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Report Finds Three Southern Universities Contribute £4.2bn to the UK Economy

Posted by Richard Ward in ,

Image courtesy of Flickr, Creative Commons

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.

These were the findings of the study by LEP on the combined impact of the University of Southampton, University of Portsmouth and Southampton Solent University.

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."