Manchester’s construction activity has dropped significantly, reaching a ten-year low. Despite this, experts believe the city is still poised for future growth and development.
Manchester: The city’s building boom has really slowed down. Last year, it hit its lowest point in ten years. Only 20 new projects kicked off in 2024, according to the Deloitte Crane Survey.
This marks the third year in a row that new starts have dropped. But John Cooper from Deloitte thinks Manchester is still in a good spot for future growth. He pointed out how much the skyline has changed over the last decade.
Despite the slowdown, the construction scene is still buzzing. Last year, 58 developments were underway in Manchester and Salford, leading to 27 projects being completed. New housing projects were the main focus, with over 4,400 new homes finished.
Plus, there are nearly 11,000 homes being built right now. Analysts are optimistic, saying Manchester could meet the rising demand for housing in the coming years.
Office space is also on the rise, with the largest amount of new openings since 2020. However, there are concerns about a shortage of office space in the city center soon.
Even though the pace has slowed, many projects are still in the works. So, the building boom isn’t over yet. Professor Duncan Ivison from the University of Manchester mentioned that attracting top talent is still a priority.
In the hotel sector, 258 new rooms were completed last year, with more on the way. This is great news for tourism, especially with new venues like Aviva Studios and Co-op Live opening recently.
Deloitte estimates that Greater Manchester’s tourist economy is now worth £8.7 billion, boosted by fans attending Manchester City and United games.
