- First-of-its-kind Good Growth Fund caps successful first year with introduction of new Social Contract – strengthening commitments to local jobs, apprenticeships and businesses and ensuring public investment delivers lasting benefits
- More than £1 billion allocated so far for 44 projects transforming communities
across Greater Manchester - Investment delivering 5,600 new homes, including more than 1,000 social and
affordable, as well as 2.3 million sq ft of employment space supporting
thousands of new jobs - New agreement with National Housing Bank unlocks up to £500 million of
investment for new homes and mixed-use regeneration
Mayor of Greater Manchester Bev Craig has set out plans to use public investment to
deliver good growth in every part of Greater Manchester through a new Social Contract.
Organisations receiving investment through Greater Manchester’s pioneering Good
Growth Fund must now commit to delivering wider community benefits alongside new
development.
The Good Growth Fund Social Contract will require all recipients to create new
apprenticeships and work placements, recruit locally and use local suppliers, join our
Good Employment and Good Landlord Charters, commit to clear standards for
construction site culture, stick to high environmental standards and engage
meaningfully with local communities
This will ensure every pound of public investment delivers tangible benefits that
improve people’s lives.
The announcement comes as Greater Manchester’s Good Growth Fund marks a
successful first year in operation, with a new report exploring its impact.
More than £1 billion has already been approved for 44 projects across all ten Greater
Manchester boroughs, delivering new homes and employment space, town centre
regeneration projects and improvements to transport infrastructure.
Together, these investments are supporting 5,600 new homes, including 1,047 social
and affordable homes, and more than 2.3 million square feet of offices, industrial sites
and innovation space. Funding is also supporting ten transport projects, connecting
communities to opportunities and unlocking sites for future development.
Mayor of Greater Manchester Bev Craig said: “Over the past decade Greater
Manchester has grown faster than anywhere else in the UK. But not every resident or
place has yet felt the benefit. We set up the Good Growth Fund to spread that growth to
all of our places, so that no community is left behind.“The progress we have made in its first year shows that we are delivering on that
ambition. People can see new homes being built, town centres being transformed, new
businesses opening up and new jobs being created – all made possible by the Good
Growth Fund. But we can do more.“Our Social Contract takes our commitment further – if you get public money you
should contribute to our communities, to make Greater Manchester better for everyone.
Through creating new apprenticeships and work placements and creating opportunities
for local businesses, the impact of our investment will be felt locally for generations to
come.“Good jobs, opportunities for our young people, a home you can afford in an area and
community you are proud of. These are all ingredients of good growth and the Greater
Manchester I’m determined we can build.”
Launched in November 2025 with an initial £1 billion, the Good Growth Fund brings
together devolved funding and investment from partners to give Greater Manchester
greater flexibility to back our pipeline of investment.
Support from the Greater Manchester Pension Fund and National Wealth Fund,
alongside GMCA borrowing and devolved transport investment, has helped expand the
Good Growth Fund.
An agreement to invest up to £500m by the National Housing Bank, also announced
today, will build on an already strong relationship with the bank and Homes England and
provide significant additional capacity to tackle the housing crisis and support more
communities across the city region.
National Housing Bank Chief Executive Simon Century said: “This agreement, the
first of its type in England, is supported by national and local expertise, backed with
purpose-driven finance, and powered by regionally led ambition.“It builds from strong foundations of successful collaboration with the Mayor, local
leaders, Homes England as the government’s housing and regeneration agency, and the
National Housing Bank, a Homes England company.“Together we will aim to further accelerate the delivery of the new homes and mixed
use regeneration schemes across Greater Manchester that best work for communities
now and in the future across the region.”
To be considered for funding, all projects will need to align with the National Housing
Bank’s mandate, with each proposed investment being subject to the Bank’s standard
due diligence, governance and approval processes.
Alongside this, a new agreement with the British Business Bank will establish a shared
approach to supporting investment, innovation and good growth across the city region.
The agreement creates a framework for closer collaboration, helping to align funding,
expertise and market engagement to support the delivery of Greater Manchester’s
growth ambitions.
Long-term advisory support from the National Wealth Fund, which has ramped up
through our Strategic Partnership, has helped make strong progress in the development
and delivery of the electrification of the Bee Network bus fleet, supporting Greater
Manchester’s ability to attract investment into transformational infrastructure.
These long-term commitments from public financial institutions reflect the scale of
opportunity in Greater Manchester and the growing partner confidence in our approach
to delivering good growth.
Greater Manchester is showing what’s possible when local leaders are empowered and
the model is now being replicated across the country. In the 2026 Budget, the
government announced hundreds of millions of pounds for Good Growth Funds in other
parts of the country, giving mayors and local leaders greater flexibility to invest in their
own growth priorities.
Accelerating social and affordable housing will be another priority. The Good Growth
Fund Social and Affordable Housing Partnership, launched in September, offers
housing providers and councils a longer-term approach to investment, helping them
bring forward larger programmes rather than relying solely on funding for individual
schemes.
The partnership aims to give providers greater certainty, unlock additional funding and
help more residents access homes they can afford. Bidding for its first funding round is
expected to open shortly.
Alison Dean, Supply Lead, Greater Manchester Housing Providers said: “The Social and Affordable Housing Partnership is yet another example of how Greater Manchester is utilising it’s funding to deliver more homes across the city region. By using the Good Growth Fund, we are removing barriers that cause delays to sites being built on – so that we build more homes, faster.
“Greater Manchester Housing Providers are ready to help deliver the new generation of
council, social and affordable homes that the city region needs to keep growing.”
The Good Growth Fund invests to get projects moving and attract additional public and
private backing. Loans are repaid and the proceeds reinvested in future schemes,
creating a long-term source of investment for Greater Manchester’s communities.
Funding allocated during the first year of the Greater Manchester Good Growth Fund
has responded to different local priorities, from affordable housing and town centre
renewal to new employment sites and the infrastructure needed to unlock them.
In Manchester, £26 million is supporting 423 homes across three brownfield sites in
Wythenshawe, including social rent, affordable rent and extra-care accommodation.
Investment at Victoria North is backing new homes and the planned Sandhills Metrolink
stop, supporting the wider regeneration of north Manchester.
In Oldham, funding for the second phase of Prince’s Gate will support 259 affordable
homes, building on the first phase already under construction. In Rochdale, investment
at Trub Farm will help deliver 158 affordable homes, including 100 for social rent.
Stockport 8 and Fletcher Street are together expected to provide 680 homes, bringing
more residents into the town centre and supporting local businesses. In Wigan, £26.6
million is backing 179 homes and around 80,000 square feet of employment space at
Cotton Works, bringing a former mill complex back into use.
Investment is also supporting the transformation of Prestwich Village and Bury town
centre, new homes and public spaces at Salford Crescent, and regeneration in Stretford
and at Trafford Wharf. In Tameside, funding for strategic acquisitions, including the
Ladysmith Shopping Centre in Ashton-under-Lyne, is helping assemble sites for future
development.
Alongside these housing and regeneration schemes, the Fund is backing the
infrastructure and innovation space needed to create long-term employment
opportunities.
Projects include new employment space at Wingates in Bolton, specialist facilities at
the Sustainable Materials and Manufacturing Centre (SMMC) in Atom Valley, and office
and laboratory space at Sister in Manchester.
Transport investment at Northern Gateway, Park Avenue in Bolton, Carrington, Godley
Green and the Wigan–Hindley Link Road will help unlock further homes and
employment sites while improving connections for surrounding communities.
As delivery gathers pace, Greater Manchester will strengthen the links between
investment, local skills programmes and opportunities for residents and businesses.
The Good Growth Fund Social Contract establishes a consistent set of expectations for
organisations receiving funding, including commitments linked to the Greater
Manchester Good Employment Charter and Good Landlord Charter.
GMCA will work with community organisations, businesses, housing providers,
education providers and developers, as well as councils, to connect projects with local
priorities. The next phase will also develop clearer measures of social impact and
greater transparency about the benefits investment is delivering.
