£40 million allocated for West Midlands projects. This will bring jobs, investment, and regenerate key areas.
These projects aim to bring in billions in investment and should also create over 23,000 jobs eventually. The money funds early preparations for long-term plans. They will clean up land and improve infrastructure greatly, attracting businesses hoping to relocate.
Another £23 million went to the Coventry and Warwick Gigapark last month. That site will focus on battery manufacturing. The mayor said the Investment Zone could bring £5.5 billion and may create 30,000 regional jobs.
The mayor has secured £40 million for these sites and wants to grow the regional economy. The Investment Zones get direct funding, and some also get tax incentives to boost impact.
The region will retain and reinvest business rates, amounting to around £1.5 billion. This reinvestment happens over 25 years instead of sending it back to the government.
The Birmingham Knowledge Quarter will see £9 million invested to improve infrastructure attracting investment. The Wolverhampton Green Innovation Corridor will get £7 million for land improvements to build green skills.
Also, the Coventry-Warwick Gigapark will receive £23 million for site work and power connections. Birmingham leaders want a world-class innovation cluster. Expect around 20,000 jobs and 4,000 eco-friendly homes.
Wolverhampton leaders want to build on city strengths. Green tech and brownfield regeneration are central to their goals. They aim to help local people get new job opportunities.