "just enough" public funding to kickstart projects that private investors have been reluctant to support.
Speaking to the Manchester Evening News ahead of his formal address, the Mayor explained that recent regeneration success in Stockport town centre has reinforced his belief that strategically supporting overlooked schemes ultimately attracts additional investment. "If we back all of our places emphatically, they will grow because they've all got potential," he stated.
The initial £400 million phase of the GM Good Growth Fund promises to deliver nearly 3,000 new homes and create over 22,000 jobs. This investment is expected to unlock an additional £1.3 billion in private capital, enabling development "at a pace and scale not seen before this century", according to the Greater Manchester Combined Authority (GMCA).
Comprehensive Project Pipeline Across All Boroughs
Each of Greater Manchester's ten boroughs has been asked to select three priority projects for consideration. From the initial 31 schemes in development, 13 are expected to receive funding approval next week, with a further four progressing in March.
The diverse range of projects includes significant housing developments, town centre regenerations, and major infrastructure improvements. Notable schemes earmarked for support include:
- Prince's Gate in Oldham: 331 new homes near Oldham Mumps station, including 75 social housing units
- Stretford Mall redevelopment: Transformation into 427 new homes with 178 affordable units
- Atom Valley advanced manufacturing supercluster across Rochdale, Bury and Oldham
- Victoria North development between Victoria Station and Collyhurst for up to 15,000 homes
- Salford Crescent £2.5bn regeneration partnership
- Cotton Works at Wigan Pier, creating nearly 180 homes and 670 jobs
The fund utilises Greater Manchester's inaugural integrated settlement, providing leaders with greater flexibility over expenditure, alongside an initial £300 million contribution from the Greater Manchester Pension Fund - described as the first such partnership of its kind in the country.
Manchester council leader Bev Craig emphasised that the fund aims to create growth that people can "feel in their everyday lives", delivering thousands of affordable homes, revitalising town centres, and creating tens of thousands of jobs while ensuring the city centre remains "one of the most important engines of growth anywhere in the UK".
New proposals are scheduled for approval every six months, with GMCA chief Caroline Simpson indicating that at least 60 additional projects are under consideration for future funding rounds.
