Birmingham
Although Birmingham grew to prominence as a manufacturing and engineering centre, its economy today is dominated by the service sector, which in 2003 accounted for 78% of the city's economic output and 97% of its economic growth.Two of Britain's largest banks were founded in Birmingham – Lloyds Bank (now Lloyds Banking Group) in 1765 and the Midland Bank (now HSBC Bank) in 1836 – and as of 2007 the city employed 108,300 in banking, finance and insurance. In 2009, Cushman & Wakefield stated that Birmingham was the second best place in the United Kingdom to locate a business, and the 14th best in Europe.
Tourism is also an increasingly important part of the local economy. With major facilities such as the International Convention Centre and National Exhibition Centre the Birmingham area accounts for 42% of the UK conference and exhibition trade. The city's sporting and cultural venues attract large numbers of visitors.
The city's three Universities, (Aston University, University of Birmingham and Birmingham City University) and two University colleges have over 65,000 students and employ around 15,000 staff, making a significant contribution to the city's economy as well as its research and innovation base.
With an annual turnover of £2.2bn, Birmingham city centre is the UK's second largest retail centre, with the country's busiest shopping centre – the Bullring – and the largest department store outside London – House of Fraser on Corporation Street. The City also has one of only four Selfridges department stores, and the second largest branch of Debenhams in the country. In 2004 the city was ranked as the third best place to shop in the United Kingdom, behind the West End of London and Glasgow, being described as a "world-class shopping centre".
Despite the decline of manufacturing in the city several significant industrial plants remain, including Jaguar Cars in Castle Bromwich and Cadbury Trebor Bassett in Bournville.
Although the city has seen economic growth greater than the national average in the 21st century the benefits have been uneven, with commuters from the surrounding area obtaining many of the more skilled jobs. The two parliamentary constituencies with the highest unemployment rates in the UK – Ladywood and Sparkbrook and Small Heath – are both in inner-city Birmingham. Growth has also added to stresses on the city's transport. Many major roads and the central New Street railway station operate over capacity at peak times.
