50,000 New Jobs in Birmingham – But Where Are They Coming From?
Birmingham City Centre accounts for a third of Birmingham’s total economy, home to over 30,000 people and 150,000 jobs.
Shaped over the last 20 years, Birmingham has achieved a number of successes during the period. It now operates in a competitive market that faces new economic and social challenges.
Key to Birmingham’s success is the strength of its professional, creative and industrial sectors.As the source of all these industries, the city centre is vital for supporting growth as well as attracting and retaining talent.
This is why the Birmingham Big City Plan has been created.
One of the most ambitious development projects devised in the UK, the plan aims to transform Birmingham over the next 20 years. The aim is to support sustainable growth, creating new public spaces whilst developing current professional and leisure spaces.
As an ongoing project, it’s already made a huge impact with several developments coming to fruition. New Street Station, The Library of Birmingham and the Midlands Metro Extension represent the beginning of over £1 billion worth of inwards investment.
This commitment to improvement has already inspired the rest of the world, receiving recognition in the Middle East and Europe.
In context, the Big City Plan will provide a mix of regeneration and innovation. For the next 20 years, Birmingham hopes to grow the city core by 25%, delivering 50,000 new jobs and providing £2.1 billion for the economy.
The city centre already accommodates 150,000 jobs ranging from office-based work to industrial jobs in factories and warehouses. With the Big City Plan, Birmingham City Council hope to expand and strengthen areas such as Digbeth and the Jewellery Quarter, supporting creative industries and professional practices.
From global business headquarters to start-ups, Birmingham has huge pull in the UK employment market, for both employers and employees.
The £600 million regeneration of New Street Station provided the first real influx of new jobs, creating over 1,000 positions. The building of HS2 represents another source of potential roles, supporting 16,000 jobs via contract opportunities over the next six years. The fully-completed line will create an estimated 25,000 jobs and 2,000 apprenticeships.
A large portion of the jobs pouring into the city will be through the expansion of the creative, science and technology sectors. By diversifying its economic base, the city centre is continuing to attract increased investment. This will allow Birmingham to offer better employment opportunities, drawing professional talent that can be retained.
Redevelopment of the area around Snow Hill is a direct representation of this, with the outline detailing up to 200,000 sq metres of office space, 4,000 new homes and 10,000 jobs.
Commercially, there’s a lot on the horizon for Birmingham, particularly in terms of investment and employment opportunities. As the core of the city expands, Birmingham is looking to create a true professional, leisure and retail hub.
Interested in Birmingham property investment? Learn why its the fastest growing investment hotspot in the UK.
Stay Ahead of the Property Market: Newsletter
Sign up today and be the first to get the latest property news, market insights and SevenCapital development updates delivered straight to your inbox, every month.