Coventry University proves major catalyst to regional growth
The significant economic impact and influence of Coventry University on the local, regional and national economy has been revealed by new research.
The study estimates that graduates of Coventry University – which is the fasting growing higher education institution in the UK over the last 15 years – will contribute £560m to the UK economy over their lifetime, while one in every seven higher education students in the West Midlands attends the university.
The research, undertaken by Regeneris Consulting, uses a full set of data taken from 2015. It reveals that the university – which has 30,000 students – supports 12,200 jobs across the country and contributes almost £800m in annual gross value added to the UK economy.
Findings from the impact survey were revealed at MIPIM, the world’s largest property investment and development show, where the university is part of the Coventry and Warwickshire MIPIM Partnership.
The results also show that:
one in 25 jobs in Coventry is supported by the university, while one in every 46 jobs in Coventry is with the Coventry University Group;
more than £145m is spent in the city by full-time students from outside of Coventry, bringing in an extra 1,500 jobs to the local economy;
a further £8m is injected into the local economy and 240 jobs supported by visits to students from family and friends;
83% of Coventry University students move into a high skilled occupation after graduation, compared to the national position of 45%;
Coventry’s students are among the most entrepreneurial in the UK, creating 250 graduate start-ups and more start-up social enterprises than any UK university.
The £560m contribution students make to the nation’s economy is based on the University’s strong results and success rate for graduates who move into work, their predicted productivity over the course of their careers and how much this would add to the UK economy as a whole.
But the economic impact is not just limited to students.
The University employed 3,330 staff when the data was gathered – 45% living in the city and 86% in the wider Midlands Engine area.
University employees inject more than £82m into UK economy, of which 46% is retained in Coventry and 86% in the Midlands Engine, while £32m of its direct spend is with suppliers in the Midlands Engine.
John Latham, Vice-Chancellor of Coventry University, said: “Coventry University, our students and our graduates are having a big impact on the economy not just in Coventry and Warwickshire but across the wider region.
“A massive amount of money is spent by students and the university in the local economy, supporting local jobs and bringing tangible value to Coventry and Warwickshire.”
The report also showed the University was making a real contribution to the national economy and helping to produce students who make a positive impact on society, he added.
He said while the University was growing on all fronts and performing strongly in all the major university rankings, it was also committed to investment plans on its campus that would contribute to the city and its communities.
“As we move forward we remain aware of the needs and concerns of those communities and of our role within the city, so we’re keen to reassure that long-term benefits to Coventry are at the heart of our plans. We’re on an exciting journey and it’s one we want to share with the city’s people,” he said.
The stats put Coventry University in a strong position to do business with potential partners – not just at MIPIM but beyond, the latter a significant factor as the city gears up for the UK City of Culture celebrations in 2021.