A new report has identified that billions of pounds worth of economic benefits can be unlocked in the West Midlands with the delivery of HS2.
Over the course of the next ten years, an economic uplift of £10 billion can be delivered thanks to reported investor confidence in the region. The research analysed the areas that are around the three West Midlands hubs (Curzon Street Station. Interchange Station, and the Washwood Heath Depot and Integrated Control Centre) have seen dramatic increases in regeneration and investment over the course of the last six years.
This comes in the form of a number of planning applications increasing by two-thirds since the railway was granted Royal Assent in 2017. Commercial and residential planned floorspace has also increased over the same time period, with the number of new planned homes increasing by around 500%.
Executive Chair for HS2 Ltd, Sir Jon Thompson, commented:
“This new research provides evidence that HS2’s future arrival is already driving transformational regeneration and investment in the West Midlands. It shows that investor appetite, regeneration, and investment close to where we’re building our three key assets in the region has surged in the last six years.
“Driven by the promise of enhanced connectivity and heightened investor confidence, HS2’s arrival is spreading prosperity and opportunity to the communities it touches for generations to come.”
The independent research that was commissioned by HS2 found that this investment activity has gone above any other planned development outside of the project’s impact zones. Proof of this is seen through the fact that the planned housing increases within the HS2 impact area is 14 times larger than other places within the West Midlands, and the planned floorspace uplift coming at more than four times greater.
Places such as Digbeth, Washwood Heath, and Birmingham Eastside are already seeing the benefits of regeneration, with development projects worth millions of pounds working to support the delivery of new homes, venues, offices, public spaces, and leisure facilities.
West Midlands Mayor Andy Street added:
“This research demonstrates that HS2 has delivered substantial investment and development opportunities in our region in recent years.
“Whether it’s urban regeneration, improved local transport connections, increased housing provision and of course new jobs, HS2 is benefitting local people, businesses, and our wider economy.
“It’s vital that local people see the tangible benefits of major schemes like this.”
Image credit: iStock
