Greater Manchester's investment fund has grown to nearly £3bn amid a major cash injection.

The Good Growth Fund was launched a year ago with £1bn in November 2025, aimed at supporting housebuilding, regeneration and transport projects.

It has expanded with support from the Greater Manchester Pension Fund and National Wealth Fund, alongside Greater Manchester Combined Authority borrowing and devolved transport investment.

A new £500m investment from the National Housing Bank has topped the fund up to a total of £2.75bn. More than £1 billion has already been approved for 44 projects across all ten Greater Manchester boroughs.

The investments are supporting 5,600 new homes being built, including 1,047 social and affordable homes, and more than 2.3 million sq ft of commercial spaces.

The fund was recently used in June to pump a £50m loan into plans to build Manchester's tallest skyscraper.

On Friday, mayor Bev Craig announced a new 'social contract' meaning organisations who get investment from the Good Growth Fund must promise to deliver wider community benefits alongside any new development.

The mayor of Greater Manchester said: "If you get public money you should contribute to our communities, to make Greater Manchester better for everyone.

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"Through creating new apprenticeships and work placements and creating opportunities for local businesses, the impact of our investment will be felt locally for generations to come."

Fleshing out the details, the Greater Manchester Combined Authority said the new social contract will require all Good Growth Fund recipients to create new apprenticeships and work placements, recruit locally and support local supply chains.

They will also need to join Greater Manchester's Good Employment and Good Landlord Charters, and commit to standards for construction site culture, stick to high environmental standards, and 'engage meaningfully with local communities.'

National Housing Bank chief executive Simon Century, speaking on the announcement of the new £500m investment, said: "This agreement, the first of its type in England, is supported by national and local expertise, backed with purpose-driven finance, and powered by regionally led ambition.

"It builds from strong foundations of successful collaboration with the mayor, local leaders, Homes England as the government's housing and regeneration agency, and the National Housing Bank, a Homes England company.

"Together we will aim to further accelerate the delivery of the new homes and mixed-use regeneration schemes across Greater Manchester that best work for communities now and in the future across the region."