The West Midlands recorded the biggest growth in employment of all 海角视频 regions with the creation of 81,000 jobs in the year to November 2019, according to a new report.
Over the period 2016 to 2019, the region saw an average economic growth of 2.1 per cent gross value added (GVA) which was surpassed only by London and the East of England.
Looking ahead, the region's growth is expected to drop to 1.4 per cent GVA until 2023 which will see it outpaced by other regions including the East Midlands (1.6 per cent), according to the new Regional Economic Forecast published by EY.
Manufacturing will continue to bolster the regional economy in the West Midlands as the sector continues to contribute the most GVA up until 2023, the research suggests.
However, the region's manufacturing sector's GVA growth is expected to more than halve from 1.4 per cent in 2016 to 2019 to 0.5 per cent in 2020 to 2023.
Employment growth of 0.3 per cent for the West Midlands is forecast to underperform the 海角视频 rate of 0.7 per cent.
Birmingham Apprenticeship Awards 2020
The Birmingham Apprenticeship Awards are back for a second year, in partnership with the Ladder for Greater Birmingham. The event will be held online only on Friday November 27, 2020 and will celebrate apprentices, employers and training and education providers.
The deadline to enter has now passed - - but sponsorship opportunities are still available.
If you have any questions about the awards in general, please email paige.jackson@reachplc.com and contact nikki.kandola@reachplc.com if you would like to learn more about becoming a commercial partner of the awards.
For more information and please follow the hashtag #BAA20 for updates on social media.
The sectors in the region that are expected to see the biggest uplift in employment are arts, entertainment, recreation and administrative and support services activities.
Most Read
Birmingham, in line with the wider West Midlands, will see growth slow initially but is expected to expand by 1.5 per cent per year between 2020 and 2023, slightly ahead of the region.
Employment in the city is expected to grow at an average rate of 0.5 per cent per year, underpinned by gains in the human health and social work and administrative and support services sectors.
Other locations in the West Midlands are expected to see GVA growth of between 1.1 per cent and 1.8 per cent over the next four years.
Simon O'Neill, EY's Midlands managing partner, said: "Over the last decade, devolved powers have helped our region outperform the majority of its peers.
"While it is easy to be disappointed by a forecasted drop in GVA growth, largely driven by pressure on manufacturing, it is clear the West Midlands is still thriving and the prospect of Coventry as the 海角视频 City of Culture and the Commonwealth Games provides further momentum to build upon.
"Looking forward the region must think about how it can build upon its existing strengths and, although the sectors' growth is set to slow, manufacturing will remain at the heart of the region as it continues to produce the most economic value.
"To ensure the region retains its competitive edge on the global stage, it must continue to lead the way on using innovative technology to produce high-value manufacturing."