Mayor welcomes jobs boost as West Midlands is top destination for overseas investment

West Midlands Mayor Richard Parker's mission to create thousands of new jobs for local people has been boosted by new figures published today that show the region has reinforced its position as the UK’s leading regional destination for Foreign Direct Investment (FDI).

According to official data from the Department for Business and Trade (DBT), 130 FDI projects landed in the region during the 2024/25 financial year – more projects than Northern Ireland and Wales combined.

This represents almost 10 per cent of the UK’s total FDI wins (1,345) - the largest share of all UK regions outside the capital.

The 5,821 jobs created by overseas investors during the same period is more than the South East and South West combined.

The Mayor said: “Getting our economy firing on all cylinders is one of my top priorities and these figures show we’re delivering the good jobs and opportunities our young people deserve.

“This momentum builds towards the investment summit we are hosting with government later this year where we will showcase our strengths to attract even more global investment and new growth.

“With my Regional Growth Plan and support from the government’s Industrial Strategy, we’re demonstrating to the world how our talent, ambition and innovative spirit is making the West Midlands one of the best places in the UK to do business.”

Inward investment projects secured into the region in 2024/25 include multinational retailer Harvey Norman, which announced Sutton Coldfield as the home of its new store and UK headquarters, Canadian cybersecurity company, and Goldilock has expanded its manufacturing and testing facilities at University of Wolverhampton Science Park.

The West Midlands Global Company-led West Midlands Global Growth Programme, which provides bespoke support to streamline the UK investment process for international businesses, helped 17 innovation-led, high-growth international companies to create over 300 jobs in the region last year.

Neil Rami, chief executive at West Midlands Growth Company, said: “These latest FDI figures reaffirm the West Midlands’ standing as the UK’s strongest regional performer outside the capital. This resilience, in the face of challenging macroeconomic headwinds, underscores the value of our targeted investment strategy, sectoral strengths, and sustained commitment to infrastructure and skills.

"However, it would be remiss not to acknowledge the broader national picture. The UK’s share of European FDI has declined to a record low of 15%, furthermore, the 12% drop in UK project volumes is the steepest since the Covid-19 period. Global investors are becoming increasingly cautious amid geopolitical uncertainty – and the affects are compounded by a significant shift in capital flows towards Eastern Europe.

“As a nation, we must urgently refocus on enhancing our international competitiveness by addressing structural challenges, enabling regulatory certainty, and doubling down on innovation, clean growth, and skills to ensure the UK remains a leading destination for high-value investment in the decade ahead."

The news of the region’s FDI performance follows the government’s publication of its Modern Industrial Strategy earlier this week, where the West Midlands was explicitly mentioned due to its strong concentration of businesses and significant potential across several of the critical sectors identified in the Strategy.

These include Advanced Manufacturing, Professional and Business Services, Life Sciences, Financial Services, Clean Energy Industries and Digital and Technologies.