Published today (Thursday 3 April) the Universities UK report shows that universities generate £73 billion in output- an increase of 24 per cent compared to 2009 when the last report was published and 2.8 per cent of UK GDP.
In the West Midlands, where there are 12 Universities including the University of Wolverhampton, Higher Education Institutions contributed £2.2 billion to the region’s GVA (Gross Value Added- an industry measure of GDP)
For every 100 jobs created in Higher Education a further 107 jobs were created in the UK, 82 of them in the region.
International students contributed £215m to the regional economy while UK students contributed £455m.
The report, which looks at Universities data from 2011-12, assesses that Higher Education provides a total of £2.9 billion to the West Midlands economy, which is 2.3 per cent of its overall GVA.
Professor Geoff Layer, Vice-Chancellor of the University of Wolverhampton: “The report shows the impact Higher Education has in very real terms.
“At the heart of what we do is economic development and sustainability and we contribute and shape that by providing opportunities for people in the region.
“We must look at what we do in terms of being part of that economic recovery whether that is through education, research, training, providing jobs, helping people start their own business or providing spaces where new businesses can flourish.
“Here in Wolverhampton alone we estimate that there is £120m of inward investment every year with a further £50m in Walsall.
“I very much welcome the report and it is clear that Higher Education is still a hugely significant player in the wider UK economy.”
Professor Layer will give a public lecture tomorrow at the University’s City Campus where he will address the role of Universities in Regeneration and in particular the part the University of Wolverhampton plays in regenerating the Black Country and surrounding area.
For more information please contact James Allen in the Media Relations Office on 01902 322003
Date Issued: Thursday 3 April 2014