Even though Birmingham is already home of the second biggest economy in the country, at £26.2 billion after gross value added, these are exciting times for Birmingham, with the phrase Golden Decade used to describe the next few years. The city has a fantastic location in the UK, it has a youthful and well-regarded skill base in its population and improving transport links make the city more appealing to many firms, industries and people.
Over 105,000 people have gainful employment in the business and professional financial services sector in the city, and for the wider Greater Birmingham and Solihull Local Enterprise Partnership (LEP) area, this figure reaches 165,000 people.
The tech and digital sector is also thriving in Birmingham, with the city boasting the second most significant level of UK employment outside of London. There are over 16,500 people employed in this sector in the city and 35,600 in the wider region. The tech sector is an important sector, and it has been tipped to be the most significant growth industry in Birmingham in the next ten years.
Business and professional financial services are one of the most critical sectors in Birmingham’s economy; some 105,000 people are employed in the industry in the city and almost 165,000 in the Greater Birmingham and Solihull Local Enterprise Partnership (LEP) area.
There is a considerable level of positivity surrounding Birmingham and the changes set to take place in the next decade. Comments made by the Leader of Birmingham City Council, Ian Ward, indicate this positivity and he said; “The city is witnessing an unprecedented period of growth. You only have to look at the number of cranes in the city centre. Investors have a lot of confidence in the city at the moment. This will be Birmingham’s ‘golden decade’. The Commonwealth Games will take place here in 2022 and the first phase of [rail line] HS2 is expected to be completed by 2026.”
The Commonwealth Games and HS2 are the headline events that catch attention, but they have also influenced other development work. The changes taking place in Digbeth, which will be the HS2 hub, are startling and this area is likely to be at the forefront of creativity and tech development in the city.
The fact that Birmingham has a youthful population provides confidence in development projects. While different sources may disagree as to whether 40% of the local community is under the age of 25 or 30, there is no denying that Birmingham has a youthful energy, vibe and attitude. This young population is helpful for employers who are looking for fresh talent but who also want to find talent that is willing to grow with them.
Birmingham has a considerable student population, and like any large student body, many people take up permanent residency in the city after their studies. Birmingham produces around 140,000 graduates each year. The long-term projections for Birmingham’s population suggest that there will be 1.3 million people living in the city in 2039. This increase in population drives the demand for property, commercial and retail development.
With so much change and progress scheduled for the next ten years, it is easy to see why people state this is Birmingham’s Golden Decade. If you want to find out more or you want to invest in this thriving city, contact Spot Blue, and we will be more than happy to assist you.