University Reveals Its Economic Impact
4 February 2010
Vice-Chancellor Professor John Coyne says much of the University's economic impact goes unreported.
The amount that the University contributes to the local economy is very significant; through its day-to-day and long-term operations, and through the presence of its thousands of students.
”Professor John Coyne.
Millions of pounds a year pour into the Derbyshire and wider economy due to the University of Derby's presence in the city, says a new report.
Local businesses and contractors, retailers and suppliers, leisure outlets and others benefit financially from the presence of the University's students and its operations - even though much of this wealth generation goes unnoticed.
A new report produced by the University - The University of Derby's Impact On The Local Economy- uses its own most recent figures and statistics produced by national independent bodies to estimate the economic impact of its corporate, employment and business activities; and of students and graduates' presence in the area.
Its headline findings include:
- £17.2m spent on suppliers and outside contractors from July 2008 - August 2009, much of it benefiting local firms. For example, University contractors such as Trent Buses and East Midlands Demolition Limited;
- direct employment of 1,595 full time equivalent (FTE) posts by the University, creating a 'knock on' additional 1,642 jobs elsewhere - an estimated total of 3,237 full time jobs;
- impact of the 'student pound' spent in the area estimated as in excess of £30m a year.
Figures used in the report were drawn from the University's own statistics and those produced independently by Government departments, the Higher Education Funding Council for England, the Higher Education Statistics Agency, the National Union of Students and the East Midlands Development Agency (EMDA).
Professor John Coyne, Vice-Chancellor of the University of Derby, said: "The amount that the University contributes to the local economy is very significant; through its day-to-day and long-term operations, and through the presence of its thousands of students.
"Much of this happens behind the scenes and is largely unreported.
"We felt that a study, taking a brief overview of our impact on the local and wider economy, was long overdue. It is in addition to the annual accounts that are produced every year and made publicly available."
Download a copy of the report
For further media information please contact Press and PR Officer Sean Kirby on 01332 591891 or 07876 476103, or email s.kirby@derby.ac.uk.
