Universities boost the economy

Universities boost the economy

A national report highlights the contribution made by higher education institutions to the UK economy.  

The report, commissioned by Universities UK, shows that the sector generates £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 £2.9 billion in total regional GVA (Gross Value Added – an industry measure of GDP) in 2011-2012.

Professor Geoff Layer, Vice-Chancellor of the University of Wolverhampton said: “At the heart of what we do is economic development and sustainability. We contribute and shape that by providing opportunities for people in the region, whether that is through education, research, training, providing jobs, helping people start their own business or providing spaces where new businesses can flourish.

 “I very much welcome the report and it is clear that Higher Education is still a hugely significant player in the wider UK economy.”

For every 100 jobs created in Higher Education, a further 107 jobs were created in the UK, 82 of them in the region.