Labour’s Liam Byrne came in second place with 267,626 votes.
Speaking at the count in Birmingham, Mr Street thanked everyone who had put their faith in him, and praised hundreds of Conservative activists for their exemplary support of his campaign.
Mr Street, who was supported by comedian Jasper Carrott, added: “Our success goes well beyond the Conservative team – so I also want to thank everyone else who’s come on board over last four years, and shares our vision for and belief in the renewal of the West Midlands.
“It’s that growing sense of unity and shared purpose that makes me certain we will succeed.”
Defeated Liam Byrne said Labour had won in Birmingham, Coventry and Sandwell but he conceded that his overall defeat was a “bitter blow” for his party.
The Birmingham Hodge Hill MP added: “This defeat is my responsibility. In the weeks ahead I’ll tell the full and astonishing story of this ground-breaking campaign, but today I simply say this – do not be down-hearted because if you lose heart our country loses hope.”