Economic Profile

Overview

Birmingham has grown from a medieval market centre into a thriving international city. Located at the centre of the United Kingdom's communications network, Birmingham offers a business client base that is second to none, first class research facilities and a large and skilled workforce.

Birmingham is the regional capital of the West Midlands, which has a population of 5.3 million, a large, flexible and motivated workforce of nearly 2.5 million, and a client base of 182,000 companies. As a region, the Gross Value Added is over £84 billion, while the GVA for Birmingham is over £18 billion.
 
Birmingham reputation as the powerhouse of the United Kingdom's manufacturing sector was shaped in the industrial revolution of the 18th century. Many entrepreneurs contributed to the growth of the city but none was more famous than the partnership of Matthew Boulton and James Watt, pioneers along with William Murdoch of the steam engine and gas lighting. Traditional industries such as automotive and engineering remain a crucial part of the region's success. But now, through highly effective diversification, the New Birmingham is a major centre for telecommunications, information technology, and the development of knowledge-based industries.

The city, with its strategic position at the centre of the motorway and rail networks, benefits from good transport facilities. The city centre is a nationwide hub for National Express Coaches and also has an extensive bus service that operates 24-hour services throughout the city. Birmingham has three mainline train stations and the Midlands Metro light rail transport system. Birmingham International Airport offers 40 direct destinations worldwide, and it is also one of the UK’s fastest growing airports, having handled nearly 9.2 million passengers in 2007.

The canal network, once so important in driving the industrial revolution, is again at the forefront of Birmingham’s rejuvenation. This is seen on large scale at Brindleyplace. Here the canal is now fronted with new offices, city living apartments as well as leisure and entertainment venues. On the opposite bank the International Convention Centre and National Indoor Arena are spearheading the drive to be the UK’s top conference city.

Birmingham is building for the future. It is estimated that there is in excess of £17.5 billion worth of investment planned over the next 10 years, with over £11.8 billion worth of investment planned or underway in the city centre alone. Europe's largest city centre retail regeneration scheme, Bullring, opened on 4th September 2003. At a cost of £800 million, It contains a whole host of new shops, including the iconic Selfridges’s building. The next major project is underway with the £6 billion 180-hectare development of Eastside, the extended boundary for the city centre, with a new learning zone.

Birmingham's education and training facilities are second to none. The three city universities have a graduate population of over 19,000, while within a one-hour drive, there is access to a total regional graduate population of over 47,000.

With its strong research base, Birmingham can offer a number of world-class facilities. Aston Science Park is a high-spec destination for both new and established knowledge-based businesses. The University of Birmingham Research Park offers purpose-built accommodation to companies and projects seeking to work with the University in research, development, or training. Birmingham is also a leader in nanotechnology and photonics.

No wonder the city is an established location for overseas investors, with nearly 300 overseas companies enjoying the city’s entrepreneurial and business-friendly culture.

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