Birmingham – growth forecast
Posted on Friday, December 2, 2016 by Venn Group — No comments
Back in August I wrote an article about the opportunities for growth in Birmingham and surrounding areas post Brexit. With so many international and regional developments over the last few months I wanted to see how the landscape has altered and what we can expect in 2017 and years to come.
One of the great successes next year will surely be the relocation of HSBC’s retail banking arm head quarters to the second city. This will begin at the end of 2017 and bring an estimated 1,200 jobs to the area. The UK Unit Head of HSBC, Nigel Hinshelwood, has stated “we see Birmingham as the centre of a £110bn regional economy. It has the largest concentration of businesses outside of London, home to 37,000 companies and it really gives us an opportunity to contribute to regional growth”. As a proud Brummie myself, it’s great to see what was formerly Midland Bank return to the city in which it was founded way back in 1836.
In September we heard that the city was putting its hat in the ring to bid for the 2026 Commonwealth Games. With the Belfry Golf Course, Edgbaston Cricket Ground, Villa Park, Edgbaston Tennis Centre, the Barclay Card Arena, NEC and Alexander Stadium all having previous experience hosting international sporting events in their own right, surely we have a real opportunity of getting the nod. The failed Summer Olympic bid of 1992 will then be put to bed!
Recently the route of the inaugural Birmingham International Marathon taking place in October 2017 has been revealed, an event which will further cement the city on the world’s sporting map.
Last month it was confirmed Birmingham remains the most popular destination for people migrating from London. This is hardly surprising given the commercial opportunities on offer and, from a logistical point of view, links to the rest of the country. The fact that a company as prestigious as Deutsche Bank continues to situate a last percentage of its UK workforce in Brindley Place speaks volumes for growing confidence. In their ‘Emerging Trends in Real Estate 2016′ report, the Urban Land Institute and PwC stated Birmingham offered the best property investment potential in the UK and the sixth best in Europe.
Exciting infrastructure and employment opportunities are still on track in the form of HS2, the redevelopment of the area around Victoria Square, namely “Paradise”, and the 2019 Metro expansion to name but three.
All in all it is hard to argue against the fact that the city is in a great position going forward. The motto for the city, “Forward”, first coined 178 years ago still rings true.
Greg Jones – Venn Group