The primary driver behind firms’ confidence in the West Midlands are investment in communities (48 per cent), investment in transport and logistics infrastructure (39 per cent) and investment in apprenticeships schemes (31 per cent).
West Midlands firms are also optimistic about growth in their region in comparison the UK average, with 39 per cent confident that the region will outperform the national economy in the next 12 months. Only 28 per cent of neighbouring East Midlands firms are similarly confident of their region’s prospects.
Both the West and East Midlands are among the least optimistic English regions, with the North West (48 per cent), South East (45 per cent), Yorkshire and the North East (both 44 per cent) more confident at their prospects of outperforming the UK economy.
Among West Midlands firms, 50 per cent feel that the region receives its fair share of public investment.
This makes it one of the regions least content with investment levels, with only the North East (49 per cent), the South West (48 per cent) and Yorkshire and Wales (both 38 per cent) scoring lower.
Of the businesses surveyed, 80 per cent say they’ve already witnessed notable growth in their region over the previous three years.
In identifying drivers of that growth, businesses point to investments made in universities and R&D (44 per cent), digital infrastructure (34 per cent) and transport and logistics (30 per cent).
The Lloyds Business Barometer survey is made up of 1,200 UK firms from across all regions and sectors.
Graham FitzGerald, regional director for the West Midlands at Lloyds, said: “There’s a real sense of momentum across the West Midlands. What’s particularly positive is that many businesses are already seeing the region move forward and can point to the investment that has helped make that happen.
“The next phase is about making those different pieces work together. Better transport and digital infrastructure can open up opportunities, but businesses also need thriving communities and a strong pipeline of skilled people if they’re going to invest, expand and create jobs.
“Maintaining that focus will help turn the confidence we’re seeing today into sustainable growth that is felt across the region.”
Amanda Murphy (pictured), CEO for Lloyds Business and Commercial Banking, said: “Businesses across the UK are telling us they see opportunities to grow.
"Turning this ambition into action requires public and private investment working together to create the right environment for growth.
"Whether its investment in infrastructure, skills, innovation or research, businesses have a clear view of what they need locally to drive growth.
"Every region and nation has its own unique strengths and, by building on these, businesses will have the confidence to invest, create jobs and unlock their full potential."
