Appetite for investment in the Midlands from US companies continues apace, according to a locally-based international corporate finance specialist.
And Nick Johnson, corporate finance partner at international accountancy firm Mazars in Birmingham, said North American businesses are often prepared to pay top prices to secure their targets.
His comments came in the wake of his return from a high profile corporate finance gathering in New York.
Mr Johnson said: “It was a very productive visit and an opportunity to build and strengthen contacts and to generate deal flow.
“The Special Relationship has perhaps always been overly romanticised but nevertheless US investors are very familiar with what the UK has to offer and are attracted by the growth in our economy.
“US companies have over many years looked to invest in the UK – indeed the US is the biggest investor in the UK and the connection with the Midlands is strong.
“US businesses like the UK for all the obvious reasons: language, strong economy, skills, gateway to Europe etc – and they often have a more positive perspective on value, partly driven by a strong dollar – which is great for UK owners looking optimise their outcomes.”
Mr Johnson highlighted recent figures released by UK Trade & Investment.
It revealed that 2014/15 was another record year for inward investment into the UK. Based on OECD estimates, the value of the UK’s inward foreign direct investment (FDI) stock increased by more than nine per cent during 2014, passing the £1 trillion level for the first time, reaching £1,065 billion by the end of the year.
The US and Europe remain the lead investors, with the US holding the largest share at 27 per cent.
And more foreign businesses invested in Greater Birmingham & Solihull in 2014/15 than any other LEP region.
It attracted 73 new FDI projects, nine per cent more than the next highest LEP. Investors included world-famous brands such as Jaguar Land Rover, KPMG, Virgin Media and Amazon.
US firms were the most prominent, accounting for 22 per cent of the total.
Overseas investment was primarily driven by advanced manufacturing, which represented 40 per cent of all projects, followed by business, professional and financial services with 30 per cent and IT and digital, 15 per cent. The automotive industry was responsible for 51 per cent of all manufacturing investments into the GBSLEP.
Mr Johnson said: “Incoming firms have cited Greater Birmingham’s transport links, affordable space and strong talent pool as major draws. The region has been transformed in recent years, attracting firms from a range of different sectors.
“The West Midlands is a centre of manufacturing excellence with many skilled engineers. Investors are impressed with the way Birmingham continues to reinvent itself, with huge construction projects across the city centre and the arrival of major financial services operations relocating from London.
“It has a can-do altitude which is very appealing to US companies.”