The West Midlands could be set to create 52,000 tech jobs and see the sector grow by £2.7 billion, according to new government figures.
A report published today to coincide with the start of Birmingham Tech Week suggests the region could see a bumper uplift by 2025 as it becomes the UK’s fastest growing region for tech.
The Department of Digital, Culture, Media and Sport (DCMS) has published the findings which said the projected increase in jobs would represent an increase of 55 per cent since 2019.
Tech grew in the region by an average of 7.6 per cent a year between 2014 and 2019, the fastest region in the UK, according to the DCMS which added that, going forward, the sector was expected to generate at least £2.7 billion for the local economy by 2025.
It comes as new figures compiled by job search engine Adzuna and investment analysts Dealroom for the UK’s Digital Economy Council and Tech Nation show tech companies in the West Midlands are on track to raise more venture capital investment in 2021 than they did a year earlier.
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They have raised £454 million in venture capital funding already this year, compared to £358 million last year, while tech vacancies have increased from 5,099 in December 2020 to 9,287 in October 2021, the study says.
Digital Minister Chris Philp said: “As Birmingham Tech Week kicks off, it’s great to see the digital sector in the West Midlands entering a golden era.
“There are high-quality and well-paid job opportunities for those who want to pursue a career in tech and the region is fast-becoming a powerhouse of digital talent.”
The growth figures, published as part of the DCMS’ Assessing the UK’s regional digital ecosystems report, highlight the region’s flourishing digital sector as Birmingham’s annual celebration of digital, technology and innovation kicks off.
The DCMS report looks at regional growth in the digital economy and will be used to support the Government’s work on levelling up so it can work with the sector to capitalise on untapped areas of potential and create more wealth and jobs.
Birmingham Tech Week runs from October 11 to 15 and will feature a host of events seminars at venues across the city.
Chairwoman Kim Leary added: “The tech sector in our region is booming.
“We have a huge number of successful start-up and scaling businesses and a growing ecosystem powering fintech to edtech.
“Everyone has been working hard to shine a spotlight on the West Midlands so there’s a real sense of celebration and collaboration across the city.
“For me, this is particularly exciting to see and I’m proud that Birmingham Tech Week is able to play a vital role in this.”