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Economic Profile
The financial and business services sector is the second largest sector in the West Midlands economy, with an average output growth of 3.9%.
| |
No. of businesses |
% |
| Banking, finance & insurance, etc |
8,700 |
27.5 |
| Total no. of businesses in Birmingham |
31,700 |
100.0 | Source: Annual Business Inquiry 2001
Business and professional services has been one of the major growth sectors in the national and international economies in recent years. In Birmingham it is predicted that this area will see an increase in employment by 30,200 to the year 2015, mostly concentrated in professional and computer services activities.
BEIC Economic Review 2003/4
Output forecasts, £m 2005-15: Birmingham
| |
2005 |
2010 |
2015 |
| Banking & Finance |
837.3 |
920.8 |
1,013.6 |
| Insurance |
279.3 |
274.1 |
288.3 |
| Professional Services |
1,066.0 |
1,261.6 |
1,473.9 |
Output forecasts, £m 2005-15: West Midlands
| |
2005 |
2010 |
2015 |
| Banking & Finance |
2,653.3 |
2,912.0 |
3,196.0 |
| Insurance |
714.0 |
727.1 |
747.2 |
| Professional Services |
3,059.5 |
4,094.1 |
4,705.2 |
Source: Local Economy Forecasting Model Base Forecast, BEIC
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