Student Developments Driving Out Coventry's Businesses
20th Jul 2018
A report by the Solent Local Enterprise Partnership (LEP) has found three universities in the South of England are injecting more than £4.2 billion into the UK economy each year, helping to support 52,300 jobs.
The study was conducted by the independent economic consultancy BiGGAR Economics and drew on information from the 2015-16 financial year.
The study concluded the three universities accounted for around 8% of regional gross value added and supported 5% of jobs.
It was also found that for every £1 the universities generate from their own work, £6 worth of UK economic activity is created, with £3 of this retained in the Solent LEP area. Combined, the three universities support 1 in 20 jobs in the Solent region, while between 2011/12 and 2020/21 the universities will spend an estimated £1.7 billion on capital investment.
Gary Jeffries, Chairman of the Solent LEP, said: "The Solent has many strategic assets that help make our region an economic gateway to the UK and the world. Our universities are a key part of this critical infrastructure and this report underlines the enormous contribution that they make not only to the Solent, but to the UK economy as a whole."
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