HS2 on track to deliver a £10bn economic boost for West Midlands, says report
The West Midlands economy is set to get a £10 billion boost from HS2 in the next decade, according to a new report.
The high-speed railway will bring about 41,000 new homes, nearly 31,000 new jobs and over 700,000 square metres of new commercial space. The study looked at the impact around HS2 stations Curzon Street in Birmingham and Interchange in Solihull, as well as the planned Network Integrated Control Centre and maintenance depot in Washwood Heath.
Since Phase One of HS2 between London and the West Midlands was approved in 2017, there's been a surge in investment activity in these areas. In fact, almost 55,000 new homes have been planned for development since then, compared with fewer than 10,000 during the same period before Royal Assent was granted.
The rate of increase in planned housing around HS2's three West Midlands hubs has been 14 times greater than elsewhere in the region. Plus, the total construction value of major projects in those areas has shot up from £4.5 billion to £15.4 billion.
HS2 Ltd's top boss, Sir Jon Thompson said: "This new research provides evidence that HS2's future arrival is already driving transformational regeneration and investment in the West Midlands. Driven by the promise of enhanced connectivity and heightened investor confidence, HS2's arrival is spreading prosperity and opportunity to the communities it touches for generations to come."
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Mayor of the West Midlands Andy Street said: "This research demonstrates that HS2 has delivered substantial investment and development opportunities in our region in recent years. Whether it's urban regeneration, improved local transport connections, increased housing provision and of course new jobs, HS2 is benefiting local people, businesses and our wider economy."
The Mayor firmly believes it's crucial for locals to see the clear benefits of big projects like this one. The first phase of HS2 is set to open between 2029 and 2033. The services will first launch from Old Oak Common, a suburb in West London, because there have been delays in extending the line to Euston in central London.
Sir Jon, who became the project's leader after Mark Thurston left his role as CEO in September 2023, warned last month that the estimated cost for Phase One could skyrocket to as much as £66.6 billion. In 2013, the total cost for the planned HS2 network, including the now-cancelled extensions from Birmingham to Manchester and Leeds, was estimated at £37.5 billion (in 2009 prices).
Sir Jon said the overspend happened because the original budgets were too low, there were changes to the plan, productivity was lower than expected, the contracts weren't strong enough, and prices went up.
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