Inclusive Growth

Salford’s economy continues to grow, creating new opportunities for local people.

The population of Salford increased by 15.4% from 233,900 in 2011 to 269,900 in 2021, according to the 2021 Census. This is substantially higher than the overall increase for England (6.6%) and the highest rise in the North West, behind Chorley (9.9%) and Manchester (9.7%). A significant number of new homes have been built, which both drives and responds to this population growth, including growing employment opportunities.

In recent years, Salford has seen:

• A 48.6% increase in its business base, growing from 7,535 businesses in 2015 to 11,195 in 2024, making Salford the fourth largest business base in Greater Manchester, accounting for 10.6% of the GM total.
• A strong foundation of micro businesses, which make up 89.5% of Salford’s business base — higher than the GM average of 88.6%.
• Development of over 15,000  new homes and 1.16 million sq. ft  of commercial floorspace since 2019. 
• Employment supported by the business base is estimated at around 159,000 jobs, with Salford ranking third in Greater Manchester for the number of medium-sized businesses (190) and large businesses (50). This places Salford ahead of boroughs like Bolton, Bury, and Rochdale in terms of larger employer presence.
• £2.34 billion in private sector investment and £236.48 million in public sector investment between 2019 and 2024, representing a private-to-public investment ratio of nearly 10:1
• GVA growth of 35.9%, rising from £6.89bn in 2014 to £10.75bn in 2023, making Salford the third largest economy in GM.
• Productivity growth of 12%, with GVA per job increasing from £59,170 in 2015 to £66,346 in 2023 - the highest productivity in GM and no gap with the national average.
• Business density peaked at 62.94 businesses per 1,000 working-age residents in 2019, and remains above the GM average at 57.3 in 2023.
• Strong entrepreneurial activity, with Salford recording the second highest number of business births in GM in 2023 (1,510), though net growth has slowed due to rising business failures.
• Lower long-term business survival, with only 27.1% of businesses surviving beyond five years - below GM and UK averages.

While the national economy has experienced significant turbulence, Salford’s strategic place-based approach to regeneration and sustainable growth is even more impressive, reflecting the city’s critical role as a key driver in the resilience of the regional economy.