The Mayor of Greater Manchester Andy Burnham will announce later today a new model of economic growth, where every part of the city region is growing and no one and no place is left behind.
A new £1bn ‘GM Good Growth Fund’ will pump prime a pipeline of projects, driving growth in every district and delivering regeneration at a pace and on a scale not seen before this century.
The first £400m investment will deliver nearly 3,000 new homes, more than 22,000 new jobs and 2 million square feet of new employment space.
The first wave of funding will
Revitalise town centres with new, vibrant neighbourhoods and reinvented community assets, like Oldham’s flagship Prince’s Gate development and Wigan’s Cotton Works.
It will turn the tide on the housing crisis by building well-connected new homes, investing in schemes like Victoria North, one of the Government’s first New Towns, and Salford’s Adelphi Village, to deliver the affordable, sustainable housing the region needs
Plans will see the central core and innovation district, backing transformative projects like Mayfield, Sister, and the redevelopment of the former Kendals department store, while also investing in new lab space, to nurture high-growth, high-productivity sectors like advanced materials and manufacturing life sciences, digital, low carbon and green technology.
Its Mayoral Development Corporations are intended to replicate the success seen in Stockport and driving the Old Trafford Regeneration scheme – the UK’s biggest sports-led regeneration project since London 2012.
Greater Manchester has already used unique tools like Mayoral Development Corporations (MDCs) to spearhead regeneration around the city region. Last night, the Mayor met with actor and writer Steve Coogan and the Chief Executive of Co-operatives UK, Rose Marley, who will co-chair a new MDC for Middleton, working with Rochdale Council to help the town grow and thrive.
And last week, the Mayor broke ground on the North West’s largest development site, Atom Valley, where a Mayoral Development Zone is driving forward work to create a unique Advanced Manufacturing and Materials innovation cluster with the potential to create a further 20,000 new jobs in Greater Manchester.
