Student Developments Driving Out Coventry's Businesses
20th Jul 2018
A new report by Regeneris Consulting has analysed the impact that Loughborough University's staff, students and business engagements have on the regional economy of the Midlands, and on the UK as a whole.
Specifically the report looked at the university's impact on three areas: the UK, the Midlands Engine (West and East Midlands combined) and the Leicester and Leicestershire Enterprise Partnership (LLEP) area.
At the national level the report states that the contribution of the university to the country is approximately £940 million. It also states that in total the university supports 14,400 jobs across the country. At the Midlands level the institution contributes £720 million to the economy and supports 11,900 jobs. Whilst at the LLEP level it contributes £510 million and 8,100 jobs.
With respect to students and staff, the analysis looked at the immediate local impact of spending on the local economy, but also looked at visits from friends and relatives, as well as the impact of the university's use of external suppliers. The impact of the university's research and business activities on the other hand are dominated by the Loughborough University Science and Enterprise Park.
The analysis also looked at the estimated ongoing contribution of graduates over their working lives.
Vice-Chancellor Professor Robert Allison said of the report: "This report shows very clearly the vital role the University plays as an anchor institution in the local, regional and national economy. Working with a wide range of partners, we are able through excellent research, teaching and enterprise to help create significant economic and social prosperity."
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