Birmingham

Hundreds of jobs coming to Birmingham as city starts economic recovery

As one of the most important business regions in the UK, Birmingham has received a further lift with the news of Goldman Sachs opening an office there. And the city’s economy is forecast to recover strongly from recent uncertainty.

Global investment bank Goldman Sachs is the latest company to announce they are opening an office in Birmingham, bringing hundreds of jobs to the city. This expansion will be the company’s biggest office in the UK outside of London. Additionally, this is on the back of the investment bank expanding into other tech hubs across Europe.

The office will likely open by the end of 2021. Goldman Sachs is planning to initially use a prime shared office space in the city centre. Then, the office will move to a more permanent location later on.

Richard Gnodde, chief executive officer for Goldman Sachs International, says: “Establishing a new office in Birmingham will diversify our UK footprint and give us access to a broad and deep talent pool in the local area. We see tremendous opportunity to enhance our UK presence and continue delivering for our global clients.”

This further shows there is confidence in Birmingham and the West Midlands as a global business location. With a growing talent pool and strategic location in the UK, there are a growing number of large companies relocating there, further increasing the area’s potential.

Strong economic recovery

A new economic report forecasts that Birmingham will be one of the fastest cities to recover from COVID-19 and Brexit uncertainties. This is according to the UK Powerhouse Report by the Centre for Economics and Business Research and Irwin Mitchell. Out of 50 cities, it predicts Birmingham will make the ninth fastest recovery year-on-year with a GVA growth of 7.1%

In Q4 2020, Birmingham was in 17th place. The city and wider region are expected to benefit from a particularly positive economic output as lockdown restrictions continue to ease in the coming months.

The report states only 36% of cities are forecast to increase employment levels after the end of the furlough scheme. However, Birmingham is already following some of the key recommendations in the report for improving business prospects. This provides the grounds for optimism in the city’s recovery.

Chris Rawstron of law firm Irwin Mitchell comments: “This latest UK Powerhouse report paints a positive economic picture for Birmingham and the wider West Midlands regions as we emerge out of lockdown.

“Being in the top performing cities in terms of economic output should provide the scope needed to act on the recommendations and be ready to further stimulate the local jobs market once the furlough scheme comes to an end.”

Strong investment prospects

Major businesses continue to choose Birmingham as a key office location. In recent years, BT, HSBC, KPMG, Barclays and PwC UK have expanded in the city. As this continues, the investment potential of the city grows even more.

With Birmingham hosting the 2022 Commonwealth Games, major investment and development is coming to the area. The city and wider region will benefit from £778m worth of investment from the government to stage the event.

This will bring forward more exciting developments in the city, further improving this top business region. Additionally, the region is benefiting from major transport investment. The HS2 could arrive in the city during the late 2020s.

Birmingham’s rising position as a global city will bring more people and businesses to the thriving and resilient city. This will also further boost the city’s property market, making it an appealing city to live, work and invest in.

Take advantage of the business boom in Birmingham. At BuyAssociation, we have a number of property investment opportunities across the city, including the highly anticipated South Central development. To find out more, get in touch.

Self-certified Sophisticated Investor

Please read

I declare that I am a self-certified sophisticated investor for the purposes of the restriction on promotion of non-mainstream pooled investments. I understand that this means:

I am a self-certified sophisticated investor because at least one of the following applies:

I accept that the investments to which the promotions will relate may expose me to a significant risk of losing all of the money or other property invested. I am aware that it is open to me seek advice from someone who specialises in advising on non-mainstream pooled investments.

High Net Worth Investor

Please read

I make this statement so that I can receive promotional communications which are exempt from the restriction on promotion of non-mainstream pooled investments. The exemption relates to certified high net worth investors and I declare that I qualify as such because at least one of the following applies to me:

aerial-view-uk-houses

STAY AHEAD OF THE MARKET

Sign-up for first access to new developments and exclusive property investment opportunities.

We send limited and targeted emails on new launches and exclusive deals which best fit your areas. We are trusted by over 30,000 active buyers as their source for new stock.

  • New property developments
  • Professional market reports
  • Property deal alerts
  • Development updates
UK holiday let

FIRST FOR NEWS AND KNOWLEDGE.

Receive trending news straight to your inbox and stay up to date on all of the property market trends and advice.

Established since 2005 we are a leading voice of authority and commentary on the UK property market. Our news is trusted by Apple News & Google News.

  • UK housing market
  • Mortgage & money
  • Buy-to-let landlords
  • Guides & advice

Talk to us

Speak to our UK property experts today:

 

+44 (0) 333 123 0320

Open from 9am-6pm GMT

 

+852 6699 9008

Open from 9am-6pm HKT