Solihull is cementing its reputation as a “beacon of opportunity and prosperity” thanks to a healthy increase in employment and new start-up businesses, according to a major economic report.
The biennial ‘Doing Business In Solihull: An Economic Snapshot’ report, produced by the Solihull Chamber of Commerce, reveals the borough is flying the flag for the West Midlands in a number of key economic metrics such as business births, jobs and education. And the borough is geared up for a bright future thanks to projects such as HS2, the UK Central Hub and the Town Centre Master Plan, according to the report sponsored by Prime Accountants.
The economic snapshot launched on Thursday as part of the Solihull Chamber’s Expo at the Best Western Plus Manor Hotel in Meriden. It highlights the borough’s strong recovery from the effects of the Covid-19 pandemic, with the employment rate increasing by 2.8 per cent to 77.8 per cent in the year to September 2023.
This is compared to the national average of 75.7 per cent and the West Midlands Combined Authority area figure of 70.3 per cent. Furthermore, 80.9 per cent of Solihull residents are economically active compared to 75.3 per cent in the WMCA region and 78.8 per cent nationally.
Solihull is also proving to be fertile ground for new businesses – with a six per cent increase in the number of companies forming in the borough. This compares to a 13 per cent decrease across the West Midlands.
In addition, the number of business ‘deaths’ the Solihull borough decreased by 15 per cent between 2022 and 2023. Gemma Dilkes, policy and projects office at Greater Birmingham Chambers of Commerce, of which the Solihull Chamber is part, said: “Since the 2022 edition of this report was published, Solihull has made great progress in recovering from the difficulties that the COVID-19 pandemic brought about.
“Recent growth in the borough’s employment rate and jobs density have been above the regional and national averages, which have both contributed to maintaining Solihull’s strong figures for median gross weekly pay for full-time workers and gross disposable household income. Solihull’s educational institutions are producing robust academic results when looking at attainment at the regional level and is largely in-line with performance nationally, which is helping to forge a strong pipeline of talent to fulfil employer’s skills needs and to grow a dynamic entrepreneurial landscape.
“The borough’s recent increase in business births and the lower-than-average business death rate prove that the borough is an excellent place to grow a business, which is in addition to other comparative advantages such as its prominent and convenient location and recent investment in public transport hubs.” Kevin Johns, vice-president of the Solihull Chamber and managing director of Prime Accountants, said: “This report illuminates the diverse tapestry of our community, showcasing not only our thriving businesses but also the rich talent and potential that define Solihull’s economic landscape.
“Solihull boasts 8,025 businesses spanning key sectors such as Administrative and Support Services, Retail, Manufacturing, Professional, Scientific and Technical Activities, Transport, and Health and Social Activity. These sectors, coupled with our highly connected transport infrastructure and anchor institutions like the NEC and HS2, form the bedrock of Solihull’s economic prowess.
“In addition to our vibrant business community, Solihull prides itself on its commitment to education and innovation. Looking to the horizon, the future of Solihull shines bright with projects like HS2, the UK Central Hub, and the Town Centre Master Plan on the horizon.
“These initiatives underscore our borough’s unwavering dedication to growth, development, and progress. As we navigate the opportunities and challenges ahead, let us remain steadfast in our commitment to making Solihull a beacon of opportunity, innovation, and prosperity for all.”
