The latest masterplan putting of Birmingham’s growth must bring the sector the recognition it deserves, according to a top business figure.
Alex Bishop, chair of professional services body BPS Birmingham, said the sector has never been given due credit in the city, with manufacturing at the fore.
However, last week’s Snow Hill announcement, which set out plans to create 10,000 city centre jobs, and Paradise put professional and financial services at the heart of growth plans.
Ms Bishop, a partner at law firm Shoosmiths in the city, said the sector contributed £3.4 billion a year to the region’s economy and continued to rise.
She said: “Conservatively, Birmingham gets about 25 per cent of its GVA from this sector and that is a heck of a lot.
“Something like 30 per cent of Birmingham’s firms are from this sector, so it is massive, employing around 220,000 people.
“These statistics are really compelling and historically it has been frustrating that we .
“The city is dependent on the growth of this sector. The Snow Hill Masterplan and Paradise developments show that.”
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The Post reported last week the latest council masterplan outlined proposals to create 28 football fields worth of office space, 400 city centre homes and new retail and leisure space.
Ms Bishop said the value of professional services to the export market was often understated.
While figures are less readily available, £50 billion income from sales to overseas territories.
A major factor in the city’s success will be attracting jobs away from London.
Ms Bishop said: “I think there is a great opportunity for the city. We have drastically lower costs than London.
“London is over-heating and clients want more for less – you can’t do that with the massive rents and salaries in London.
“I think firms are realising they have an alternative.”
However, Ms Bishop said skills were a concern and it was important both to be training young people from the city and attracting skilled youngsters from elsewhere.