University boosts UK economy by £3.5bn
THE University of Birmingham contributes £3.5 billion to the UK economy every year – enough to build seven flagship hospitals or 140 new secondary schools, new figures show.
Research shows that the university supports 15,500 jobs in the West Midlands – almost one in 50 jobs in Birmingham.
The report, which measured the economic impact of the University on the city of Birmingham and the West Midlands region during the 2014/15 academic year, was launched at the University’s Annual Meeting.
Researchers London Economics placed the value of the university’s international undergraduate students at more than £160 million in 2014/15.
The university’s teaching contributes £1.34 billion to the UK economy, while its research and knowledge transfer activity is worth £885 million, with every £1 million of investment from UK Research Councils generating an additional £12 million to the economy.
Speaking at the university annual meeting, the vice-chancellor of the University of Birmingham, Profes- sor Sir David Eastwood, said: “The £3.5 billion figure clearly demonstrates that the University of Birmingham is not only a major economic force in the region, but also nationally and internationally.
“We are building talent and skills in the region.
“Almost one in 50 jobs in Birmingham depend on the university.
“While 24 per cent of our students come from the West Midlands, twice as many stay in the region after graduation. Each year 1,700 doctors, dentists, nurses and other healthcare professionals and leaders complete one of our programmes.
“The University of Birmingham also plays a significant part in attracting international visitors to the region.
“Our international students alone contribute more than £160 million to the economy.
“We are extremely committed to the region and this report demonstrates the many economic, social and cultural contributions that the University makes to the Midlands region.”
With 7,200 staff in the 2014-15 academic year, the university is one of the most significant employers in the West Midlands and supports 15,545 jobs in the West Midlands region, the study found.