The Deputy Prime Minister, Nick Clegg signed an historic Growth Deal, bringing over £357m of investment to Greater Birmingham and Solihull to support economic growth.
While in Birmingham, Nick Clegg also visited precision valve manufacturer HydraForce, which received an award of over £1.8m from the government’s Regional Growth Fund (RGF).
The Growth Deal will help to deliver at least 13,000 jobs, allow up to 4,000 homes to be built and up-skill 7,633 people by 2021, as well as generating up to £80m in public and private investment.
In addition, the Regional Growth Fund is providing £1.8 m towards a £17m investment, which has enabled HydraForce UK to build a new, bespoke 120,000 square-foot factory in Birmingham, to be completed by mid-2015.
The development will create and safeguard almost 200 long-term jobs while generating upwards of 100 jobs in HydraForce’s supply chain.
The Deputy Prime Minister also confirmed other Regional Growth Fund awards in Birmingham. Dana UK Axle has secured a £1 million grant to increase capacity and install cutting-edge technology, creating 400 jobs in high-tech manufacturing.
Sertec Group Holdings secured a £1.4m RGF grant to help deliver its project to invest in new stamping equipment and robotic welding cells at their plants in Aston, Coleshill and Tyseley. This will lead to 200 new jobs.
The Deputy Prime Minister Nick Clegg said: “I’m delighted to be finalising this historic deal bringing real change to our second largest city in the UK.
“This significant Growth Deal will enable a whole host of jobs to be created, see scores of homes built and transport services improved.
“All of this is a major boost to the economy in Greater Birmingham and Solihull.
“Growth Deals are about local areas leading their own growth, giving more power to people in the regions so we can work together to build a strong economy and a fairer society.
“I was impressed with HydraForce’s ambitious plans to double its turnover and significantly increase its UK workforce.
“This US company has been in Birmingham for over a quarter of a century and this investment is securing its future in the Midlands.”
The aim of the investment is to enhance growth sectors and support and grow businesses, by creating new courses to improve skill capacity in the automotive supply chain and life sciences sector.
Funding will go to Solihull Aviation Engineering Training Centre to develop maintenance and repair skills, the Skills Excellence Hub in Birmingham for food technology, the Centre of Excellence for Advanced Technologies at Birmingham Metropolitan College, as well as the Advanced Manufacturing Hub and a Life Sciences Campus.