Winchester University '£226million economic boost' to the region
WINCHESTER University contributes more than £266 million a year to the regional business community, according to a new report. Entitled The Economic Value of the University of Winchester, the report claims that more than £203 million a year is created by its alumni, £20 million a year by student spending and £42 million a year by university expenditure. The university also contributes nearly 10,000 jobs a year into the regional economy.
Vice-chancellor Professor Joy Carter said: “As a key pillar in the city and county, the University of Winchester creates value in many ways, economically, culturally and socially. We put our students on the path to success, helping them increase their employability and go on to make a difference in the world.
“We support a range of employment sectors in our region, and supply employers with the skilled workers they need to make their businesses more productive. The expenditure of the university, along with the spending of its staff and students, further supports the regional economy through the output and employment generated by regional suppliers.
“The fact that learning makes a difference on the regional economy is well known, but this report quantifies the monetary values of our impacts.”
The report was unveiled at an event held at the university last week. It was welcomed by Winchester MP Steve Brine, who said: “It is very pleasing to see the economic benefits derived from having a major university in Winchester presented in this report.
“I am an active supporter of the city’s students and the university in particular, and the impact of student expenditure and alumni skills should not be lost on those who live and work here.
“The university has made a huge impact economically, as well as socially and culturally. As a resident, as well as the local MP, I am excited about the opportunities that the university continues to bring to the city and look forward to supporting its work.”
Councillor Roy Perry, Hampshire County Council leader, added: “The most vibrant economies are found in places that have a strong knowledge and innovation orientation. The university plays a key role in helping to produce our ‘knowledge workers’ for tomorrow.
“It is just one of the reasons why the county council works closely with the university and, given our shared vision for Hampshire as a prosperous and attractive place that is a magnet for talent and investment, we look forward to further collaboration in the future.”
The report also says that 78 per cent of the university’s 748 full-time staff live in the region, and claims staff costs amounted to £31.5 million, much of which was spent in the region on groceries, clothing and other household goods and services supporting regional shops and businesses.
It added that 38 per cent of Winchester graduates remain the region.
Commenting on the report, Confederation of Business and Industry (CBI) development director George McFarlane said: “UK universities are a key national asset and make a substantial contribution to prosperity through their research, innovation and teaching.
“As this report highlights, the University of Winchester is a major part of the local economy and plays a critical role in supporting regional growth through its expenditure, investment and the skills of its graduates.
“As we look to develop a modern industrial strategy, universities have an important contribution to make in helping to drive growth across all UK regions and nations.”
The research was completed by Emsi, an economic modelling and analysis consultancy.