New report outlines huge benefit Factory International has bought to Manchester

Since its grand opening last year, Factory International, housed in the brand-new Aviva Studios, has brought an array of brilliant productions to Manchester, capturing the imagination of audiences and critics alike.

But beyond the cultural buzz, what kind of economic impact is this venue having on the city?

A recent report to the Manchester City Council sheds light on Factory International’s impressive achievements and its promising future.

The multi-million-pound arts centre has not only enriched the city’s cultural scene but is also projected to inject up to £1.1 billion into Manchester’s economy over the next decade through job creation and visitor spending.

The venue expects to welcome up to 850,000 visitors annually, with numbers soaring to a million during the Manchester International Festival years.

The incredible impact of Factory International

The venue has attracted more than £106m of national funding to Manchester including: £78.1m in Treasury Funding, £21m Cultural Capital Kickstart funding from the Cultural Recovery Fund, £7m in National Lottery Funding from Arts Council England and £620,000 additional Arts Council England funding.

This funding represents an almost unprecedented national investment in the arts outside London and the South East and is the largest anywhere in the UK since the Tate Modern in 2000.

This underlines the national and international significance of Aviva Studios and is money which would not otherwise have been available to the city’s arts sector.

How much did Factory International cost?

In September last year, a sum of up to £22.3m was set aside to see the project through to completion.

The venue reached practical completion in March this year and while final accounts are still being agreed on a package-by-package basis, it is anticipated to come in within the revised £240.99m budget.

Up to £1.1 bn will be added to Manchester’s economy over the first 10 years of the venue’s operation through the jobs it creates and supports – estimated to rise to more than 1,500 – and visitor spending.

The venue is expected to attract up to 850,000 visitors a year, increasing to a million visitors in Manchester International Festival years.

Boosting Manchesters international reputation as a global arts hub

Culturally, Aviva Studios has bolstered Manchester’s reputation as a global arts hub.

The upcoming autumn/winter season exemplifies the venue’s versatility, featuring a major retrospective of David Hockney’s work, new pieces by Laurie Anderson, and innovative projects by British artist and filmmaker Jenn Nkiru.

The creative industries are vital to Manchester’s economy, contributing around £1.4 billion annually.

Aviva Studios is set to become a cornerstone for these industries, serving as a training ground for emerging talent and drawing other creative enterprises to the city.

The venue’s presence is anchoring the development of St John’s, a vibrant new mixed-use area within Enterprise City, poised to accommodate 17,000 jobs and featuring innovative workspaces and production studios.

Notably, companies like Booking.com and Cloud Imperium Games have already established headquarters there, contributing to the area’s rapid growth and generating £1.3 million in business rates in 2022/23 alone.

Creating ‘social’ value

The construction of the venue has also delivered social value, with 86% of spending within Greater Manchester and 56% of labour being sourced from within the city region with 25 new jobs created and 52 apprenticeships created or supported.

Deputy Council Leader Councillor Garry Bridges said: “Aviva Studios is an incredible asset for Manchester – culturally, economically, and as part of the rich mix of what makes this such a dynamic city.

“We have never wavered in our commitment to this game-changing project and although there have been bumps in the road along the way we have never lost sight of the destination. It’s hard to imagine this unique venue anywhere else. It’s even harder to overstate the ongoing impact it is going to have.”

You can find out what Factory International have planned for this summer by clicking here