The fortified town of Manchester had a number of cotton mills in earlier days. The town itself had more than a hundred cotton mills during the 1800s. Thereafter the number of cotton mills decline and the city was surpassed as the largest center of cotton spinning in the 1850s and 1860s. In that period, the city rises and became the financial center of the region. Still, Manchester continued to produce cotton and in 1913, more than half of the world’s cotton was processed in the area. The access to export markets was interrupted during the First World War and that paved way to cotton processing industry in other parts of the world. The machines were produced in Manchester and they suffered from the Great Depression and the underlying changes in structures began to supplant the old industries such as textile manufacture.
The Greater Economy
Alongside to the recovery of United Kingdom’s economy from the inclination experienced in 2008 to 2010, according to the latest figures, Manchester was compared favorably to other geographies. The strongest annual growth in business stock was shown in 2012, among all the Core Cities. A relatively sharp increase in the number of business deaths was also experienced by the city; it is the largest increase among all of the Core Cities. However, the strong growth was offset in new businesses which resulted in an obviously strong net growth. Manchester has a reputation for civic leadership in business acumen. The city owns two of the country’s four busiest airports and the earnings are used to fund local projects.
Some of the country’s most deprived and most affluent constituents can be found in the metro that made Manchester a city of contrast. The 4th most deprived local council in England is Manchester. The unemployment throughout 2012–2013 peaked an above the national average of 11.9 percent. But its way lower than comparable large cities. On the brighter side, Greater Manchester is home to more multi-millionaires than countries outside London, the city took up most of the tally.
The strong office market has been partly attributed in Manchester that entails the creation of jobs away from the overheated South to the areas where office space or rent is possibly cheaper, workforce market and manpower may not be as saturated. Women are well compensated in the city in terms of equal pay to men compared to the rest of the country.