Foreign investment creating thousands of jobs in Midlands
The Midlands has seen more than 30,000 new jobs created in the last three years thanks to foreign direct investment, new figures reveal.
Regions across the UK are receiving billions in investment from overseas. Key sectors receiving a boost, include manufacturing, life sciences and tech.
New Government statistics reveal that more 1,600 foreign direct investments will create nearly 80,000 jobs across every part of the UK.
Across the Midlands in 2022-2023, a total of 265 FDI projects were landed which are set to create 11,091 jobs, with a further 47 net zero projects creating 4,278 jobs.
In just three years, the region has seen 724 FDI projects landed, leading to 30,142 new jobs.
In the West Midlands total FDI projects have increased from 143 to 181 year-on-year, with jobs created increasing 48 per cent from 5,571 to 8,252.
In terms of net zero related projects, this amounts to 34 projects with 3,145 new jobs.
The number of new jobs in the West Midlands will make up 10.4 per cent of the UK total for 2022/23 – up by more than 50 per cent compared to last year.
Minister for investment Lord Johnson said: “These statistics reflect the sentiment I hear from foreign investors every day; the UK is a great place to invest and a fantastic springboard to start and grow a successful business.
“Today’s figures confirm investors are looking beyond London and the South East as they search for high growth opportunities with highly skilled workforces in areas like the Midlands. These investments are also supporting our strongest industries and creating the jobs of the future, from aerospace and car manufacturing to financial services and tech.
"We now look ahead to this autumn’s Northern Ireland Investment Summit and the Global Investment Summit, which will bring together some of world's biggest players to invest in our most thriving sectors."
The automotive sector has seen 76 new FDI projects in 2022-2023, leading to 3,807 new jobs – up from 1,786 two years ago – while aerospace projects will create 3,208 new jobs – up from 1,277.
In Wales there were 47 projects in 2022-2023 – up from 43 last year, with 3,062 jobs created, up by 71 per cent from 1,793 last year.
