More than £45 million has been allocated to projects in Birmingham, Worcestershire and the Black Country to boost training, skills and employment.
The latest allocation from the Government's Growth Deals programme includes support to create accommodation for university spin outs at Innovation Birmingham Campus.
Elsewhere, there is funding for the redevelopment of the station area in Kidderminster and £8.7 million to create new training facilities in Solihull and Birmingham to address skills shortages.
In total, the Greater Birmingham & Solihull Local Enterprise Partnership (LEP) has agreed an extra £21.4 million to be invested between 2016 and 2021, in addition to the £357.4 million of funding committed by the Government in July 2014.
Over the lifetime of its deal, between 2015-2021, the LEP estimates up to 29,000 new jobs could be created, 7,000 new homes built and the potential to generate £170 million of public and private investment.
The Black County LEP has agreed an expansion to its Growth Deals which will see an extra £24 million invested between 2016 and 2021, in addition to the £138 million of funding it received last July.
Supported projects in this round include £4.5 million for the creation of a light rail innovation centre in Dudley, which will specialise in prototype vehicle design and construction, and £400,000 for another phase of Walsall's ongoing mixed-use Waterfront project to create around 160 jobs.
Over the same six-year lifetime, the Black Country Growth Deal is expected to create 5,000 new jobs, develop 1,400 new homes and has the potential to generate up to £310 million of public and private investment.