Universities worth £5 billion to Welsh economy

Posted on 27 Feb 2018 and read 318 times
Universities worth £5 billion to Welsh economyA new report shows that universities continue to have a major impact, supporting thousands of jobs and stimulating the economic activity of their local area and the Welsh economy as a whole.

Based on a study conducted by Viewforth Consulting on behalf of Universities Wales and covering the 2015/16 academic year, the report says that the activities of universities, their students and the friends and family of their international students generated over £5 billion of Welsh output.

Analysis of the economic impact of the universities shows that all parts of Wales share in the benefits — even the areas that do not host a university.

The impact flowed across Wales, with £561 million gross value added (GVA) generated and 11,024 jobs created in areas that do not have a university presence.

Julie Lydon, the chairman of Universities Wales, said: “These numbers show how universities further individual and national prosperity, offer opportunities through employment and generate significant impact in their communities, as local anchors for regional and community-led economic growth.

“I’m proud that we can demonstrate that our universities are continuing to work for the whole of Wales.

“Even the towns and regions that do not have a campus on their doorstep still benefit from the value generated by the sector, with over 21% of all GVA created by universities generated in regions without a university presence.”

Kirsty Williams, cabinet secretary for education (pictured), added: “It is important to celebrate the economic, social and cultural impact of our universities.

“They are not only assets to the furthering of knowledge but also vital investors, employers and leaders at the local, national and international level.”

As internationally renowned institutions, the universities also have a large impact on Welsh trade and export earnings world-wide.

Through their international activities, Welsh universities generated over £544 million — equivalent to 4.1% of Welsh exports in the year covered.

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