Manchester City Council’s leader has welcomed the announcement of a £440m investment into Manchester Airport.

Manchester Airports Group (MAG) today announced the investment and said it would create thousands of jobs and unlock billions of pounds of economic value for the North over the next decade.

The investment aims to deliver new spacious facilities, state-of-the-art technology and equipment, and an array of shops, bars, restaurants and airport lounges.

It is the final phase of the £1.3bn Manchester Airport Transformation Programme (MAN-TP), first announced in 2015.

MAG predicts that more than 500 jobs will be created in the construction phase, while an analysis by York Aviation shows around 16,400 extra jobs will be generated by 2040 as a result of the extra economic activity.

The same research reveals that Manchester Airport’s current contribution to the Northern economy of £3.5bn is expected to increase by nearly 80%, to £6.3bn by 2040 as a result of the full delivery of the transformation programme.

A further £2.9bn boost will be triggered through the increased productivity of businesses travelling and trading globally through Manchester over the same period, according to MAG.

Charlie Cornish, CEO of MAG, said: ‘Manchester Airport is a key economic asset for the North, and this investment will maximise the contribution it makes to creating a balanced and globally competitive UK economy.

‘Our £1.3bn transformation programme demonstrates our long-term commitment to providing a great airport experience for passengers who travel through Manchester. I’m delighted to be announcing the go-ahead for the final phase, which will open in 2025, connecting the people and businesses of the North to dozens more global destinations, and creating jobs and stimulating increased levels of trade and tourism.’

Cllr Bev Craig, leader of Manchester City Council, said: ‘We welcome this important investment in a thriving future for Manchester Airport.

‘It is a boost not just for the airport itself but for Manchester, and Greater Manchester, as a whole. The airport is a vital asset which helps attract employment and investment to the city and supports tens of thousands of jobs, both directly and through the wider visitor economy. Having this global connectivity is a major competitive advantage for Manchester.’