The Greater Birmingham and Solihull LEP area saw more foreign investment projects last year than any other English region.
The latest UKTI research, released today, said the number of foreign direct investment projects in the area rose by 57% to 77, which trumped the 37 other regions.
The region also created the most jobs – a total of 4,841 – a 98% increase on the previous year, compared with 3,350 at its nearest challenger, New Anglia LEP.
The success demonstrates support for the region’s traditional strengths, including advanced manufacturing and the automotive industry, and backing for fast-growing new industries such as digital media and IT services.
The UKTI report said: “Greater Birmingham and Solihull saw the biggest increase in 2013/14 with project numbers increasing by 57% from 49 in 2012/13 to 77 in 2013/14.
“Black Country, Lancashire and New Anglia all saw large percentage increases in FDI projects, with an additional 14, 19, and 13 projects respectively, compared with 2012/13. Three LEPs saw their project numbers decrease this year compared with last year.”
Meanwhile, the UK as a whole secured a record 67,000 new jobs from FDI projects, a 17% increase on last year.
In Greater Birmingham/Solihull, Jaguar Land Rover led the charge with a £1.5bn investment in its Solihull site as part of plans to develop technically advanced aluminium vehicle architecture. While Vax, the household floorcare manufacturer, showed its commitment by placing its new R&D facility in the heart of Birmingham’s Colmore business district.
The dramatic increase in investment in the area has been fuelled in part by growth in the digital sector. The recent influx of overseas digital investment has coincided with the BBC announcing that its new digital innovation team will be developed in Birmingham.
Commenting on the research, Sir Albert Bore, leader of Birmingham city council, said: “Birmingham has pulled out all the stops to build its offer to investors, its international profile and connectivity. Today’s statistics are proof that this is working. Our strong infrastructure and international relationships have been a magnet for FDI. We are leading the way as England’s strongest region and city for inward investment.”
GBSLEP chairman Andy Street added: “Greater Birmingham has worked hard to maintain its position as a leading global destination for foreign businesses looking to invest. The Birmingham/Solihull area is leading the way on exports, start-ups and manufacturing. FDI has been the catalyst for this success. These latest FDI figures are testament to the appeal of Greater Birmingham, and it is tremendous news that the GBSLEP is at the forefront of delivering economic growth in the regions.”
