New East Manchester, the urban regeneration company, said it helped 1,250 residents find work and provided specialist advice to 199 businesses in the year to the end of March 2008.
The organisation's annual report pointed to the planning permission obtained by Cibitas during the year for 4,300 new homes in Holt Town as one of the highlights.
The area saw improved levels of GCSE passes from grades A* to C for the sixth year running and increased secondary school attendance.
Completion of the restoration of Gorton Monastery and the Sporting Edge leisure facility in Openshaw were also mentioned.
In his introduction to the report, chairman Robert Hough, said: "The area has now been stabilised and the foundations have been laid to enable east Manchester to play its full part in supporting the continuing economic growth of the Manchester city region."
Hough said that despite setbacks during the year including the Government's decision not to proceed with the planned Regional Casino at Sportcity and the beginnings of the global financial crisis, "New East Manchester remains confident that solid foundations are now in place to ensure that over the longer term our objectives for ensuring sustainable regeneration will be achieved."
He added: "We are also working closely with the new owners of Manchester City Football Club, the Abu Dhabi United Group for Development and Investment (ADUG), to ensure that we grasp any possible opportunities that brings.
"East Manchester will also benefit greatly from the extension of the Metrolink trams system, with two new lines through the area improving the already-good transport links with the city centre and neighbouring districts and offering real opportunities to attract new business and new residents to the area."