October 28th, 2015
The University contributes £1.1bn a year to the UK economy and supports around 18,000 jobs across the country according to a new report.
‘The Economic Impact of The University of Nottingham’ – outlines the wider economic, social and cultural impact the University has on the city of Nottingham, the region and the nation.
According to the report, the University is one of the East Midlands’ most significant institutions, with 92 per cent of its workforce living in the region, and one in every 24 jobs in Nottingham being reliant in some part on the University. The total economic impact generated across the East Midlands each year by the University is £781m, and along with its £500m research portfolio, the University is at the heart of the Midlands Engine for Growth.
Driving economic growth
The University’s expenditure on the goods and services provided by over 660 city businesses; the economic boost created by students and the visitors it attracts; and from the spending of staff living locally, all add-up to an extra economic impact of £667m a year to the city of Nottingham. This means that five per cent of Nottingham’s entire economy is driven by the University.
Every student studying and living in Nottingham is worth £10,933 of extra annual economic benefit to the local economy, with international students alone contributing £129.7m to the Nottingham, East Midlands and UK economies through their spending off-campus.
Professor Sir David Greenaway, Vice-Chancellor said: “At the heart of the University is our commitment to the people who live and work in and with our six campuses, which stretch over five regions, three nations and two continents.
“It is this talent which creates the economic impact detailed in this report. It is their work, their research, their study, their volunteering, their relationships and their connections with our communities in the city of Nottingham and across our global network of campuses that amplify our impact.”
Home to one of only four prestigious Government University Enterprise Zones, the University’s Jubilee Campus is the base for over 60 businesses, employing over 600 people.
Nottingham is ranked in the top two UK universities for collaborative research development and Knowledge Transfer Partnerships with businesses. The recently announced £5.2m Technology Entrepreneurship Centre will bring together budding entrepreneurs from the city with researchers working at the cutting-edge of technology and innovation.
There are 1,800 business members in the University’s Ingenuity Network for local enterprises, and the University’s support for BioCity (the UK’s largest bioscience incubation centre) has meant that Nottingham is now regarded as the largest and most attractive life-science business destination in Europe.
Britain’s Global University
The report details the many ways in which the University’s status as ‘Britain’s Global University’ underpins its contribution to the UK
The £129.7m of economic impact created by the University’s international students, supports 2,200 extra jobs in the UK. The £88.5m of fees they bring to the University helps support Nottingham to provide courses in science, medicine and engineering.
With 250,000 of the University’s alumni living in over 195 countries across the world, the University provides the city with a global network of ambassadors – with over 78 per cent of graduates now living abroad saying they would recommend studying and living in Nottingham to their friends and family.
The presence of the University’s ground-breaking overseas campuses in both China and Malaysia is also having a significant impact, generating an estimated annual value to the University of £35m from its presence in Malaysia, and £80m due from its presence in China.
Cllr Nick McDonald, Executive Member for Jobs, Growth & Transport at Nottingham City Council said: “The University of Nottingham’s global reach and incredible reputation overseas (as well as its quality both for teaching and research) is absolutely fundamental to the city’s brand, and to attracting inward investment, supporting trade and developing our city’s cultural diversity. What the University has achieved in developing its overseas presence is remarkable, and it is one of the city’s key assets.”
Supporting the community
Forty-two per cent of the University’s graduates in Medicine and Education stay in Nottingham, working as the city’s doctors, nurses and teachers. The University’s students and staff are also active in the community, accounting for 6,450 hours of time spent volunteering in projects coordinated by the Community Partnership Team, and 2,300 students have been engaged in volunteering activities in 2013/14.
With the University offering 72,000 places on its sector-leading widening participation and outreach activities in 2013/14, young people across the region are being helped to raise their aspirations, attainment and to get in to University.
Nottingham Lakeside Arts, which is based on the University’s award-winning University Park campus, provides a hub of culture for people from all over the city, and over 173,200 people attended social and cultural events at the University in 2013/14
Professor Sir David Greenaway adds: “From the outside, universities can be seen as complicated places – with the economic and social impact they have on wider society sometimes underestimated. I am, therefore, particularly delighted to see that our ongoing commitment to making a significant contribution to the prosperity and wellbeing of our local, civic and regional communities is so effectively demonstrated by this report.”
To view a full copy of the report visit http://goo.gl/BLv8Fj.
There is also an Economic Impact website, which includes a section to submit your own impact stories.
Tags: commuity, David Greenaway, economics, economy, jobs, Nottingham, Nottingham City Council, staff student, The Economic Impact of The Universityof Nottingham
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