The University of Worcester has welcomed a new report which sets out the huge contribution made to the economy by universities across the Country each year.
The report, commissioned by Universities UK and published today (September 29), reveals that universities in England contribute around £95 billion to the economy and support more than 815,000 jobs.
In terms of GDP, the higher education sector in the West Midlands alone has contributed £4.8 billion, over five years. As well as direct employment, the report highlights how universities support jobs through their purchases of services and goods from other sectors and through employee spending power.
This significant economic impact runs alongside the huge contribution universities make to the economy through life-changing research and educating tomorrow’s workforce.
The University of Worcester trains hundreds of healthcare professionals, teachers, scientists, entrepreneurs, and more besides, every year.
Professor David Green CBE DL, Vice Chancellor and Chief Executive, said: “It has never been more important for the vital work of universities across the Country to continue, as we emerge from this most devastating pandemic.
“Universities have been at the fore of the recovery, from the outstanding scientists who developed the vaccines, to the training of the professionals to work on the frontline and providing support to communities and businesses.
“At Worcester we believe the fundamental, transformative effect of higher education has benefits for individuals, and for society as a whole. We endeavour to create an institution which encourages students to become good citizens, both within the University community and in the wider world.”
At Worcester more than 450 students put themselves forward to work on the frontline at the height of the pandemic, and the University was awarded a UK Business Hero stamp from the British Chambers of Commerce in recognition of its work to support the local community, including sending all its medical equipment to the local hospital.
The University of Worcester contributes around £250m each year to the regional economy and supports over 7,500 jobs. Over the past decade, the University has had a significant contribution to the development of the City of Worcester, transforming derelict spaces and buildings into vibrant centres of learning, open to all, including The Hive and the University of Worcester Arena.
“At Worcester we are very proud to be rooted in the community we so passionately serve,” Professor Green added. “We recognise that the flourishing of the University is inextricably connected to the economic, social and environmental wellbeing of the region in which we live and we have deliberately chosen to develop our estate inclusively, creating buildings that are conducive to co-operation and success.”
The report, Our universities: maximising a national asset, is being submitted by Universities UK as evidence to the government’s Comprehensive Spending Review [CSR] on 30 September.