UK CITIES RECOVERY INDEX
Manchester
Updated: 16th February
UK CITIES RECOVERY INDEX
Index + DART for Manchester
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Overview
The Recovery Indices data recorded 84.0 for Manchester on 7th February, which was up from 76.0 a month earlier. The improvement was driven by significant growth for the Mobility and Return To Office indices, due to the ending ‘plan B’ restrictions in January. The Manchester index is currently slightly higher than the national index, which stands at 83.1. Compared to most other cities, Manchester is performing well on the mobility index, but is lagging on the return to office index.
UK CITIES RECOVERY INDEX
Sector Indices + DART for Manchester
Manchester Sector Indices
Commercial Activity
- The Commercial Activity Sector Index for Manchester stood at 91.8 on 7th February, which was unchanged on a month earlier. A decline for the PMI index for the North West has weighed on the Commercial Activity Sector Index causing it to flatline.
Hotel & Leisure
- The Hotel & Leisure index picked in the month to 7th February, rising from 78.3 to 83.0. This owes much to a steady increase in restaurant bookings, pointing to rising consumer confidence in the aftermath of the lifting of ‘plan B’ restrictions, which has lifted the city’s leisure economy.
Mobility
- The Mobility Sector Index peaked at 132.0 on 25th September, but had sunk into the low 90s by early January, due to the arrival of winter weather plus the Omicron outbreak. However, in the month to 7th February we have seen a rebound to the index to nearly 113.0 – a 24% increase driven by the easing of Covid restrictions.
Residential
- The Residential Index plateaued towards the end of the year at around 105, which compares unfavourably to its 2020 high of 122.2. It has since fallen back to 92.6 on 7th February as the market moved into the traditional quiet period during the Winter months. The sustained level of sales volumes indicates that the Manchester housing market has held up well during the withdrawal of the Stamp Duty Land Tax cut.
Retail
- The Retail index for Manchester saw a marked rebound in the month to 7th February, with rising from 71.2 to 80.0. This was in part thanks to a significant increase in footfall, which is surprising given that late January / early February is normally a quiet time for retail.
Return To Office
- The Return to Office index saw a strong rebound in the month to 7th February, rising from 39.6 to 47.6. This reflects the lifting of the government’s work from home recommendation in January. In late October, the index did rise close to the 60.0 mark. The arrival of Spring, when Covid case numbers typically fall, may see this level achieved again as more workers gain the confidence to resume commuting.
UK CITIES RECOVERY INDEX
National Sector Indices + DART for Manchester
A VIEW FROM MANCHESTER
Chris Cheap
Managing Director
“Manchester’s exciting and vibrant cultural, leisure, creative, tech and educational mix contributes significantly to its economic performance and as we navigate through the ongoing effects of COVID-19, it is critical that any recovery plan maintains the unique and diverse ‘Manchester experience’, while supporting the broad sectoral spectrum of commercial demand the city has traditionally seen. Manchester benefits from an ever-growing residential community in the city centre and a highly mobile, cost effective and well-educated labour pool across Greater Manchester, which is enhanced annually by unprecedented regional levels of graduate retention. People are central to Manchester’s unique pull, and it is vital that policy reflects this through progressive planning via public and private sector partnerships to build back better for the long term good of communities across the city region, while supporting a range of employment opportunities.
Carbon reduction goals in the city are well documented and epitomise the approach of local leadership in actively committing to ambitious and progressive policies - it is going to take more of this kind of thinking to ensure the city continues its aspirations in terms of social impact and economic performance.”
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