University set to stimulate local economy by £0.4bn

A STAFFORDSHIRE university is set to contribute close to £0.4bn to its local economy each year and sustain more than 6,000 jobs by 2023, a new report has concluded.

Keele University, based in Newcastle-under-Lyme and part of the Stoke-on-Trent City Region, is already a major contributor to the local economies.  

However, the scope of its ambitions has now been laid out in a new study commissioned by the university to assess how its direct economic impact will benefit Stoke-on-Trent and Staffordshire, together with the wider region.

The report, produced by Regeneris Consulting, concludes the impact will be significant.

The university’s own investment plans include a new Research and Innovation Gateway for business; a scheme to turn the entire campus into a Smart Energy Network Demonstrator; the Mercia Centre for Innovation and Leadership, which will drive levels of innovation in local businesses and a new Medical Research and Development Centre.  

The study also considered planned growth of student numbers, expected growth in business engagement and future investments in facilities, accommodation and services.

The key impacts will be:

•    A contribution of £145m every year and sustaining over 3,000 jobs in the Stoke-on-Trent and Staffordshire Local Enterprise Partnership (LEP) area – rising to £220m per year and over 4,500 jobs across the West Midlands;
•    Newcastle-under-Lyme – £13m spent with local businesses, 730 locally resident employees, 5,000 locally resident students;
•    Stoke-on-Trent – £16m spent with local businesses, 640 locally resident employees and 1,700 locally resident students;
•    Visitors to Newcastle-under-Lyme – 53,000 (2014/15) and £2.4m injected into the local economy.
 
In its future forecasting to 2023, the report highlights the potential for specific investments relating to the university’s role in supporting economic growth to deliver support to over 800 businesses, create over 625 high value jobs and contribute an additional £120m per year to the local economy.  

Taken together with the direct growth of the university to 2023, Regeneris has estimated that the total impact of the university will come close to £0.4bn per year and sustain more than 6,000 jobs.
 
Vice-Chancellor, Professor Trevor McMillan, said: “This report provides clear evidence of the significant contribution Keele University already makes locally and regionally to the local economy, in addition to our wider social, cultural and positive health impact.  

“Our growth plans to increase from the current 10,500 students to 13,000 could see the university expand this even further.”