Durham University worth £1.1 billion a year to the UK economy
(9 November 2016)
Durham University is worth £1.1 billion a year to the UK economy, an independent report has revealed. A major study undertaken by BiGGAR Economics found the University generated £1.1 billion Gross Value Added (GVA) for the UK economy in 2014-15 and supported 13,600 UK jobs.
Other key findings of the report include:
- For every £1 Durham University receives in funding, it generates £3.21 for the UK economy;
- The University has launched 25 spin out companies since 1997, supporting nearly 1,000 jobs. Examples include Kromek, P2i and Ikon Science;
- The University plays a crucial role in the tourism sector, attracting 231,270 people to its visitor attractions, including Palace Green Library, the Oriental Museum and the Botanic Garden, in 2014-15;
- Durham University students dedicated 14,000 hours a year to volunteering, including in many local schools and clubs;
- Research and Knowledge Transfer activities at the University generated £139.3m GVA for the UK economy, supporting 2,700 jobs. Examples include collaborations with Procter and Gamble, IBM and Dong Energy.
Professor Stuart Corbridge, Vice-Chancellor and Warden of Durham University, said: “Here at Durham University we are proud of the positive contribution we make to the UK, the North East, Durham City and Stockton.
“This independent report reveals the true scale of that contribution, economically, culturally, socially and through our world-leading research – demonstrating that we are so much more than the sum of our parts.”
So Much More
The findings of the report were launched at the ‘Durham University – So Much More’ event, held at Durham University Business School. The event brought senior leaders from the University together with political, business, cultural and community leaders to celebrate joint achievements to date and discuss possible future collaborations.
James Ramsbotham, Chief Executive of the North East England Chamber of Commerce, said: “Durham University makes a very significant positive contribution to the North East economy. Not only does it employ nearly 8,800 people and educate 17,000 students every year, but it supports the wider economy – spending nearly £100 million a year on goods and services and supporting 1,900 jobs in the supply chain.
“The University is an anchor for established business activity in the North East, and a magnet for attracting new investment. In a region which has such a powerful exporting record and is so successful at building strong international ties it is extremely important to have a university such as Durham which has such a world class reputation.”
University Strategy 2017-2027
The publication of the report comes as Durham is developing a new ten-year University Strategy 2017-2027, with the goal of delivering world-leading and world-changing research across all academic departments and institutes; education that is challenging, difficult, enabling, research-led and transformative; and a wider student experience to rival the best in the world.
For more information on the BiGGAR Economics report and how Durham University offers So Much More, click here.