West Midlands economy 'boosted by £120m' due to major programme
Business and tourism bosses say the West Midlands economy has been boosted by around £120 million as a result of a major programme.
The West Midlands Combined Authority’s (WMCA) Economy, Trade and Tourism Programme has been credited with bringing tens of thousands of visitors to the region as well as creating new jobs and training opportunities.
This has included £70 million of new business investment with the programme helping more than 250 businesses to grow and find new markets, creating or safeguarding around 12,000 jobs.
Around 11,000 have also benefited from jobs skills training, work experience programmes or studying for new qualifications.
The Major Events Fund helped support 10 cultural and sporting events which attracted 300,000 spectators and gave an estimated boost to the economy of £19 million.
The programme also included a package of tailored support for 50 businesses with high growth potential and helped boost investment and turnover by £20 million.
Support was also given to 150 social enterprises and community owned businesses which was said to have increase their income by a combined £8 million, helping to create 215 jobs.
Direct grants and skills and business support was also provided to more than 100 creative industries and cultural organisations.
The Economy, Trade and Tourism Programme was funded through the WMCA’s Commonwealth Games Legacy Enhancement Fund.
West Midlands Mayor Richard Parker said: “Our Economy, Trade and Tourism Programme has delivered real results.
“It’s helped hundreds of local businesses grow, created new jobs, and trained thousands of people with the skills they need to get ahead.
“We’ve seen a real boost to our arts, culture and tourism too, with major events bringing in visitors and shining a light on local talent.
“After years of stagnation, the West Midlands economy is finally picking up pace.
“My regional growth plan will build on this momentum and deliver the growth and prosperity we need, and make sure the benefits are felt by everyone.”
One of the major sports events backed with funding included the Kabaddi World Cup.
Ashok Das, president of both the England Kabaddi Association and World Kabaddi, said: “It was an honour for the England Kabaddi Association to help in organising the Kabaddi World Cup here in the West Midlands.
“The support from the Commonwealth Games legacy fund was instrumental in making it happen, helping us attract record crowds and shine a global spotlight on the region.
“We hope it’s ignited lasting interest in kabaddi and inspired more local communities to get involved in the sport.”
