Liverpool universities contribute more than £2bn to local economy, report claims
The study claims University of Liverpool, John Moores and Liverpool Hope help support nearly 19,000 jobs.
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Higher education makes a £2.7bn contribution to Liverpool’s economy during the academic year, a new report by London Economics claims.
Commissioned by Universities UK (UUK), the report further reveals that institutions such as University of Liverpool, Liverpool John Moores University and Liverpool Hope University support 18,900 full time equivalent jobs across the region. These include those employed indirectly by businesses, such as in retail or hospitality, which benefit from nearby campuses.
The report was commissioned to highlight the wider impact of universities on businesses and the community with the sector facing what UUK say is ‘a £1bn funding hole in domestic student tuition fees’ and a cost of living crisis. The group is calling for a reform of how universities are supported in order to sustain ‘their positive economic impact’.
The London Economics report, which uses figures for the 2021-22 academic year, show that unis are ‘economic hubs in their own right’, according to Professor Dame Sally Mapstone DBE FRSE, president of UUK.
“There is no doubt about the contribution of the UK higher education sector to Liverpool and the rest of the UK’s economy,” Dr Gavan Conlon, Partner at London Economics, says. “With approximately 2.9 million students and 385,000 staff across almost 300 higher education providers, the sector is instrumental in driving economic growth in both the short run and longer term.”
Universities can also attract funding for partnerships which can benefit the wider local community. In Liverpool, case studies include:
The financial benefit to sectors from university activities in the 2021-22 academic year, across the UK are:
The figures come as Higher Education Statistical Agency figures show a record 17,933 student start-up businesses now operate in the UK, while the National Centre for Entrepreneurship in Education (NCEE) forecast universities will help attract more than £2bn in funding for local regeneration projects