The West Midlands economy is in line for a multi-billion pound bonanza after London secured the right to host the 2012 Olympic Games.
Civic, business and sporting leaders united to highlight the potential benefits to the region from yesterday's decision to award the 30th Games to the capital.
Participation in the Games could also place the Midlands in pole position to bid for the 2022 Commonwealth Games, it was claimed last night.
Sue Battle, chief executive of Birmingham Chamber of Commerce and Industry (BCI), said: "We congratulate London on their victory, which is a success for the whole of the country.
"The direct benefit will be that Birmingham will stage part of the soccer tournament at Villa Park. But the impact on business will be felt everywhere.
"Forecasts show that only just over 20 per cent of the work for all of the infrastructure will be sourced in London and the South-east so there is a tremendous opportunity here for us."
A spokesman for the chamber added: "It could be worth hundreds of millions of pounds for the Midlands, maybe up to £1 billion."
Councillor Mike Whitby (Con Harborne), leader of Birmingham Council, said: "Birmingham has a successful history of hosting major sporting events and we can bring that expertise into play when it comes to supporting London."
Construction firms are hoping to get involved in flagship projects, with contracts worth upwards of £8.3 billion expected to be on offer.
A spokesman for construction services company AMEC said: "We are already involved in the project management of several major regeneration and infrastructure projects in London and we look forward to the opportunity to help the city get ready for 2012."
David Walley, chief executive of events management group Arena, which is based near the NEC, said: "We are looking to get involved as much as possible."
John Edwards, chief executive of Advantage West Midlands, said a united approach was needed by firms.
A task force will be set up to sell the West Midlands and 'win' teams that are prepared to train here in the run up to the Games.
A region-wide approach to marketing the goods and services from the region will also be undertaken, he said.
It is too early to predict tourist numbers coming to the Midlands in 2012, but around 500,000 people are estimated to visit the UK during the year.
Brian Summers, chairman of Tourism West Midlands, said: " The range of our regional tourist attractions and experiences and the diversity of accommodation the region can offer, with easy access to London, will be valued and appreciated by a growing number of incoming visitors. We look forward to hosting more visitors to the region."
Sprinter Mark Lewis-Francis, who was a member of Britain's victorious 4x100 relay team at the Athens games, said: "It's every athlete's dream to compete at an Olympic Games but to have the chance to do it in your home country is just unbelievable.
"Personally, I remember the fantastic atmosphere in Manchester for the Commonwealth Games and I'm delighted the British fans will get the chance to be such a major part of the best sporting event in the world."