An independent report published today gives Advantage West Midlands the maximum score for its performance - making it one of only two regional development agencies in the country to have achieved the maximum rating.
A review of all regional development agencies (RDAs) by the government spending watchdog, the National Audit Office (NAO), was commissioned by the Department for Business, Innovation and Skills (BIS).
Advantage West Midlands was rated as performing 'strongly' in all areas assessed. It's the second time in a row the NAO has awarded the Agency the maximum rating - once in 2007 and again this year.
This result comes after recent independent evaluations showed that the Agency's return on investment had gone up nine per cent in the past year to £8.14 in economic benefits for the region for every £1 invested.
Mick Laverty, chief executive at Advantage West Midlands, said: "This is welcome news against the backdrop of the worst recession in a generation, and a fragile economy coming to terms with massive savings in the public sector.
"This Agency has made a very positive impact. These NAO results come in addition to the fact that we have also met or exceeded most of our targets in the past year according to our year end results.
Despite a reduced budget, the Agency created or safeguarded more than 17,000 jobs for the region in the year and supported nearly 29,000 businesses. It also nearly doubled its target of attracting private investment at a time when money was extremely tight.
"Our performance has improved year on year for the past four years according to the Midlands Excellence Awards, netting us two commendations this year.
"Our staff should be very proud of these many acknowledgements of their hard work and commitment to the people and businesses of this region."
Sir Roy McNulty, chairman of Advantage West Midlands, said: "This organisation is run in a very lean and efficient way. Contrary to what some commentators would say about RDAs, Advantage West Midlands is really focused on keeping costs down. This is evidenced by a Treasury review which confirmed RDAs as the most cost effective of all the public bodies with administration costs of only 7p in every £1.
“RDAs know change is coming. We're ready for it and we continue to work with Ministers and officials on how to put this change into practice.
“At such a time it is helpful to have the results of the NAO’s independent assessment of RDAs’ work.
“We hope and believe that these findings should inform whatever future structures for economic development finally emerge.”
Areas of RDA work investigated by the NAO were: how RDAs prioritised work to ensure highest economic impact; how well RDAs improved their own effectiveness; and how well RDAs learned from their work to make future action even stronger.