Investment Attraction

Greater Manchester Combined Authority (GMCA) faced the challenge of revitalizing the local economy and addressing housing shortages in the Greater Manchester area. To tackle these issues, GMCA implemented a comprehensive investment strategy that has so far delivered over £1.2 billion in funding, with a focus on creating jobs, developing new homes, and supporting local businesses.

One of the key initiatives, the Housing Investment Loan Fund, has been instrumental in delivering 10,000 new homes across the city-region. Since its inception in 2015 with an initial £300 million, the fund has successfully developed 9,571 new homes and has been recycled over two times, demonstrating effective fund management and reinvestment. Additionally, GMCA has invested £110 million into various businesses, resulting in the creation of 8,347 quality jobs, thereby fostering economic growth in sectors such as digital and manufacturing.

The tailored solutions provided by GMCA also include a commitment of £20 million to social impact initiatives aimed at addressing inequality and promoting racial justice. This approach has not only supported business growth but has also secured over 200 properties for vulnerable populations, including those experiencing homelessness and survivors of domestic violence.

Specific case studies highlight the success of GMCA's investment strategy. For instance, Vector Homes has leveraged GMCA's support to innovate in the construction sector, developing a low-cost, quick-build, sustainable housing prototype. Similarly, Gingerbread Properties has utilized the investment fund to create demand-led housing solutions for vulnerable individuals, benefiting from a bespoke approach that aligns with their operational strategy. This collaboration has allowed them to focus on delivering housing that meets the needs of local authorities and their end users.

Overall, GMCA's investment initiatives have generated approximately £41 million in income for the city-region, which is reinvested to further support housing priorities, including affordable housing and addressing issues related to empty homes and rogue landlords. This strategic approach exemplifies how localized investment can effectively respond to community needs and drive economic development.