Midlands brands spearheading economic recovery – BCU
THE Midlands is leading the economy’s renaissance despite the rest of the UK being slow to recover, new research from the Birmingham City University has concluded.
IDEA Birmingham, the university’s own business think tank, has published its findings in a special report entitled ‘Looking for Growth’, coinciding with the Office for National Statistics’ preliminary GDP figures for the third quarter of 2012.
The report shows that although the UK national economy has been stagnant for the past two years, the Midlands has looked overseas for growth and, as a result has, been the second best performing exporter in the UK – a success that researchers say is being driven by local brand-led businesses.
Companies ranging from giants like Jaguar Land Rover, JCB and Rolls Royce to specialists like Brooks England, Emma Bridgewater, Acme Whistles and Pashley Cycles are all playing their part in driving a regional success story worldwide.
Beverley Nielsen, founder of IDEA Birmingham and Director Employer Engagement at Birmingham City University, said: “Something remarkable is happening in the Midlands – in the face of a flatlining economy we are seeing a renaissance among our leading brands.
“Last year we were the second largest exporting region in the UK. Why? Because companies like Jaguar Land Rover, JCB, Rolls Royce and the body of medium and small sized businesses such as Brooks England, Emma Bridgewater, Acme Whistles, Pashley Cycles, are all satisfying the desires of consumers around the world for luxury and authentic products.”
She said growth did not come from talking about economic models, it came from supporting firms that innovate and design the products that people want to buy.
“The Midlands has these firms by the bucket load and is fast becoming a national hub for pioneering technology, international brands and beautiful pieces of design. This is our USP and we need to work together to support the firms we have and the talent coming out of our universities,” she added.
Research conducted by IDEA Birmingham has found that:
• 87% of Midlands firms can attribute their success to design and innovation and think it is the region’s unique identifier
• Over £3bn has been earmarked for investment in product design in key Midlands firms
• The companies which invest the most in design are growing the fastest, exporting more and taking on more people, despite the difficult economic environment
• 96% want to see the Midlands doing more to showcase the well designed and innovative products it produces.
