Economy

The Birmingham economy renaissance

Over the last 30 years Birmingham’s economy has been transformed from one reliant on manufacturing to one based on services. Massive local de-industrialisation, which began in the 1970s, has seen over 200,000 manufacturing jobs go from the local economy. But this is far from being a hard luck story.

Employment growth

Birmingham has successfully countered the decline in employment in manufacturing by putting in place a regeneration strategy to redevelop the city centre to encourage the growth in service sector employment in industries like business and professional services - and also sectors involved in the Visitor Economy, such as tourism, conferencing, hospitality, leisure and retailing.

Economic output growth

Birmingham has experienced a healthy level of economic output growth over the last two decades, benefiting from being the regional capital and centre for employment and commerce. The growth in the service sector over the last 15 years has supported the growth in economic output per head in the city between 1995 and 2007.

Development in the city

Despite the recession, major redevelopment is still occurring in the city, with some of the key projects including:

• The £600m redevelopment of New Street Station
• The Library of Birmingham - A £189 million investment creating one of the largest public libraries in Europe, due to open in 2013.
• The redevelopment of the 140 Hectare site of the former MG Rover factory at Longbridge
• The multi billion pound regeneration of Eastside, which aims to stretch the city core eastwards and create thousands of jobs.