GMCA: £1 billion growth fund launched

Greater Manchester Combined Authority (GMCA) has announced the launch of a £1 billion development fund aimed at accelerating regeneration, housing delivery, and economic growth across the city region.

The newly unveiled GM Good Growth Fund will target investment in high-impact housing, employment, and infrastructure projects. An initial allocation of £400 million is set to support a first wave of developments expected to deliver nearly 3,000 new homes, over 22,000 jobs, and 2 million square feet of commercial and employment space.

Designed to unlock further private investment, the £400 million is forecast to leverage an additional £1.3 billion in capital, helping to make stalled or marginal projects viable. A second wave of project funding is due to be announced in March 2026.

The fund forms part of a broader Integrated Pipeline approach that prioritises development projects capable of delivering economic and social value. These include town centre regeneration schemes, affordable and sustainable housing, innovation districts, and employment hubs connected by low-carbon infrastructure.

Key schemes expected to benefit include Oldham’s Prince’s Gate, Wigan’s Cotton Works, Victoria North in Manchester, Salford’s Adelphi Village, and large-scale redevelopment projects such as Mayfield and the former Kendals department store.

The programme also incorporates a strategic partnership with the Greater Manchester Pension Fund (GMPF), which is contributing an initial £300 million. The collaboration is intended to provide patient capital aligned to long-term local development objectives.

Mayor of Greater Manchester Andy Burnham said the new fund marks a shift toward a model of inclusive growth: “We are setting out a serious, practical plan to achieve good growth, unlocking investment to build new homes, create good jobs, and deliver infrastructure.”

The initiative is expected to generate around 12,000 construction jobs, with a further 10,000 in newly created employment spaces. Recycled loan repayments and increased local tax revenue will be reinvested into future projects within the pipeline.

The GMCA will vote on the first wave of project allocations next week. If approved, construction activity on many of the funded sites is expected to begin in 2026.