The report into foreign direct investment (FDI) has been released by Marketing Birmingham, which says that the West Midlands has seen a 188% increase in foreign investment projects since 201112.
These projects have helped the region create 11,119 new jobs, more than any other area outside London
Marketing Birmingham has admitted that the EU referendum caused ‘unease’ among investors during the last quarter, but despite this area covered by the Greater Birmingham & Solihull LEP (GBSLEP) attracted 81 new FDI projects and created and safeguarded 5,176 jobs in 201516, an increase of 86% compared to 201112.
Foreign investment into the GBSLEP area was predominantly driven by the advanced manufacturing sector which represented 31% of all projects.
Investors included global brands such as American-owned software provider Advanced, Chinese automotive manufacturer Changan and American civil engineering firm Jacobs Engineering.
US firms were the most prominent investors, accounting for 32% of all projects. These include Jacobs Engineering, which expanded its business in Birmingham with a new office on Colmore Square in the city centre’s business district in autumn 2015.
GBSLEP chairman Andy Street said: “The figures released today show an impressive increase in businesses and jobs over the last five years in the GBSLEP area. This has only been possible through private and public organisations working closely together through collaboration and partnership, which we will continue to build on in the year ahead.
“Greater Birmingham is constantly evolving and has transformed itself into a globally recognised business destination for companies across a range of industries.
“We have a world-class reputation for attracting and retaining investors from across the globe and we will continue to offer the best possible support package and incentives to potential investors. Greater Birmingham offers businesses a highly skilled workforce, vibrant business community and excellent access to the rest of the UK and internationally.”
“We must however acknowledge for some business sectors that pre-referendum uncertainty created a slowdown in activity, still I believe the city region is in a strong position to continue to grow. We must seize opportunities that will arise with a new PM and Cabinet now in place.”
Greater Birmingham Chambers of Commerce chief executive Paul Faulkner said: “These figures reaffirm our region’s place as one of the most attractive places to invest in the UK. We are, quite rightly, proud of our manufacturing and engineering heritage and it’s great to see that this sector’s strength continue to attract large volumes of investment.”
Click below for more regional business news