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Billions in foreign investment sees thousands of new jobs across the UK
Country continues to be levelled-up as foreign investment creates thousands of jobs, including in manufacturing, life sciences and tech.
Tens of thousands of new jobs are being created across the UK thanks to billions of pounds of foreign investment, helping the Government’s priority to grow the economy and levelling-up across the UK.
New government statistics published today (Tuesday 27 June) reveal that over 1,600 foreign direct investment (FDI) projects will create nearly 80,000 jobs across every part of the UK, with Scotland, Wales, Northern England, the Midlands and the South West seeing significant gains.
Northern England has seen huge gains, with Yorkshire and The Humber landing 103 FDI projects which will create 7,378 new jobs – an increase of 97% on 2021/22 and 423% on 2020/21 - while in the North West and North East, 198 projects are set to create 8,867 jobs.
In just three years, the North West and North East have seen 604 FDI projects landed, leading to 25,872 new jobs.
The Midlands has also seen scores of new projects creating thousands of jobs. In 2022/23, 265 FDI projects were landed which are set to create 11,091 jobs, and in Wales, 47 projects will create 3,062 jobs - up by 71% on the 1,793 in 2021/22.
Minister for Investment Lord Johnson said:
These statistics reflect the sentiment I hear from foreign investors every day: the UK is a great place to invest and a fantastic springboard to start and grow a successful business.
Today’s figures confirm investors are looking beyond London and the South East as they search for high growth opportunities with highly skilled workforces. These investments are also supporting our strongest industries and creating the jobs of the future, from aerospace and car manufacturing to financial services and tech.
We now look ahead to this autumn’s Northern Ireland Investment Summit and the Global Investment Summit, which will bring together some of world’s biggest players to invest in our most thriving sectors.
Inward investment is crucial for growing the UK economy, and the latest statistics back up recent reports from PwC and EY that found investors are continuing to increase their confidence as well as their investments in some of our key sectors.
The automotive sector has seen 76 new FDI projects in 2022/23, leading to 3,807 new jobs – up from 1,786 two years ago – while aerospace projects will create 3,208 new jobs – up from 1,277.
We are also striving to make the UK a tech and science superpower by 2030, and the latest data confirms we are heading in the right direction. The Life Sciences sector will see 3,546 new jobs from latest FDI projects, while biotech and pharmaceuticals will see 2,089. Collectively over the past three years, both sectors will have seen 15,608 new jobs from FDI projects alone.
National and Regional breakdown
Yorkshire and The Humber: 103 FDI projects in 2022/23 will see 7,378 new jobs – an increase of 97% from 3,738 in 2021/22 and 423% from 1,412 in 2020/21. 16 investment projects will also be Net Zero related, creating 1,671 jobs. The total number of new jobs for 2022/23 will be 9.3% of the UK total – more than double its share in 2021/22 (4.4%).
North West: 137 FDI projects will create 5,820 new jobs - up by 340 from 5,480 in 2021/22. There are also 17 Net Zero projects with 901 new jobs.
North East: 61 FDI projects were landed in 2022/23, leading to 3,047 new jobs, meaning 183 projects in the past three years will have created 10,263 new jobs. 13 new Net Zero projects will also have been landed in the past year, creating 1,611 jobs.
West Midlands: Total FDI projects have increased from 143 to 181 year-on-year, with jobs created increasing from 5,571 to 8,252 (48%). In terms of Net Zero related projects, this amounts to 34 projects with 3,145 new jobs. The number of new jobs in the West Midlands will make up 10.4% of the UK total for 2022/23 – up by more than 50% compared to last year (6.6%).
East Midlands: 84 FDI projects were landed in 2022/23, creating 2,839 jobs. Over the past three years, 255 projects will have created 11,876 jobs.
South West: 91 FDI projects leading to 3,908 new jobs - up by 1,375 (54%) from 2,533 year-on-year. In addition, there are 17 Net Zero related projects which will create 965 jobs.
Wales: There were 47 projects in 2022/23 - up from 43 last year, with 3,062 jobs created - up by 71% from 1,793 last year). In the past three years, 162 FDI projects have been landed, leading to 6,384 new jobs.
Scotland: 130 FDI projects have been initiated in 2022/23 - up from 119 in 2021/22. This will create 3,428 jobs. Net Zero related projects will also create 601 jobs.In the past three years, 341 FDI projects have been landed, leading to 11,081 new jobs.
Northern Ireland: 33 FDI projects have been initiated in 2022/23, leading to 1,416 new jobs.In the past three years, 94 FDI projects have been landed, leading to 4,854 new jobs.