A near-£4 billion war chest has been announced to speed up regeneration and build more houses in the West Midlands. The region's mayor, Richard Parker, said the £3.8 billion West Midlands Future Fund will provide the financial strength to unlock major development sites, support growing industries, and attract billions in private investment.
Major Projects Supported
Among the major projects the funding will help deliver are the Birmingham-North Solihull Gateway, Coventry Growth Arc, Sandwell-Dudley Metro Corridor, and Wolverhampton-Walsall Growth Cluster. The fund was announced at the UKREiiF real estate show in Leeds on Tuesday, May 19, and brings together money and backing from major public organisations, including the West Midlands Combined Authority, the West Midlands Pension Fund, Homes England, the National Wealth Fund, and other national investment bodies.
Investment Partnership
The fund has been created through a new West Midlands Investment Partnership, established by the Mayor to unite public investors and government agencies behind a shared plan for growth. Mr. Parker stated: "This gives us the financial firepower to invest in the things that matter most to local people – affordable homes, good jobs, skills, and better transport. The West Midlands has never had this level of investment working together behind a single regional plan. We now have the chance to shape our own economic future and bring in billions more of private investment alongside it. I want developers and investors to work with us to help grow the economy and raise living standards right across the region."
National Wealth Fund Support
Oliver Holbourn, CEO of the National Wealth Fund, commented: "Boosting regional investment is key to national growth. Through our Strategic Partnership with the Mayor of the West Midlands, we're backing the ambition behind the West Midlands Investment Partnership, helping to develop the pipeline of investable projects that can unlock jobs and private investment for communities across the region."
Growth Plan Targets
Bosses said the fund will build on the momentum of the West Midlands Growth Plan, which aims to tackle deprivation and increase prosperity by creating 100,000 good jobs in fast-growing industries, getting tens of thousands of residents into work, improving public transport, and building over 120,000 homes. The Mayor has also launched a £75 million package to train more than 12,000 people over the next three years in construction skills.
Construction Workforce Needs
Research by the Construction Industry Training Board (CITB) indicates that around 4,000 extra workers will be needed annually over the coming years due to the region's construction boom. The region has a £19 billion pipeline of investment-ready opportunities for investors and developers at UKREiiF, who can find out more through the interactive Site Selection WM platform. Further details on how developers can engage with the West Midlands Futures Fund will be available in due course.
