£266 million a year University of Winchester regional economic impact revealed in new report
The University of Winchester contributes over £266 million a year to the regional business community, according to a new report launched today.
The Economic Value of the University of Winchester shows that more than £203 million a year added income is created by its alumni - the impact of the skills acquired by students remaining in the region - £20 million a year by student expenditure and £42 million a year by university expenditure. The University also contributes nearly 10,000 jobs a year into the regional economy.
The report was unveiled at an event held at the University on Wednesday 13 June featuring speeches from the Vice-Chancellor, Professor Joy Carter CBE, DL; George McFarlane, CBI (Confederation of Business and Industry) Sector Development Director, on regional development and the role of universities; and Tali Atvars, Winchester Student Union President, on the positive impact made by students.
Professor Carter said: "As a key pillar in the city and county, the University of Winchester creates value in many ways, economically, culturally and socially. We put our students on the path to success, helping them increase their employability and go on to make a difference in the world. We support a range of employment sectors in our region, and supply employers with the skilled workers they need to make their businesses more productive. The expenditure of the University, along with the spending of its staff and students, further supports the regional economy through the output and employment generated by regional suppliers. The fact that learning makes a difference on the regional economy is well known, but this report quantifies the monetary values of our impacts."
The report was welcomed by senior politicians and local government officials in the region. "It is very pleasing to see the economic benefits derived from having a major university in Winchester presented in this report," Steve Brine, MP for Winchester and Chandler's Ford, said.
"I am an active supporter of the city's students and the University in particular, and the impact of student expenditure and alumni skills should not be lost on those who live and work here. The University has made a huge impact economically, as well as socially and culturally, and this will become even more important going forward in the context of the industrial strategy and the role of anchor institutions in the delivery of local industrial strategies which brings opportunities for deeper partnership and collaboration. As a resident, as well as the local MP, I am excited about the opportunities that the University continues to bring to the city and look forward to supporting its work."
Councillor Roy Perry, Leader of Hampshire County Council, agreed: "I am pleased to welcome this report which sets out the important economic and cultural contribution the University of Winchester makes to our county. The most vibrant economies are found in places that have a strong knowledge and innovation orientation. The University plays a key role in helping to produce our 'knowledge workers' for tomorrow. It is just one of the reasons why the County Council works closely with the University and, given our shared vision for Hampshire as a prosperous and attractive place, that is a magnet for talent and investment, we look forward to further collaboration in the future."
The CBI's Mr McFarlane added: "UK universities are a key national asset and make a substantial contribution to prosperity through their research, innovation and teaching. As this report highlights, the University of Winchester is a major part of the local economy and plays a critical role in supporting regional growth through its expenditure, investment and the skills of its graduates. As we look to develop a modern industrial strategy, universities have an important contribution to make in helping to drive growth across all UK regions and nations."
Other key facts and figures emerging from The Economic Value of the University of Winchester, based on 2014-15 data analysis; are:
- The University employed 748 full-time equivalent faculty and support staff, approximately 78 per cent of whom live in the region.
- Staff costs amounted to £31.5 million, much of which was spent in the region on groceries, clothing and other household goods and services supporting regional shops and businesses.
- As a buyer of good and services, the University spent £26.4 million to support its operations, with expenditure further benefitting many regional suppliers in the region.
- The net impact of staff and University expenditure in the region (£42.1 million a year) is equivalent to supporting 1,569 average wage jobs.
- Expenditure of the University's out-of-region students (£20.8 million a year) is equivalent to supporting 774 average wage jobs.
- An estimated 38 per cent of Winchester graduates remain the region and the accumulated impact of the University's alumni (£203.7 million a year) employed in the regional workforce is equivalent to supporting 7,591 average wage jobs.
The research was completed by Emsi, an economic modelling and analysis consultancy.