Salford Employment Sector has been booming recently with the massive regeneration projects and increased commercial investment opportunities. These make the number of jobs available in Salford continue to grow.
In fact, Salford has become a top business and property investment hotspot as it caters to over 9,500 businesses and employs more than 150,000 people. There are major companies contributing to its growing employment sector such as TalkTalk and Vodafone. Additionally, the £550 million mixed-use development of MediaCityUK at Salford Quays has more than 250 businesses alone, including BBC and ITV.
These businesses are expected to double in size after MediaCityUK secured a £292.5 million five-year loan. Its plan includes the development of 10 new buildings for more offices, flats, and shops.
As more and more businesses are opening their doors in Salford, the city's impressive employment rates in the financial service industry as well as creative media sectors make the area attractive for major companies to expand existing operations and for property investors to build their portfolio.
What makes Salford Employment Sector more exciting for property investors is its government’s forecast of 415,000 square-metre new office spaces coming in by the year 2035 and Salford City Council’s forecast of 40,000 new jobs by 2040.
Salford As A Service-Oriented Sector To A Growing Creative, Media, And Digital Sector
Salford employment sector significantly contributes towards Greater Manchester’s economy. Although Salford’s main industries are similar to the rest of Greater Manchester, it has a distinct 9,500 active businesses in the city.
Employment is largely focused within the City Centre of Salford and Salford Quays with over 150,000 people employed in 2016 across different sectors. However, Salford’s employment is dependent on service sectors, specifically the financial and services market.
Thanks to the development of MediaCityUK, Salford is now expanding employment opportunities to the creative, media, and digital sectors, with around 250 businesses with a forecasted expansion over the coming years.
This expansion includes transport and logistics, light manufacturing, and public services. Some of the major employers are the BBC, Salford Royal Hospital, and the University of Salford. The BBC employs around 3,000 people. In addition to this are the UK’s largest industrial estates — Trafford Park and the Trafford Centre, which provide around 35,000 jobs.
Massive Regeneration Projects Boost Employment Scene And Property Investment
As a result of its regeneration, Salford has emerged as a standalone city, generating its own base of well-paying jobs and a thriving leisure scene. With this, the future looks bright for Salford property investment with further development in the pipeline.
Thanks to several multi-million-pound regeneration schemes, Salford has seen a new wave of businesses taking residence in the city, increasing employment levels and new property developments undergoing construction. Today, MediaCityUK and Salford Quays are the city’s main attractions, boosting a more desirable district for tenants and property investors.
Other regeneration projects which are expected to be major catalysts of change for the Salford employment sector are the Greengate £400 million private investment, regeneration sites near the Chapel Street, the Pendleton transformation, the River Irwell and Bridgewater Canal’s new property developments, Soapworks, Home of Skills and Technology, and the new Port Salford.
Culture, Tourism, and Education Scene Supports Salford’s Growing Employment Sector
Salford’s tourism and cultural economy significantly raises the city’s profile, improves its competitiveness, and provides major employment opportunities to its locals. The vibrant areas of the City Centre and Salford Quays are the primary employment providers with their well-loved facilities such as the MediaCityUK and The Lowry arts centre. The upcoming RHS Garden Bridgewater will open more job opportunities as it aims to bring another major visitor attraction to the city.
In terms of Salford Education, there are numerous employment opportunities around the University of Salford. It has increased business links with the city, including Salford Innovation Park, central Peel Park, and the Frederick Road campus located at the western end of the City Centre.
Existing Economic Areas And Nearby Cities’ Ripple Effect Presents Opportunities to Salford’s Tenants' Employability
Salford's south-eastern area forms the largest concentration of economic activity for Greater Manchester. It starts from Central Park in Manchester in the east through the City Centre and Salford Quays to Trafford Park, the Trafford Centre and Port Salford. This economic area presents a large number of job opportunities and a diverse range of businesses that Salford tenants can take advantage of.
The Salford Innovation Triangle, in particular, boosts the Salford employment sector with its three distinct innovation districts: the MediaCityUK, University of Salford, and Salford Royal Hospital.
Besides the city’s existing employment opportunities, it has easy access to nearby booming markets with a high volume of job openings like in Manchester and Castlefield, through Salford’s excellent transport links.The regeneration projects and increased commercial investment opportunities in Salford are continuing to generate a positive effect on employment. With these, the expanding Salford employment sector is great news for property investors. If you’re interested in learning more about how you can get involved in Salford’s rapidly growing market, our team would be happy to chat with you. Call us on 02079236100 today.