Overseas investors like the look of Warwickshire
Coventry and Warwickshire Local Enterprise Partnership (CWLEP) is ranked second in the country for new jobs by employment through foreign investment.
Analysis of the UKTI Inward Investment Report 2014-15 reveals that 72.75 new jobs were created through Foreign Direct Investment (FDI) per 10,000 in employment in the area.
In terms of FDI projects by population, the CWLEP is ranked fourth of the 38 LEP areas outside London at 0.38 projects per 10,000 residents.
Nearly 3,000 jobs were created in Coventry and Warwickshire over the last 12 months by attracting foreign investment to the UK – the third best performance outside London. In Coventry and Warwickshire, a total of 33 successful Foreign Direct Investments (FDI) led to 2,928 new jobs and the safeguarding of 180 jobs in 2014/15.
Twenty projects were expansions and 13 were new investments with the CWLEP performing strongly in advanced manufacturing and engineering with 21 recorded successes in the sector.
The UKTI and CWLEP supported 28 of the projects over the last 12 months.
Jonathan Browning, chairman of the CWLEP, said over 500 more jobs had been created this year compared to the previous 12 months by companies from overseas investing in Coventry and Warwickshire.
“These figures are extremely encouraging and show Coventry and Warwickshire is heading in the right direction and is one of the best performing regions outside London,” he said.
“It is fantastic that 2,928 new jobs have been created in 2014/15 which is an increase on the previous 12 months when 2,427 jobs were generated through foreign investment in the area.
“Coventry and Warwickshire remains particularly strong in advanced manufacturing and engineering which underlines our strength in attracting global, national and regional businesses in the sector to this area and the highly-skilled jobs they are bringing."
Cllr Izzi Seccombe, board director at CWLEP and leader of Warwickshire County Council, said: “Our local area is world-renowned in business thanks to our track record in innovation and our highly skilled talent pool.
“We welcome these figures and will continue to work hard to attract inward investment and create quality job opportunities for the residents of Coventry and Warwickshire.”
Cllr Ann Lucas, board director at CWLEP and leader of Coventry City Council, said: “These figures are very impressive and prove that Coventry is open for business. We have so much to offer and we must use our collective strengths to continue to attract more investment and create more jobs. Getting access to investment funds that are available is a key objective to the Government’s combined authority plans.”
Nowhere is Warwickshire's reputation as a growth area stronger than in advanced manufacturing, engineering and digital technology, in which the rising influence of the region is headed by the games development cluster in Leamington, Warwick and Southam known as ‘Silicon Spa.’ Remarkably, the three towns are home to more than 30 studios, directly employing 1,200 people.
Also flagged up in the UKTI report was the boost brought to the Rugby area by the London Taxi Company's pledge to invest £250million in a new research, development and assembly facility at Ansty, near Rugby.
Supported by the UK government’s Regional Growth Fund, that investment by the Chinese owners of the London Taxi Company, Geely, will create up to 1,000 new jobs at Ansty Park.
Dr George Gillespie, CWLEP board director, is highly encouraged by the latest figures. He said: "Advanced manufacturing and engineering remains a major strength for Coventry and Warwickshire as we develop a growing reputation for being a national and international hub in this specialist area.
“The report shows research and design is generally funded through foreign investment and this is vital to increase productivity and remain competitive in the global economy."