£120m business and tourism boost for West Midlands economy
The West Midlands economy has been given a £120m boost thanks to a business and tourism support programme that brought tens of thousands of visitors to region while creating thousands of new jobs and training opportunities.
Mayor Richard Parker’s plan to reignite the regional economy has been bolstered by more than £70m of new business investment driven by the West Midlands Combined Authority’s (WMCA) Economy, Trade and Tourism Programme.
The programme included an inward investment campaign and targeted support for businesses which has helped more than 250 businesses to grow and find new markets, creating or safeguarding around 12,000 jobs.
The career prospects of another 11,000 local people have been significantly improved through jobs skills training, helping them find jobs, get onto training and work experience programmes, or study for a new qualification.
And 10 cultural and sporting events, held here over the past year thanks to funding from the Major Events Fund, were attended by 300,000 people, giving an estimated £19m boost to the economy.
The Economy, Trade and Tourism Programme was funded through the WMCA’s Commonwealth Games Legacy Enhancement Fund.
The Mayor said: “Our Economy, Trade and Tourism Programme has delivered real results. It’s helped hundreds of local businesses grow, created new jobs, and trained thousands of people with the skills they need to get ahead.
“We’ve seen a real boost to our arts, culture and tourism too, with major events bringing in visitors and shining a light on local talent.
“After years of stagnation, the West Midlands economy is finally picking up pace. My regional growth plan will build on this momentum and deliver the growth and prosperity we need, and make sure the benefits are felt by everyone.”
The programme included a package of tailored support that successfully unlocked barriers faced by 50 businesses with high growth potential – putting them on track to boost investment and turnover by £20m.
Bolstering the Mayor’s Growth for Everyone priority, the support given to 150 social enterprises and community owned businesses helped increase their trading income by a combined £8m, creating 215 local jobs and improving more lives in the communities they serve.
The creative industries and cultural sector also benefitted with specific skills and business support and direct grants for more than 100 early and mid-career freelancers, small cultural organisations and creative businesses, alongside funding for community events to boost high street footfall.
The 10 major cultural and sports events backed with funding included two major esports events, the Kabaddi World Cup and the European Judo Union Junior Cup.
The Major Events Fund also supported the annual Black Country Festival, the Godiva Festival and Reggae Fever Caribbean Festival in Coventry, Birmingham Weekender and the Urban Sports Xperience in Wolverhampton.
Ashok Das, president of both the England Kabaddi Association and World Kabaddi, and a resident of the West Midlands, said: “It was an honour for the England Kabaddi Association to help in organising the Kabaddi World Cup here in the West Midlands.
“The support from the Commonwealth Games legacy fund was instrumental in making it happen, helping us attract record crowds and shine a global spotlight on the region. We hope it’s ignited lasting interest in kabaddi and inspired more local communities to get involved in the sport.”
The two flagship Games venues – Sandwell Aquatics Centre and Alexander Stadium – have been given funding to help them continue to deliver sports and physical activities for local people, creating jobs and preparing them to host future major events, starting with next year’s European Athletics Championships.
The £70m Commonwealth Games Legacy Enhancement Fund was managed by the WMCA with funding from the Department for Culture, Media and Sport (DCMS).
Businesses are continuing to be supported to grow, adopt digital technologies, transition to new supply chains, and access funding opportunities through Business Growth West Midlands (BGWM).