By Daniel Hunter
Greater Birmingham and Solihull are set to benefit from £357 million worth of government funding as the Deputy Prime Minister Nick Clegg signs the latest Growth Deal.
Part of the Regional Growth Fund, the deal will help to create at least 13,000 jobs in the area, build 4,000 homes and up-skill more than 7,600 workers by 2021 and generate more than £80m worth of public and private investment.
In addition, the Regional Growth Fund is providing £1.8 million towards a £17 million investment which has enabled HydraForce UK to build a new, bespoke 120,000 square-foot factory in Birmingham, which will be completed by mid-2015. This will create and safeguard almost 200 long-term jobs while generating upwards of 100 jobs in HydraForce’s supply chain.
The Deputy Prime Minister is today (Thursday) confirming 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 £1.425 million 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."
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