Water company Severn Trent is moving its headquarters.
The firm has announced it is relocating to Coventry from Sheldon, Birmingham, taking with it 1,700 secretarial, managerial and engineering jobs.
Its new multi-million pound site, to be built on what is currently Much Street car park, will open in 2009.
The company broke the news to the stock market and its employees on Tuesday morning. City leaders are hoping it will be a boost to Coventry's economy.
Coventry is about 13 miles away from its current site.