The East and West Midlands is home to 435,000 active businesses, 5.1m jobs and an annual economic output of more than £258bn (2019), it forms a significant part of the national economy. Historically, the Midlands has been known for manufacturing, and still boasts a number of global brands, with the challenge now to build on this heritage by building on opportunities presented by digitalisation and electric vehicles. Exporting and Foreign Direct Investment are important to the region, however success is driven by a few sectors, notably advanced manufacturing, transport equipment, and professional services. , with life sciences contributing to a lesser extent.
