Welsh universities’ economic impact highlighted in new report
Date: Wednesday, October 16, 2024
Wales’ higher education sector’s teaching, research and innovation activities makes an impact of £10.97 billion to the UK economy, a new study has found.
The new data published by Universities Wales this week reveals the full scope of the economic impact of the higher education sector in Wales.
In this latest report, London Economics analysed the impact of Welsh universities’ teaching, research, and innovation activities on the UK economy, focusing on the 2021-22 academic year.
The report also found a cost to benefit ratio of 13.1 to 1, meaning that over £13 of economic benefit is generated for every £1 of public money invested into Welsh universities.
Speaking about the report’s findings, Professor Joe Yates, Vice-Chancellor of Wrexham University, said: “This new data truly evidences the economic impact of Welsh universities and demonstrates the value that we add – not only benefiting our local communities but also contributing to the national economy.
“Welsh institutions are crucial in driving forward innovation and economic growth, as well as shaping the future of individuals and society as a whole.
“At Wrexham University, we are proud of the highly skilled graduates that we produce, as well as our vital research and supporting other sectors through our support of the transfer of knowledge to industry.
“Our main purpose is to transform people and place to drive economic, social and cultural success, and in turn, make the world a better place through higher education.”
Data from the Higher Education Statistics Agency (HESA)’s latest Graduate Outcomes Survey for the academic year 2021/22 show that Wrexham University ranks third out of Welsh universities for the proportion of graduates who are in paid employment.
The survey also found that Wrexham graduates contribute to a number of sectors including 27% of respondents going on to work in health and social work, 20% working in education and 9% working in manufacturing roles.
Professor Paul Boyle, Chair of Universities Wales, added: “Our universities are crucial to Wales’ future economic and social prosperity, acting as critical economic anchors in all parts of Wales. And the report reveals the full scale of the benefits Welsh universities deliver to our economy and our communities.
“What is particularly striking from the report findings is that everyone in the country benefits from the work of our universities, whether they have been to university or not.
“It is clear that higher education has a key role to play as we tackle some of the major challenges we face as a society. However, this is a critical time for our universities. We must ensure they have the necessary support and investment so that they can continue to drive further economic growth, strengthen the Welsh economy, and create a healthier, wealthier, and fairer society.”