First on the dance floor
It’s been the taxing tango, the wearisome waltz. I’ve been writing about Midland businesses and the region’s economy for three decades, and progress has been a frustrating dance of two steps forward, one back, a lurch to the side and lots of standing still. However, this time it looks as if the Midlands is hitting the dance floor well ahead of other regions. All those promises of the good things due to come our way are starting to be fulfilled as the economy emerges from the lockdown recession.
It all begins with Coventry’s year as UK City of Culture. The launch had been due in January, but was delayed until this month because of the pandemic. The trust behind the festival has used that delay wisely to look at how the event, due to attract some two million visitors, can be reconfigured for a bigger impact than first planned. The city has conservatively estimated that its year as the nation’s stage will bring in £350m but the long-term benefits should run into the billions.
Coventry’s delayed launch means the 12-month festival will overlap the events being organised in the run up to Birmingham’s hosting of the Commonwealth Games in August 2022. The games are set to draw in 1.3 million visitors, a global audience of 1.5 billion and give an immediate £1.7bn boost to the regional economy. Again, the longer-term benefits are set to be far greater.
Meanwhile, in the East Midlands, the paperwork to create a Freeport centred on the airport begins in earnest over the next few months, giving a projected £2bn annual uplift to the regional economy. The biggest prize of all, HS2, may still be a decade away, but it is already having an impact in attracting investment and jobs.
These projects combine to put the region in a unique place in recovering from lockdown, and then giving it momentum to continue growing, attracting investment and infrastructure. If the re-elected mayor of the West Midlands Andy Street delivers on most of his promises, and the many players in the East Midlands continue to act in unison, then this region has so much to look forward to. The music has started – get ready to dance.
kurt.jacobs@newsco.com
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