Between 1995 and 2005, for every job created in other parts of the UK economy, 12 were created in knowledge intensive industries. The UK is now the world leader in trade in knowledge services.
But what are the key drivers of this growth and how does the West Midlands fare?
We address these questions in our report The West Midlands' knowledge economy (pdf, 411kb) published August 2009.
The report is the result of a dialogue between September 2008 and April 2009. The dialogue involved a wide range of partners, including policy makers and researchers, with an interest in the knowledge economy.
This sector of the economy includes high and medium technology manufacturing, as well as a range of services such as ICT, business and professional services, cultural services, education and healthcare.
The report identifies that knowledge intensive organisations and knowledge workers are attracted to places with the right mix of skilled workers, a range of knowledge assets (such as universities, healthcare institutions, research and science parks) and an attractive environment with good quality of life.
We looked at some of the challenges facing the West Midlands in providing the right conditions. The report covers:
- Attracting high value added international businesses.
- Stimulating demand for higher level skills.
- Strengthening the West Midlands' offer to knowledge intensive businesses and knowledge workers.
- Widening participation in higher education.
- Increasing uptake of leadership and management development by businesses.
- Tracking progress and impact.