Richard Parker outlined the West Midlands Growth Plan on Monday, July 21, aiming to reboot the region’s economy and raise living standards.
This initiative promises to generate 100,000 jobs in burgeoning industries, improve public transport and build 120,000 homes.
The plan also aims to reduce poverty and make progress towards net zero.
Mr Parker has targeted a £17 billion increase in the region’s £77 billion economy, bringing higher wages and improved opportunities for residents.
He believes the plan will unleash the full potential of the region’s people, places and businesses.
The mayor said: “The West Midlands is full of untapped talent and potential.
“We’ve got brilliant people, proud communities and a legacy of invention and industry.
“My growth plan is about unlocking opportunity for everyone, in every place.”
The scheme places a strong emphasis on the region’s young, diverse population, its entrepreneurial spirit, and its six universities.
It promises more support for business leaders and workers in the everyday economy, including teachers, bus drivers, shop workers and carers.
The region’s towns and cities, including their high streets, are set to undergo significant transformations with major investments, including £2.4 billion for transport network improvements.
The plan identifies key growth industries, including advanced engineering, clean tech, health and medical tech, digital and creative industries, and professional and financial services.
Industry minister Sarah Jones said: “The West Midlands is a powerhouse for investment and it’s great to see the region build on our modern industrial strategy to help open up exciting new opportunities, unlock growth, and create jobs across the region.”
The plan will build on projects and funding secured by the mayor since he took office, including the addition of hundreds of new social homes and a new tram line to East Birmingham.