£3.8bn war chest to create new jobs and boost West Midlands regeneration

A near-£4 billion war chest has been announced to speed up regeneration and build more houses in the West Midlands has been announced.

The region’s mayor Richard Parker said the £3.8 billion West Midlands Future Fund will give the area the strength to unlock major development sites, back growing industries and attract billions in private investment.

Among the major projects the funding will help deliver are the Birmingham-North Solihull Gateway, Coventry Growth Arc, Sandwell-Dudley Metro Corridor and Wolverhampton-Walsall Growth Cluster.

The fund was announced at the UKREiiF real estate show in Leeds on Tuesday (May 19) and it brings together money and backing from major public organisations, including the West Midlands Combined Authority, the West Midlands Pension Fund, Homes England, National Wealth Fund and other national investment bodies.

The fund has been created through a new West Midlands Investment Partnership, set up by the Mayor to bring public investors and government agencies together behind a shared plan for growth.

Mr Parker said: “This gives us the financial fire power to invest in the things that matter most to local people – affordable homes, good jobs, skills and better transport.

“The West Midlands has never had this level of investment working together behind a single regional plan.

“We now have the chance to shape our own economic future and bring in billions more of private investment alongside it.

“I want developers and investors to work with us to help grow the economy and raise living standards right across the region.”

Oliver Holbourn, CEO of the National Wealth Fund, said: “Boosting regional investment is key to national growth.

“Through our Strategic Partnership with the Mayor of the West Midlands, we’re backing the ambition behind the West Midlands Investment Partnership, helping to develop the pipeline of investable projects that can unlock jobs and private investment for communities across the region.”

Bosses said the fund will build on the momentum of the West Midlands Growth Plan which sets out to tackle deprivation and increase prosperity by creating 100,000 good jobs in fast-growing industries, getting tens of thousands of residents into work, improving public transport, and building over 120,000 homes.

The Mayor has also launched a £75m package to train more than 12,000 people over the next three years in construction skills.

Research by the Construction Industry Training Board (CITB) says around 4,000 extra workers will be needed annually over the coming few years because of the region’s construction boom.

The region has a £19bn pipeline of investment-ready opportunities for investors and developers at the UKREiiF who can find out more through the interactive Site Selection WM platform.

Further details of how developers can engage with the West Midlands Futures Fund will be available in due course.