The move follows the award of £1.5 million in funding to the Geospatial Commission and the Midlands Engine Partnership to create the new map, which will include infrastructure, local services, housing and other developments.
The Government claims the map will allow for "better, faster and more informed decisions" around health, education, housing, trade and tourism and help create jobs, benefit the local economy and increase productivity.
As an example, it cites land earmarked for housebuilding could be identified by other sectors as an opportunity to invest in developing nearby public assets, such as a school or office complex, as well as installing next-generation technologies, such as 5G connectivity.
Exchequer secretary to the Treasury Robert Jenrick said: "By opening up this valuable data to both investors and developers, we will create greater opportunities across the Midlands in vital areas like housebuilding.
"Through the harnessing of this data, we are encouraging both public and private sectors to work in smarter, more joined-up ways that will create jobs, boost productivity and grow the economy across the Midlands."
Midlands Engine chairman Sir John Peace added: "This will fund an invaluable one-stop digital map for local authorities that will allow them to work much faster and more efficiently.
"At the Midlands Engine we have committed to supporting the build of 600,000 new homes in the next 15 years. This is an ambitious target and the tool will support local authorities by giving them the information that they need to identify suitable development sites and work in a more joined-up way."