Economy of Birmingham

rdf:langString Economy of Birmingham

rdf:langString The city of Birmingham, in England, is an important manufacturing and engineering centre, employing over 100,000 people in the industry and contributing billions of pounds to the national economy. During 2013, the West Midlands region as a whole created UK exports in goods worth £19.6 billion, around 8.73% of the national total, however, exports fell by 14.5% compared to 2012 and there is a trade deficit of £5.6 billion. Output was forecast to grow from 2007 to 2012, but the city's economy flat-lined in from 2007 to 2009, following the economic crisis which affected the economies of countries around the world. Birmingham was second only to London for the creation of new jobs between 1951 and 1961, and unemployment rarely exceeded 1% between 1948 and 1966. By 1961, household incomes in the West Midlands (county) were 13% above the national average, exceeding even London and the South East. However, the incoming Labour government of 1964 sought to control what it saw as a "threatening situation", most notably by extending the Control of Office Employment Act 1965, to the Birmingham conurbation in 1965. Birmingham's economic landscape had suffered significantly as a result, but since then much of the damage has been undone. The economy of Birmingham also grew relatively slowly between 2002 and 2012, where growth was 31% vs national growth of 44%: the lowest of all the Core Cities. Many of the higher skilled jobs generated have gone to commuters from the surrounding area, and the two parliamentary constituencies with the highest unemployment rates in the UK - Ladywood and Sparkbrook and Small Heath - are both in inner-city Birmingham. According to the 2010 Indices of Multiple Deprivation, Birmingham is the most deprived local authority in England in terms of income and employment. Overall, Birmingham is the 9th most deprived local authority in England when factors such as crime, health and education are included, behind Liverpool and Manchester as the third most deprived Core City. Growth has also placed significant strain on the city's transport infrastructure, with many major roads and the central New Street railway station operating considerably over capacity during peak periods. Birmingham was also one of the founding cities for the Eurocities group and is also sitting as chair. Birmingham is considered to be a 'Beta-' global city, rated as the joint second most globally influential city in the UK after London. Birmingham has the second largest city economy in the UK after London and was ranked 72nd in the world in 2008.