Although plant closures and corporate restructuring have continued to squeeze jobs and investment from Oldham’s manufacturing industries the Borough’s economy remains remarkably resilient. The fact that more people are in work than for a number of years speaks volumes for the way the town has diversified its business base.
Figures for 2000 show that although factory-generated employment was still nearly twice the national average a much bigger percentage (65.5 per cent) of the Borough’s workforce earned their livelihood in service-related occupations.
Textiles and traditional engineering, which helped to shape the town’s industrial character, have all but disappeared to be replaced by more vibrant sectors like home shopping, publishing, healthcare and food production.
Overseas companies and technology-driven businesses have also injected new life into the town’s business parks and industrial sites. Mail order, financial services, foam making machinery, specialist paper, fire protection systems and golf clubs are among the range of products and services offered by Oldham’s 20 foreign owned investors.
The latest listing of Oldham’s top companies provides a revealing snapshot of how the town’s corporate base has evolved. The biggest company on the basis of turnover is Zetex (specialist semi-conductors), followed by First Manchester (bus operator), Turner Bianca (home textiles) and Salton (personal care appliances).
Cutbacks in military spending – the so-called ‘peace dividend’ – have had a major effect on the town’s defence and electronics industries. Siemens Metering, Osram and Seddon Atkinson have also decided to end production in the Borough, further weakening the manufacturing sector. Often these departures release much needed sites for redevelopment.
Paul White, an Assistant Director in the Regeneration Department, says the economy is a lot stronger but the town is no longer relying on manufacturing as it once did. “Service and support-related businesses are on the increase. The Borough’s business profile is beginning to reflect the national picture.”
| Area | GDP (£m) | % | Population |
|---|---|---|---|
| Bolton | 2,435 | 8.5 | 267,500 |
| Bury | 1,539 | 5.4 | 182,800 |
| Manchester | 7,621 | 26.6 | 429,800 |
| Oldham | 1,894 | 6.6 | 219,200 |
| Rochdale | 1,776 | 6.2 | 208,200 |
| Salford | 3,054 | 10.7 | 225,900 |
| Stockport | 2,954 | 10.3 | 292,800 |
| Tameside | 1,675 | 5.9 | 220,400 |
| Trafford | 3,369 | 11.8 | 220,300 |
| Wigan | 2,312 | 8.1 | 310,500 |
| Greater Manchester | 28,629 | 100 | 2,577,400 |
| Sector | No. of businesses | % of total businesses |
|---|---|---|
| Agriculture, forestry & fishing | 55 | 1.2 |
| Mining, energy & water | - | - |
| Manufacturing | 725 | 15.9 |
| Construction | 580 | 12.7 |
| Wholesale & retail | 1355 | 29.7 |
| Hotels & catering | 385 | 8.5 |
| Transport & communications | 210 | 4.6 |
| Finance | 20 | 0.4 |
| Real estate | 805 | 17.7 |
| Public administration; other | 365 | 8.0 |
| Education & health | 55 | 1.2 |
| All industries | 4555 | 100 |
| Sector | Northwest | UK | Oldham |
|---|---|---|---|
| Primary industry | 0.3 | 1.2 | 1.9 |
| Manufacturing | 27.9 | 18 | 15.7 |
| Construction | 5.7 | 4.4 | 4.5 |
| Services | 66.1 | 76.3 | 78.0 |
| Sector | Northwest | UK | Oldham |
|---|---|---|---|
| Primary industry | 0.3 | 0.9 | 1.7 |
| Manufacturing | 28 | 17.6 | 15.1 |
| Construction | 6.1 | 4.7 | 4.5 |
| Services | 65.5 | 76.7 | 78.8 |