Billions in foreign investment sees thousands of new jobs across in West Midlands and South West
Tens of thousands of new jobs are being created in the West Midlands and South West thanks to billions of pounds of foreign investment, helping the Government’s priority to grow the economy and levelling-up across the UK.
New government statistics reveal that over 1,600 foreign direct investment (FDI) projects will create nearly 80,000 jobs across every part of the UK, with the Midlands and the South West seeing significant gains.
The Midlands has seen scores of new projects creating thousands of jobs. In 2022/23, 265 FDI projects were landed which are set to create 11,091 jobs.
In the West Midlands total FDI projects have increased from 143 to 181 year-on-year, with jobs created increasing from 5,571 to 8,252 (48 per cent).
In terms of Net Zero-related projects, this amounts to 34 projects with 3,145 new jobs. The number of new jobs in the West Midlands will make up 10.4 per cent of the UK total for 2022/23 – up by more than 50 per centcompared to last year (6.6 per cent).
In the South West 91 FDI projects have lead to the creation of 3,908 new jobs - up by 1,375 (54 per cent) from 2,533 year-on-year. In addition, there are 17 Net Zero related projects which will create 965 jobs.
Minister for Investment Lord Johnson said: "These statistics reflect the sentiment I hear from foreign investors every day: the UK is a great place to invest and a fantastic springboard to start and grow a successful business.
"These figures confirm investors are looking beyond London and the South East as they search for high growth opportunities with highly skilled workforces. These investments are also supporting our strongest industries and creating the jobs of the future, from aerospace and car manufacturing to financial services and tech.
"We now look ahead to this autumn’s Northern Ireland Investment Summit and the Global Investment Summit, which will bring together some of world’s biggest players to invest in our most thriving sectors.
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"Inward investment is crucial for growing the UK economy, and the latest statistics back up recent reports from PwC and EY that found investors are continuing to increase their confidence as well as their investments in some of our key sectors.
"The automotive sector has seen 76 new FDI projects in 2022/23, leading to 3,807 new jobs – up from 1,786 two years ago – while aerospace projects will create 3,208 new jobs – up from 1,277.
"We are also striving to make the UK a tech and science superpower by 2030, and the latest data confirms we are heading in the right direction. The Life Sciences sector will see 3,546 new jobs from latest FDI projects, while biotech and pharmaceuticals will see 2,089. Collectively over the past three years, both sectors will have seen 15,608 new jobs from FDI projects alone."
