The results of an independent study into the regional impact of the University of Warwick have been announced; highlighting the significant contribution we make to the local economy and communities.
The headline figure shows a £520 million annual boost to the West Midlands economy, supporting 15,500 jobs across the region.
This breaks down to £306 million of direct expenditure made by the University, with the remainder of the figure coming from the economic benefit created by the spending of many thousands of staff and students.
- generated total expenditure of £520 million in the region in 2011/12 (of which £351 million was in the Coventry and Warwickshire sub-region; £222 million in the City of Coventry; £84 million in Royal Leamington Spa; and £20 million in Kenilworth)
- supported a total of around 15,500 jobs in the West Midlands in 2011/12
- helped drive the regional economy through its research and innovation activities, its engagement with local businesses, and through equipping its students with high level skills
- contributed to the social and cultural fabric of the region through its community and public engagement programme.
Warwick is one of the UK’s great success stories. In less than fifty years since being founded we’ve become one of the UK’s top ten universities and we’re rapidly climbing the international league tables of world class universities.
The results of this report by consultants also highlighted five key areas in which the University makes a contribution to your region:
The proposed £100 million investment being made by Jaguar Land Rover, Tata and the UK government for the development of the National Automotive Innovation Campus at the University would further showcase the region’s ambition and resurgence in advanced manufacturing to a global audience, made possible by the University’s worldwide reputation and international connections.
The region also reaps the benefits of a highly skilled workforce generated by some 23,226 Warwick graduates registered as living in the West Midlands. It’s not just our graduates either; 520 of Warwick Medical School’s students worked in the region’s hospitals and GP surgeries during 2011/12 and the £400m Clinical Trials Unit, built in 2009, continues to work on raising the quality of clinical practice in the local area.
The University’s commitment to providing high quality education to the region will be furthered in 2014 with the opening of the WMG Academy for Young Engineers, taking young people from the local area and preparing them for future employment by drawing on the close working relationship with significant local and national employers; including National Grid, SCC and Ricardo.
Beyond education and training Warwick has a continued impact upon the local community, not least through Warwick Volunteers, one of the UK’s largest and most popular student volunteering schemes, which takes on some 2,500 students each year to work in a wide range of community projects across Coventry and Warwickshire. Warwick Arts Centre hosts a diverse range of both world renowned performers and local acts; providing a cultural hub for the region and contributing an estimated £27.7 million to the local economy.
Professor Nigel Thrift Vice-Chancellor and President adds:
The University of Warwick is both globally and regionally focused. We believe that these are not conflicting aims. Indeed, quite the opposite. Our international reputation and global connections help us to ensure that our local communities benefit from the University’s facilities and presence in the region. Our world-class Business School works with companies and entrepreneurs across the West Midlands and WMG continues to strengthen its relationships with major employers in Coventry and Warwickshire such as Jaguar Land Rover and Tata – attracting the very best talent to work and study in the local area.
As a result, our excellent track-record of working alongside business is widely regarded as a blueprint for how to connect research, innovation and economic growth. However, it is the extraordinary wealth of people all working, studying and thinking at the University of Warwick that is our biggest contribution to the region and to local communities. This report sets out how our students and staff connect the University with our local areas through their ideas, ambitions and hard work."