Green manufacturing jobs, investment in healthcare and harnessing the benefits of the 2022 Commonwealth Games are all included in a £3.2 billion economic blueprint aimed at forging a post-coronavirus recovery in the West Midlands.
It is hoped the new masterplan, published for the first time today, will convince the Government to back the region with billions worth of funding when it starts handing out grants aimed at boosting the economy as lockdown is eased.
The blueprint, called 'Kickstarting the West Midlands Economy: Our Investment Case to Government', has been drawn up by the West Midlands Combined Authority (WMCA) in partnership with political, business and trade union leaders.
It proposes direct support in three key areas alongside a commitment to invest in transport, housing and people, helping to drive a rapid economic recovery that will create or safeguard more than 135,000 jobs and build 35,000 new homes.
They are:
- Creating green manufacturing jobs by harnessing clean technology and electrification. A £614 million investment package, including £250 million towards a gigafactory in Coventry producing state-of-the-art batteries, will unlock 51,700 jobs
- Turning HS2, Coventry City of Culture and Birmingham 2022 Commonwealth Games into jobs for local people by accelerating major infrastructure investment and supporting the recovery of the tourism and cultural sector, unlocking an estimated 33,000 jobs with an investment of £306 million
- Investing in healthcare innovation and research and using this to improve the region's health. This aims to create or safeguard 3,200 jobs through an investment of £137 million
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The 24-page blueprint also contains a string of other projects which are on the radars of the region's leaders including £100 million to make 50,000 homes energy efficient, £70 million for Bullring co-owner Hammerson's Martineau Galleries scheme in Birmingham city centre and £60 million for the Life Sciences Park in Selly Oak.
The first opportunity to secure new funding is likely to come next month when the Chancellor unveils an emergency budget.
The WMCA is seeking £3.2 billion of investment over the next three years, building on the £2.7 billion of Government investment secured since 2017.
West Midlands Mayor Andy Street said: "The West Midlands economy was in good shape before the coronavirus pandemic first struck and we need to do everything we can to get back on our feet quickly, learning the lessons of our rebound from the financial crash of 2008/09.
"We want to keep as many people in work as possible and, for those who fall out, we want to create new jobs and offer digital retraining opportunities in sectors such as construction, automotive and the creative industries.
"As well as safeguarding people's work in the short-term, we also want to use the opportunity created by coronavirus to re-shape our economy over the longer term, and think more about what we can do to become greener and more inclusive.
"The Government can demonstrate its commitment to the levelling-up agenda by backing this blueprint and continuing to invest in the West Midlands."
The blueprint has been developed with the region's local enterprise partnerships, universities, business groups and local authorities alongside major employers such as Severn Trent, the NEC Group, Birmingham Airport and National Express.