West Midlands Growth Plan up and running

A vision to grow the region’s £77bn economy by £17bn has been launched by Mayor Richard Parker.

The plan was revealed on 21 July, with the over-arching goal of raising living standards, and creating 100,000 jobs in fast-growing industries.

With an ambition of 120,000 more homes built, the improvement of public transport is also central to the project. The plan also sets out actions to reduce poverty and deprivation and make further progress towards net zero.

Mayor Parker said that driving the growth ambitions over the next 10 years will be the region’s young, diverse population, its entrepreneurial and innovative spirit, and its six world-class universities.

Towns and cities and their high streets will be transformed through a series of major investments including £2.4bn of improvements to the region’s transport network.

The Mayor pledged at the Wolverhampton launch that there will be more support for business leaders and entrepreneurs and backing for workers in the everyday economy such as teachers, bus drivers, shop workers and carers.

The West Midlands Growth Plan highlights five key industries where the region  is particularly well positioned for growth:

• Advanced engineering, including electric vehicles and battery technology
• Cleantech and energy
• Health and medtech
• Digital and creative industries
• Professional and financial services (next generation services)

The launch comes as the region prepares to host a global investment summit in partnership with government later this year, setting out investment opportunities across the West Midlands and UK to international business leaders and investors.

Mayor Parker said: “Since being elected, I’ve wasted no time tackling the issues that matter most to local people – good jobs, affordable homes, reliable transport, and thriving businesses. These priorities are at the heart of everything I’m working for.

“The West Midlands is full of untapped talent and potential. We’ve got brilliant people, proud communities, and a legacy of invention and industry.

“We’re the biggest region outside London, with world-class universities, global brands and incredible talent. When the West Midlands thrives, the whole country benefits. My Growth Plan is about unlocking opportunity for everyone, in every place. It’s written with business, backed by government and will improve the lives of everyone.”

Industry minister Sarah Jones said: “The West Midlands is a powerhouse for investment and it’s great to see the region build on our modern Industrial Strategy to help open up exciting new opportunities, unlock growth, and create jobs across the region.

“Our Plan for Change will unleash the full potential of the UK’s cities and regions. Our Industrial Strategy is slashing electricity bills for more than 1,000 businesses in the West Midlands, and we are committed to ensuring our long-term plan supports jobs and raises living standards.”

West Midlands Combined Authority said that the plan will build on new projects and funding since the 2024 mayoral election.

This includes hundreds of new social homes, £2.4bn to improve transport, more than £10m of support for local businesses, 5m free bus journeys ahead of bringing the network back under public control – in line with other UK city regions – and a flagship investment zone, offering tax breaks and other benefits for companies.

Also on the cards is a new tram line to East Birmingham, a critical factor in landing the £3bn Sports Quarter regeneration project by US financier and Birmingham City FC co-owner Tom Wagner.

Greg Clark, executive chair of University of Warwick Innovation District and a member of the government’s Industrial Strategy Advisory Council, said: “The West Midlands is Britain’s Industrial Strategy powerhouse. All eight of the UK’s high growth sectors – from advanced manufacturing to professional and business services – are strong here.”

Clark, a former secretary of state for business, energy and industrial strategy, continued: “The region has the youngest and one of the fastest growing populations in Britain, eager to be trained in the skills that bring a prosperous future. We are a hotbed of innovation, powered by world-class universities.

“These assets, and more, when deployed together, and in partnership with the Government and investors as set out in this Plan, will not only bring future success to the West Midlands but to Britain too.”

The Growth Plan can be viewed in full here.