Investment Attraction
Invest in Manchester
Full Credential Description
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 significant portion allocated to housing and business development. The Housing Investment Loan Fund, which started with an initial £300 million in 2015, is on track to deliver 10,000 new homes, having already developed 9,571 homes to date. This fund has been recycled over two times, demonstrating its effectiveness in sustaining investment.
In addition to housing, GMCA has invested £110 million into various businesses across sectors such as digital and manufacturing, resulting in the creation of 8,347 quality jobs. Furthermore, over £350 million has been directed towards commercial property schemes, enhancing the business landscape in the region. The investment strategy also includes a commitment of £20 million to social impact initiatives aimed at addressing inequality and promoting racial justice.
Specific organizations have benefited from GMCA's tailored approach. 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 populations, such as care leavers and the homeless. The fund's bespoke approach allowed Gingerbread Properties to align its delivery model with GMCA's goals, enhancing the pace and effectiveness of their projects.
Overall, GMCA's investment strategy has not only generated approximately £41 million in income for the city-region but has also facilitated reinvestment into local authority areas to support broader housing priorities, including affordable housing and the management of empty homes. This strategic approach exemplifies how localized investment can effectively address specific community needs while fostering economic growth.