University supports 14,400 jobs across country - study
LOUGHBOROUGH University is one of the main contributors to the UK economy and supports more than 14,000 jobs across the country - according to a new report.
Specialist economic development and regeneration consultancy Regeneris produced the report using data provided by the university for the 2015/16 academic year, together with nationally available information and commonly used multiplier calculations.
The report outlines the impact of the university, its staff and students, and its business engagement activities.
It shows that the university contributes about £940m to the UK economy and supports 14,400 jobs across the country.
Analysis also includes the university’s impact across both the Midlands and Leicester and Leicestershire Enterprise Partnership (LLEP) areas.
It estimates that the university contributed 11,900 jobs and £720m in the Midlands, and 8,100 jobs and £510m in the LLEP areas.
Loughborough University’s impact is determined by the number of staff it employs (2,800 fulltime equivalents) meaning its total direct contribution is £190m.
The economy is further boosted by staff and student spending and also by visits from friends and relatives throughout the academic year.
The report also looks at the economic impact of the university’s research activities and business collaborations.
It highlights the importance of the Loughborough University Science and Enterprise Park (LUSEP), where it states the total economic impact of the science park equals 4,100 jobs and £270m in the UK.
Combined, these contributions give the university a total economic impact of £940m.
The report also estimates that Loughborough graduates will go on to contribute £390m to the UK economy over their working lives.
Loughborough University vicechancellor, professor Robert Allison said: “This report shows very clearly the vital role the University plays as an anchor institution in the local, regional and national economy.
“Working with a wide range of partners, we are able through excellent research, teaching and enterprise to help create significant economic and social prosperity.”