An analysis of a year of activity (2014-15) shows the University of Chester’s total value to the economy as £386 million, according to an independent report.
The contributions that the university makes financially, educationally, culturally and to society - in its immediate surroundings, regionally and nationally - are examined in the newly-published Economic Impact Assessment (EIA) report.
The study was commissioned during a period of intense investment and development and follows the university’s first EIA in 2012 (both produced by an independent body) which amounted to a £298 million annual impact.
Using a number of nationally recognised indicators, the 176-year-old institution’s worth to the wider world has therefore risen by almost a third in just three years.
Professor Tim Wheeler, vice-chancellor, said: “The University of Chester is one of the region’s key economic drivers; a multi-million pound business, which makes a measurable difference and which has been identified by the Government as a significant component in its Northern Powerhouse aspirations.
“The university is constantly evolving, but its principles remain constant and embedded in our foundational values – to recognise the vital role of education in the service of society; to encourage the acquisition of knowledge and the development of skills and we acknowledge a responsibility to look for every opportunity to put that knowledge and those skills to good use throughout the community.
“We are proud and privileged to be able to make such a substantial difference.”
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Some of the key facts included in the EIA report include:
- The university’s total economic impact of £386m across the UK includes supporting 6,960 full-time equivalent jobs.
- 2,090 individual staff are employed by the university across all six campuses, in addition to NHS bases, with a £60 million salary bill.
- Permanent staff are required to live within 30 miles of their place of work so a large proportion of their income is spent within or close to that catchment area.
- In 2014-15, over 64,000 visitors were welcomed by the university to its various sites, with over 44,000 from outside Cheshire and Warrington and almost 27,000 from outside the North West.
- The university has more than 20,000 students (15,568 taught at University of Chester campuses and the remainder by UK or overseas partners or by distance learning).
- The student expenditure for 2014-15 is £226m across the UK (and 3,670 jobs), £133m across the North West (and 2,510 jobs) and £50m across Cheshire and Warrington (and 950 jobs).