More than 39,000 jobs will be created across Coventry, Norwich and the Black Country by 2025 as part of a £320m public and private sector investment plan.
The Deputy Prime Minister Nick Clegg claimed the so-called "City Deals" have the power to change the fortunes of many people across the regions.
"We're giving cities the freedom, powers and tools to be really innovative and design whole new ways to build a stronger economy and fairer society," Clegg argued.
He added: "These deals put the power in the hands of local people who know best what skills are needed and how to make sure young people are prepared to take advantage of the opportunities that economic growth will bring."
The programme is expected to create more than 15,000 new jobs in Coventry and Warwickshire thanks to £90m ($147m, €107m) of public and private sector investment.
Norwich and the surrounding area will benefit from 19,000 jobs as well as £100m of private investment to utilise the city's high-tech expertise and 3,000 additional homes will be built, leading to an estimated £2.3bn private sector investment in housing.
Clegg said Wolverhampton, Walsall, Dudley and Sandwell will benefit from around £130m of private investment, creating 5,800 new manufacturing jobs in the next four years, among other things.
"The jobs that the City Deals will create, the commercial sites it will unlock and the skills it will provide to young people and the long-term unemployed will put the Black Country in a prime position to take advantage as the economy turns the corner," said Greg Clark, Minister for Cities.
The plan will also create a new Shared Apprentice Scheme which will see apprentices gaining work-based training in a number of small and medium-sized enterprises.
In addition, a "Skills 4 Growth" programme, which aims to tackle skills gaps for small and medium-sized enterprises in the advanced manufacturing and engineering sector, will be introduced.