West Midlands Futures Fund Opens to Private Sector with Billions Available for Growth Projects

Richard Parker, Mayor of the West Midlands, has announced that the West Midlands Futures Fund is now open to private sector involvement, offering billions of pounds to support high-impact initiatives aimed at boosting economic growth, creating jobs, and delivering new homes.

The Mayor issued a formal ‘call for projects’ to developers, emphasising the fund as an unprecedented opportunity for collaboration between public and private sectors to enhance prosperity and raise living standards across the region.

Alongside this announcement, Parker revealed a new set of projects to receive backing from the fund, which combines public and external finance to unlock major development sites, support expanding industries, and attract further private investment.

To date, over £400 million of the initial £3.8 billion allocated to the fund has been dedicated to affordable and social housing. This builds on a record year for the West Midlands Combined Authority (WMCA) and the Mayor, who contracted more than 7,000 homes in the 12 months to April, nearly 2,500 of which were affordable or for social rent.

Since its launch in May 2026, the fund has expanded to include significant transport infrastructure investments, with £1.7 billion committed to projects such as new tram and rail links designed to unlock the Birmingham Sports Quarter.

The fund’s financial capacity is expected to increase further as additional powers and funding are devolved from Whitehall to the West Midlands.

Speaking ahead of the West Midlands Growth Summit on 8 October, Parker highlighted the fund’s new focus on commercial and mixed-use developments, including hotels, offices, and employment spaces, inviting private sector partners to submit project proposals.

He stated: “We’ve wasted no time in using the West Midlands Futures Fund to start driving growth across our region but today I’m opening it up with a call for projects. I want developers to work with us and help build the schemes that will drive prosperity for local people and businesses in the years ahead.

“I know there are many investors and developers with deep roots in this region and who, like me, want to deliver the things that matter most to people – affordable homes, good jobs, better transport and a ‘can-do’ environment for business. This fund offers a unique opportunity to achieve that by providing the support the private sector needs to get spades in the ground.”

He added: “I’m also announcing several new schemes for this unprecedented financial firepower that will drive further growth and help improve the quality of life. The West Midlands Futures Fund is here to not only support business and industry but also the daily lives of our residents, touching every single person in every corner of our region.”

The upcoming projects financed by the fund will focus on the West Midlands’ four major growth corridors: Birmingham & North Solihull Gateway, Coventry Growth Arc, Black Country Growth Corridor, and the Wolverhampton to Walsall Growth Cluster.

Among these initiatives is Homes England’s selection of Digbeth Loc Studios Ltd as its preferred development partner, subject to contract and standstill period. The company plans to deliver a £35 million creative and mixed-use neighbourhood at Fazeley Street in Digbeth, marking a significant step in the area’s regeneration and bolstering Birmingham’s status as a national centre for film, television, and creative production.

The fund will also support projects backed by the National Wealth Fund, including developments at Junction 10 in Walsall, the Birmingham Sports Quarter, Birmingham Knowledge Quarter, Greenpower Park, Coventry Very Light Rail, and the Net Zero Portfolio. This builds on prior investments such as the Solihull Town Centre Heat Network, which will provide sustainable heat energy to buildings starting this autumn.

Additionally, nearly £48 million from the WMCA is allocated for new homes across the Black Country, alongside a £24 million regeneration of Kinghurst Village Centre in North Solihull. This project includes a new community, health and retail building, six new houses, and a new vicarage, with work scheduled to begin in December.

The “Call for Projects,” launching on 8 October, seeks expressions of interest from the private sector for developments across commercial, mixed-use, and large-scale residential sectors. Approximately £545 million from the West Midlands Futures Fund is currently earmarked for such projects, supplemented by support from the wider West Midlands Investment Partnership. This complements an existing £300 million revolving fund already managed by the WMCA.

The West Midlands Futures Fund pools resources and support from a wide range of public bodies, including the West Midlands Pension Fund, Homes England, the National Wealth Fund, the British Business Bank, the Office for Investment, and other national investment organisations.

Its purpose is to stimulate business, improve places, and support people by providing tailored investments that promote innovation, housing, employment, and infrastructure development. The fund also addresses the specific needs and strengths of different localities.

It will play a crucial role in financing the £11 billion Birmingham East Mayoral Development Corporation, which is anticipated to create over 50,000 jobs and 20,000 new homes, generating widespread benefits across the east of Birmingham, one of the most deprived areas in the UK.

As the West Midlands seeks to deepen private sector engagement, the current call for projects aims to establish a strong pipeline of office, hotel, and employment developments to support regional growth.

Private investors and developers can submit expressions of interest starting 8 October at https://www.siteselectionwm.com/call-for-projects.