Region submits transformational bid for package of Investment Zones
The West Midlands has submitted its formal bid to Government for a package of Investment Zones across the region with the aim of delivering tens of thousands of jobs and homes.
If accepted, the zones are estimated to boost the regional economy by more than £4.7bn a year, creating 65,128 new jobs, 18,616 new homes and 3.1m sqm of commercial space.
Overall, the plans focus on rebalancing the economy and tackling issues around deprivation, fuel poverty, jobs, skills and health whilst enabling the private sector to make it easier, quicker and cheaper to do business.
It also highlights that whilst the zone offers economic growth, the region is committed to its #WM2041 ambition to reach net zero within the next two decades.
The region’s case to Government, which is expected to make a decision on the proposals in the weeks ahead, has been jointly developed by the WMCA, local councils and business leaders. It concentrates Investment Zone sites in key locations and along major economic corridors.
These include:
West Midlands Gigafactory Investment Zone: Large sites at Coventry Airport and in its surroundings in Warwick District, with the primary objective of securing major inward investment in a battery gigafactory, and the associated battery and automotive supply chain, focused entirely on employment land
East Birmingham North Solihull Investment Zone: Large strategic sites at Arden Cross in Solihull (around the HS2 Interchange station), sites in East Birmingham, and smaller sites in Solihull Town Centre, all focused on attracting private investment to deliver new jobs, alongside housing and town centre regeneration
Dudley Investment Zone: A package of brownfield sites around the route of the Metro extension from Wednesbury to Brierley Hill (many within a 15 mins walk from the Metro Extension), including schemes in Dudley town centre and at Brierley Hill and Lye, creating both new housing and employment sites
Sandwell Investment Zone: A collection of brownfield sites around the route of the Wednesbury to Brierley Hill Metro extension (many within 15 mins walk from the extension), including schemes at Wednesbury and Tipton, creating new housing and industrial space, and regenerating existing industrial premises
Walsall Investment Zone: A brownfield site programme including large employment sites near the M6, and smaller sites in the town centre and across the wider borough, focused on land assembly, viability and remediation to bring forward sites, with a mixture of commercial, residential and mixed-use development
Wolverhampton Investment Zone: A proposal featuring the high-growth high-skilled Green Innovation Corridor to the north of the city, and a number of housing and employment sites in the city centre, focused on reinforcing Wolverhampton’s green manufacturing and sustainable construction sectors
Andy Street, Mayor of the West Midlands and chair of the WMCA, said: “Having been involved in establishing one of the UK’s most successful enterprise zones in and around Centenary Square in Birmingham, I have seen first-hand the power these special economic areas can have with the ability to bring about genuinely transformational change and investment.
“Most importantly we know that Investment Zones can accelerate the delivery of tangible outcomes for local residents – including boosting employment prospects – and so I’m looking forward to working with ministers to get our West Midlands zones established ASAP.
“Alongside the Trailblazer Devolution Deal which we continue to negotiate with Government, these are truly exciting times for the West Midlands.”
Cllr Mike Bird, WMCA portfolio holder for housing and land and leader of Walsall Council, added: “The WMCA has worked closely and extensively with local authorities and other partners in recent weeks to draw up this formal bid which clearly sets out where we think the biggest impact can be had from these Investment Zone sites.
“Our submission puts a huge focus on attracting substantial private sector investment by creating the conditions that will give business the long-term certainty and stability needed to invest.
“This, in turn, will speed up the delivery of thousands of the new homes and decent jobs that local people so badly need while building a future-looking economy that benefits all parts of society and the fight against climate change.”
