Wolverhampton economy set to outperform rest of UK

WOLVERHAMPTON’S economy is set to outperform the rest of the UK over the next few years, backed by massive levels of investment from both the public and private sectors.

The bold forecast has been made in the latest Wolverhampton Economic Review, published to coincide with Wolverhampton Business Week.

The situation was discussed at an event in the city, organised by the Wolverhampton City Board. The event, ‘Wolverhampton: City of Business Opportunities’ was attended by more than 150 members of the city’s business community.
 
The keynote speaker was William Keegan, Senior Economic Commentator at The Observer, who urged Wolverhampton to get its story known and recognised nationally.

Cllr Roger Lawrence, leader of Wolverhampton City Council, said the forecast recognised the strength in depth of Wolverhampton’s economy.

“It’s important to understand that making this happen won’t just be a matter of attracting strategic businesses with a high growth potential,” he said.

“It’s also about supporting Wolverhampton’s home-grown entrepreneurs to develop and grow their businesses, to innovate and become more internationally competitive.”
 
To that end, the council along with its partners has launched the Black Country Growth Hub at the University of Wolverhampton’s Business Solutions Centre. The aim is to create a one-stop shop for business advice and support tailored specifically to the needs of the individual business.
 
“Most importantly, if we’re to make our success sustainable, we have to make sure that local people are in the best possible position to compete for opportunities when they arise,” he added.
 
To help with this, the city, in collaboration with its various partners, is also launching a new Skills Commission.

“This will offer constructive challenge to our existing skills providers and help us all understand how better to fit training and development opportunities to the current and future demands of business,” he said.
 
John Wood, Director – Group Corporate Services at Caparo Industries and a co-opted private sector member on the City Board, said:  “The benefits of the partnership between the private and public sectors in Wolverhampton are there for everyone to see.
 
“To take just one example, a £57m public investment at i54 bred £600m in private investment – and created the conditions for Wolverhampton to become a major centre of world-class manufacturing.
 
“We’re a business-friendly city with a can-do attitude. Wolverhampton Business Week is all about bringing people together to plan and shape a better future for the city and to create a something that all of us who live and work here want to see – prosperity for all.”