The HS2 Hybrid Bill has gained Royal Assent, clearing the way for phase one of construction works to begin this spring.
Overall, the development will create around 25,000 jobs during construction as well as 2,000 apprenticeships and an additional 100,000 jobs for the wider economy.
The West Midlands region is also poised to reap significant economic benefits long before the first high-speed journey is made.
The £1 billion Curzon Investment Plan, which outlines plans to regenerate the area surrounding the main HS2 terminal in Birmingham, will extend the size of the city centre core - supporting a combination of retail, commercial and residential development.
In addition, the £22 million National College for High Speed Rail, which will train the next generation of high-speed rail engineers, is building its Birmingham campus in the city's Learning Quarter and is due to open in September.
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The first trains are set to run between London and Birmingham from 2026. Seven years later, the network will go into the centres of Manchester and Leeds and services will go onwards to places such as Darlington, Newcastle and Edinburgh.
Transport Secretary Chris Grayling said: "Getting the go-ahead to start building HS2 is a massive boost to the UK's future economic prosperity and a further clear signal that Britain is open for business.
"HS2 will be the world's most advanced passenger railway and the backbone of our rail network. Royal Assent is a major step towards significantly increasing capacity on our congested railways for both passengers and freight; improving connections between the biggest cities and regions; generating jobs, skills and economic growth and helping build an economy that works for all.
"By investing in infrastructure the government is seizing the opportunity provided by leaving the EU to build a more global Britain. We will now press ahead with constructing the railway while continuing to ensure affected communities get appropriate support and are treated with fairness, compassion and respect."
David Higgins, Chairman of HS2, added: "Achieving Royal Assent for Phase One of HS2 between Birmingham and London with such significant parliamentary support, is a monumental step in transforming rail travel in Britain.
"We have a long journey ahead of us to build the railway and secure permission for Phase Two to make sure that the full benefits of HS2 are realised.
"This journey will see businesses right along the route benefit from greater access to the skills, markets and professional services they need to succeed in today's global market."
(LM/MH)
