£15m transformation fund announced for manufacturers to grow West Midlands economy
Hundreds of manufacturing businesses are to get expert support and funding to help them capitalise on a new wave of economic opportunities, driven in part by the flagship West Midlands Investment Zone.
SMEs already based in the West Midlands can now apply to join the WM Investment Zone Supply Chain Transition programme on the Business Growth West Midlands website.
The programme is backed by £12.5 million secured for the sector from government by Mayor Richard Parker and the West Midlands Combined Authority (WMCA).
It will create and safeguard thousands of jobs by helping businesses pivot into high-growth, tech-driven advanced manufacturing markets set out in the region’s Growth Plan and the government’s Industrial Strategy.
These include advanced engineering, electric vehicles and battery technology, clean tech and energy, health and medical tech, aerospace, and digital technologies.
Growth in these sectors is already building momentum and will be turbocharged by the Investment Zone’s three key sites in Coventry and Warwick, Birmingham, and Wolverhampton.
The WMCA is providing an additional £2.5m of Investment Zone funding for skills training and routes to apprenticeships to make sure local people can make the most of these new job opportunities.
West Midlands mayor Richard Parker said: “Manufacturing is still the beating heart of the West Midlands economy, it’s in our DNA. But we’re ever evolving as technology transforms what we make and how we make it.
“It’s essential to modernise production, upskill our workforce, and support business leaders with the training, funding, and guidance they need to be at the cutting edge of 21st century clean and high-tech industries.
“Opportunities are coming in this new era for manufacturing. And we’re making sure businesses and local people are ready to seize the moment so we can protect and create more high-quality jobs. This is a chance to reclaim our status as the workshop of the world.”
The Supply Chain Transition programme, funded with money earmarked to deliver the region's Investment Zone, will give businesses fully funded practical advice, access to a £6 million research and development grant fund, and advanced management training for senior leaders.
The first year of the programme will be delivered by Supply Smarter West Midlands.
The consortium is led by C&W Business Solutions, Manufacturing Technology Centre, WMG at University of Warwick, and the three partners of the West Midlands Combined Universities Partnership (WMCU), Birmingham City University, Coventry University and University of Wolverhampton.
All have extensive, industry-relevant expertise spanning advanced manufacturing research, development, innovation and training.
Around £1.5 billion of business rates over the Investment Zone’s 25-year lifespan will also be retained and reinvested in the region instead of going back into government coffers.
