West Midlands set for strong growth

Posted on 07 Jan 2018 and read 283 times
West Midlands set for strong growthThe West Midlands is expected to be the fastest-growing UK region (outside London and the South East) in terms of its economic performance over the next three years.

According to EY’s latest UK Regional Economic Forecast, it will see growth of 1.8% in its Gross Value Added (GVA) each year until 2020, boosted by the strength of its manufacturing sector and the recent announcement of Coventry as the 2021 City of Culture.

The region’s performance will be in line with UK average growth (1.8%) but ahead of the East Midlands (1.7%), North West (1.5%) and Scotland (1.5%).

The EY (www.ey.com) forecast predicts that London and the South East will continue to out-perform all other UK regions through to 2020, with GVA growth per year of 2.2% and 2.0% respectively.

It concludes that there has been little progress on the geographical rebalancing of the UK’s economy in the last three years, and the economic divide between the North and South of the UK will continue to expand (albeit at a slower rate than previously) until 2020.

Simon O’Neill, managing partner at EY in the Midlands, said: “The West Midlands is forecast to be the fastest-growing region of the UK — except for London and the South East — leading up to 2020, with growth underpinned by strong performance in real estate and business services.

"Along with the success of southern regions, the Midlands Engine has driven investment and focus into this region, and it is a contributing factor to the economic success of the East and West Midlands.”

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