Regional Investment Summit brings £1bn economic boost and hundreds of jobs to West Midlands

Mayor Richard Parker’s plan for thousands of new jobs and homes, stronger economic growth, and better public transport was boosted at the government’s first-ever Regional Investment Summit, held in the West Midlands.

Almost £1 billion of private sector investment into the region was announced at the summit alongside a new deal with the government to cut red tape and speed up planning, funding and delivery of major infrastructure projects.

The Mayor said: “The £1 billion of private sector investment announced at the Regional Investment Summit shows that the time to invest in the West Midlands is now. World-class businesses like Knighthead Capital, Freshways and Atos are investing because they share our vision and confidence.

“This is business backing our growth plans, bolstered by the Government’s action to cut red tape and fast-track game-changing projects like Birmingham’s Sports Quarter and Coventry’s Greenpower Park.

“We're breaking down barriers to bring in the investment that will transform lives and drive a new era of growth and prosperity for businesses and people across our region.”

Richard Parker, Mayor of the West Midlands, speaks at the government's first Regional Investment Summit

The new commitments secured yesterday from Chancellor Rachel Reeves and other senior cabinet members will accelerate three major growth projects:

• The £3 billion Sports Quarter with a 60,000-seat stadium, sporting facilities and commercial and residential spaces, creating 14,000 new jobs and bringing in further investment
• East Birmingham and North Solihull Gateway, including the Birmingham Knowledge Quarter Investment Zone site, Arden Cross and Digbeth Creative Quarter – linked by a new tram line that will unlock £10 billion of private investment, 55,000 new jobs and 7,700 homes - helping to tackle the area’s long-standing inequalities
• Greenpower Park, a pioneering centre of excellence for electrification, battery technology and manufacturing at the Investment Zone site in Coventry and Warwick, creating 6,000 jobs

The summit, at Edgbaston cricket stadium, saw the Chancellor also announce a raft of private sector investment into the West Midlands, boosting the Mayor’s recently launched Growth Plan to create jobs and boost the economy.

They are:

• Hines, a global real estate firm, in partnership with Woodbourne Group, have announced a £400million investment to support the £4billion Birmingham Knowledge Quarter, paving the way for up to 20,000 advanced manufacturing jobs in health and medical tech, and other digital technologies
• Freshways is investing £25 million in a cutting-edge dairy hub in West Bromwich, creating at least 200 jobs. The facility will process 500 million litres of British milk annually, making it one of the UK’s most advanced and efficient dairy operations
• Atos, a leading provider of AI-powered digital transformation, is investing £10million in the region including a new flagship technology centre at Birmingham Business Park in Solihull, creating 50 jobs
• Sterling Pharmaceuticals will build a 60,000 sq ft centre in Birmingham, creating 48 jobs and boosting UK production of generic medicines for the NHS and export, following a share of £30m from the Government’s Life Sciences Innovative Manufacturing Fund.
• The National Exhibition Centre (NEC) owners Blackstone are investing £200million to support a modernisation programme to ensure it remains the UK’s leading live events business with world class venues
• Birmingham Airport will invest £300 million over four years to upgrade baggage, immigration, retail, and airfield infrastructure. There will also be investment in sustainable growth, including solar energy and efficient terminal systems.

The announcements were made to an audience of 350 delegates – including key government figures, international businesspeople, developers and global investors.

The summit provided the West Midlands and other regions with an opportunity to showcase their potential for growth, innovation, and talent. 

The Mayor’s message to delegates was ‘now is the time to invest in the West Midlands’ as he presented more than £19 billion of opportunities in a new Major Investments Prospectus to drive new growth, jobs and homes across the region.

Amongst them was the next phase of the transformation of the Digbeth area of Birmingham from a gritty, post-industrial neighbourhood into the UK’s top destination for creative industries, rivalling Media City UK in Salford, Greater Manchester.

A raft of other announcements made at the summit included the naming of the West Midlands as one of the first four locations in the country to trial new place-based business cases, focussing first on Birmingham.

This will see the Treasury make changes to its own manual on value for money - the Green Book – so major schemes are assessed against the wider benefits and impacts of the investment like new transport links and housing rather than immediate financial returns.

The West Midlands will also form new partnerships with UK public investment bodies to unlock public and private sector funding more quickly, with the Sports Quarter becoming part of a flagship series of pilots.

Greenpower Park in Coventry, part of the Coventry and Warwick Investment Zone, will be part of just four flagship trial sites for a strategic partnership approach between the National Wealth Fund and key local players.

The West Midlands is also one of just three English regions to get cash boosts of £20 million each to deliver more of the regions’ game-changing local innovations like robotics to unlock new medicines or AI that can spot illnesses earlier.