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Economy

• Worth £84bn in 2006 (around 8% of the total UK economy), the West Midlands economy is forecast to grow at an annual average rate of 2.4% between 2008 and 2012.
• Financial and business services accounted for the largest share of output in the region for the first time in 2006, but are still proportionally smaller than nationally.
• Forecasts are 20% larger, in output terms, in 2012 than 2008, financial and business services is also set to be the fastest growing sector over the period in the West Midlands.

Output

• Construction output was estimated at £6.8bn in 2006, in 2000 prices, accounting for 8% of the UK total.
• Output is forecast to grow at an annual average rate of 0.6% between 2008 and 2012.
• The public non-housing sector will be the main driver of growth, although, with the exception of private housing, all new work sectors are set to see output increase.

Employment

• Total construction employment of 213,480 in 2006 in the West Midlands is forecast to rise by 9% to 232,950 in 2012.
• To meet this demand, after taking account of those entering and leaving the industry, the West Midlands requires an extra 6,190 workers each year.
• Construction professionals and technical staff has the largest annual recruitment requirement, with wood trades and interior fit-out and electrical trades and installation not far behind.

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