Service sector driving recovery

GREATER Manchester’s economy is growing faster than the UK average, according to the Greater Manchester Chamber of Commerce.

Over 400 businesses completed the study, which measures the performance and intentions of businesses across the region and is used by policy makers to determine economic decision-making.

Headline results suggest Greater Manchester’s economy continues to outpace the UK average, the service sector is driving recovery, construction firms are finding it hard to expand to meet new demand, and over 75 per of businesses are struggling to fill vacancies.

The latest quarter’s results show output from manufacturing rose slightly and the strong recovery in construction continues, with North-West figures for new housing and infrastructure higher than their pre-recession peak.

Output in the service sector is still strong, with a slowdown predicted in 2016 returning the figures to historic levels of growth. Retail sales also continue to rise, with internet sales having tripled in the last decade.

Commenting on the latest survey results, Christian Spence, head of research and policy at Greater Manchester Chamber of Commerce, said: “The outlook remains positive for businesses in the region.