University News Last updated 01 February 2016
A new tool which analyses trends in the Midlands economy to help drive the region’s growth has been unveiled.
The Midlands Economic Model, created by the Midlands Economic Forum and Birmingham City University, uses data from the Office of National Statistics and additional local economic expertise to create reports which are specific to the region’s economy.
The tool takes into account both the growth and key differences in key Midlands industries such as the automotive, aerospace and business service sectors which are often overlooked by economists in London.
It can then be used to generate reports on growth in both the East and West Midlands and use trends from the data to predict future behaviour.
The first report titled Midlands Perspectives was unveiled in front of a room of key business and academic representatives from organisations including Touchwood Shopping Centre, Marketing Birmingham and the West Midlands Integrated Transport Authority.
“This detailed level of economic analysis can play a key role in driving investment in to this region and ensuring we keep the economy moving in the right direction.”
The first report showed that growth in the Midlands as a whole increased nearly 50 per cent faster than the national average during the last quarter (0.5 per cent to 0.7 per cent).
It also revealed that productivity levels in the Midlands have increased slightly faster than the national average over the last five years, with growth in the East Midlands particularly high.
The numbers take into account the Midlands region as a whole including key areas in the west such as Birmingham and Wolverhampton as well as those in the East like Nottingham, Leicester and Derby.
Regional figures have already taken steps to unite the two sides of the Midlands in the form of Midlands Connect - a collaboration of 11 Local Enterprise Partnerships, Network Rail, Highways England, central government, 28 local authorities and the business community.