The plan will support the priorities and outcomes of the city’s economic plan, the Good Growth Strategy, by assisting the creation or safeguarding of jobs, attracting new companies, helping existing businesses to grow, and securing new investment and capital in the city.
Developed through consultation and engagement with internal and external partners and stakeholders, the City Investment Plan also builds on significant public and private investment in recent years.
This includes critical infrastructure projects such as the new railway station as part of the £150 million Interchange transport hub, a new commercial district for business services in the city centre, significant public realm improvements, the development of a City Learning Quarter and the major refurbishment of the iconic University of Wolverhampton at The Halls entertainment venue.
Further opportunities being brought forward include Canalside South with Wavensmere Homes and City Centre West with the ECF. These schemes alone will rejuvenate brownfield sites in the city centre and deliver more than 2,000 new city centre homes.
Alongside private sector living schemes, a total of 6,500 new city centre homes are in the pipeline, translating into 4,000 jobs and £2.6 billion investment. The impact of these new households is estimated to bring potential annual spending power of £79 million to the local economy.
The Council has also supported both new and existing investors to create and safeguard more high-value jobs, including businesses such as Fortune Brands at i54 and Fablink UK.
Continued partnership with Staffordshire County Council and South Staffordshire Council will look to build on the success of i54, and delivery of projects such as the Green Innovation Corridor will provide further opportunities for good quality jobs for local residents in high-growth sectors.
Councillor Chris Burden, City of Wolverhampton Council Cabinet Member for City Development, Jobs and Skills, said: “The City Investment Plan will provide an intelligence-driven, targeted approach to ensure resources are deployed effectively and efficiently to bring new investment to the city.
“As part of this, the Wolverhampton Investment Prospectus will continue to be utilised to articulate and promote investment opportunities to build on the successes achieved to date and support the creation of conditions for economic growth.
“The plan also directly contributes to the place and productivity themes in the Good Growth Strategy and specifically underpins the three key priorities to secure the potential of our city and town centres; maximise the city’s investment potential and provide a sustainable city with quality neighbourhoods and workplaces.”
