New Economy's purpose is to create economic growth and prosperity for Greater Manchester (i.e. the ten local authority districts: Bolton, Bury, Manchester, Oldham, Rochdale, Salford, Stockport, Tameside, Trafford and Wigan) - an area which is home to 2.6 million residents and which generates 50% of the North West's economic output and 5% of the total national economic output. One of the six Association of Manchester Authorities (AGMA) Commissions established in 2009, it works with public sector organisations, businesses and universities across Manchester to develop economic intelligence, help create jobs and improve skills, save money and increase efficiencies, increase investment and enterprise, and contribute to reducing carbon emissions.
New Economy is a unique organisation engaged both in research and policy development, created in response to the success of Manchester's regeneration effort over the last twenty years. In that period, investment in the city's physical infrastructure and transport system was a major driver of regeneration; more recently, attention has become focused on harder supply-side issues such as human capital; social mobility; inter-generational unemployment; ways of creating demand through fostering innovation in general; and specific sectors such as science and the creative industries. New Economy's role is to research these issues and drive policy-making, both in the city region and through influencing central government agendas.