business

Strong growth among region's start ups

Annual report from Greater Birmingham and Solihull LEP says city region is now fastest-growing in the country after positive 12 months

The number of start-up businesses in the Birmingham area has grown by 25 per cent, suggests to a new report.

The economy in the region has also been bolstered by 4.7 per cent, according to the annual report published from the Greater Birmingham and Solihull Local Enterprise Partnership (LEP).

The business group said the region was now the fastest-growing core city LEP area in the country after a strong 12 months.

It reports that 18,600 private sector jobs have been created in the region in the last 12 months, with 42 per cent of its target to generate 250,000 jobs by 2030 already delivered.

The region's GVA now stands at £44.5billion, up £1.8billon in the last 12 months, while Greater Birmingham and Solihull is also closing the gap with the leading LEP core city as it seeks to deliver the lowest unemployment amongst LEP core cities by 2030.

LEP chairman Steve Hollis said: "This year Birmingham was named the leading English city outside London for quality of life for the fourth year running and we have worked with our partners to deliver a string of major investments and infrastructure projects across the region.

"This includes the launch of the Curzon Investment Plan and the leveraging of an additional £54.2 million from central government through Growth Deal 3.

"It has been a fantastic platform on which to launch our strategic economic plan but, of course, the hard work doesn't stop here.

"Our focus for the next 12 months is to continue our work to turn this vision-led strategy into a reality, by working closely with our partners across the public, private and educational sectors."

The LEP's Implementation Plan will be published later this year, outlining how the body will aim to work with its partners to deliver inclusive growth across our economy.

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