New report measures University of Exeter’s economic impact
A new report has found that the University of Exeter contributes almost £1.6 billion to the UK economy as well as 15,500 jobs.
The independent report researched and published by Oxford Economics revealed that the University has had a significant impact on both the national and local economies. The institution generates £900 million to annual GDP and hundreds of millions in research, which benefits R&D both nationally and internationally.
Oxford Economics calculated that the £604 million of R&D on Exeter campuses will yield £260 million of yearly benefits from 2030. They note the contribution the University made to the production of the Oxford-Astrazeneca vaccine for COVID through a Knowledge Transfer Partnership with Smart Manufacturing and has engaged in other collaborations, such as researching the effect of Long Covid.
The report also found that the University contributes around nine percent of Exeter’s GDP; supports around three percent of Devon’s workforce, making it the county’s third largest employer, and contributes £125 million to Cornwall’s economy alone.
This report quantifies the contribution that the University of Exeter makes to the UK economy and the economies of the region and reaffirms the important role we have to play in supporting jobs and economic prosperity in the South WestVice-Chancellor Professor Lisa Roberts
This has marked a growth in economic output since the last similar report was published in 2017. In the past five years, output has increased by £390 million.
In response, Vice-Chancellor Professor Lisa Roberts commented that, “This report quantifies the contribution that the University of Exeter makes to the UK economy and the economies of the region and reaffirms the important role we have to play in supporting jobs and economic prosperity in the South West”.