The Government’s City Deal unveiled for the Black Country is expected to generate £130 million in private investment for the area and create an estimated 5,800 jobs in manufacturing.
The scheme, which has been agreed with local authorities and the Black Country Local Enterprise Partnership, is also predicted to regenerate brownfield sites, create 1,500 apprenticeships in manufacturing and provide support to help 2,800 long-term unemployed people get back into work.
The agreement includes a new Black Country Investment Fund to help develop key industrial sites, created through a £20 million government loan and an investment of £10 million from the four Black Country local authorities.
It will also see a Black Country Growth Factory set up with £3.1 million of support from the Regional Growth Fund, providing an online portal for businesses to access local and national support services, including specialist support in the high value manufacturing sector.
At least 1,500 apprenticeships will be created in this sector and there will be a programme to work with 2,800 long term unemployed social housing tenants, moving at least 900 into employment.
Stewart Towe, chair of the Black Country LEP said: “Businesses constantly tell us assisting the growth of high value manufacturing is critical to the prosperity of the Black Country.
A partnership approach and the work of the LEP have created the City Deal to enable the Black Country to seize the global opportunities in high value manufacturing.”