Hull College Group gives £517m annual boost to region’s economy
HULL and Goole Colleges make a massive contribution of more than £500m each year to the regional economy, according to research.
According to a new independent study, the total contribution of the colleges to the economy of Hull and the East Riding of Yorkshire is £517m annually, equivalent to £1 in every £20 spent in the region or more than 23,000 jobs on average wages.
The economic impact of Hull College Group, which includes Hull and Goole College is revealed among the findings of research by US-based Economic Modelling Specialists International (EMSI), which has conducted more than 1,300 comprehensive impact analyses for colleges and universities in the UK, US, Australia and Canada.
Today, Business Secretary Vince Cable and CBI director general John Cridland are visiting the college’s School of Construction and the Built Environment, which is one of the UK’s largest providers of construction skills training.
EMSI said: “Hull College Group generates a wide array of benefits. Learners benefit from higher lifetime earnings, society and taxpayers benefit from an expanded tax base and avoided social costs, and the local business community benefits from increased consumer spending and higher skill levels in the workforce.”
Chief executive Gary Warke MBE welcomed the recognition of the contribution of Hull College Group to the region’s economy, competitiveness and skills, as well as the significant value it delivers to students, taxpayers and society as a whole.
He said: “This powerful independent research not only highlights the pivotal role Hull and Goole Colleges play in our regional economy, but also demonstrates to our students, taxpayers and the wider community the significant return in investment to be gained from the education and training we provide.”
