A study has revealed that Durham University contributes around £1.1 billion to the UK’s economy each year. The study also found that the university has a massive economic presence in the north east, with significant effects on local businesses, job creation, tourism and volunteering.
The study, carried out by BiGGAR Economics, found that in 2014-15 Durham University:
- contributed around £633.6 million to the north east’s economy.
- was responsible for 10,330 north east jobs, along with another 3,330 countrywide.
- brought almost £8 million of tourist revenue to the north east. Durham University owns several tourist attractions including Durham Castle, Palace Green Library, the Botanic Garden and the Oriental Museum. 231,270 people visited such sights.
With regards to the voluntary sector, it is estimated that Durham University students spend 14,000 hours annually volunteering with local schools, charities and clubs.
And for every £1 the university receives in public funding, it creates £3.21 for the nation’s economy. Considerable revenue is also generated by the university’s collaborations with large companies like Proctor and Gamble, IBM and Dong Energy.
Vice Chancellor Professor Stuart Corbridge said,
“All these sorts of things show the university is doing more for the north east than even we thought.”
“Here at Durham University, we are proud of the positive contribution we make to the UK, the North East, Durham City and Stockton.”
“We don’t want this to come across as arrogant, we want to do better and we want to work in partnership with businesses and cultural providers and what we want is to see how we can do better together.”
A few weeks ago, Durham University revealed a 10-year-plan, with the goal of making the university one of the world’s best. The university aims to increase student numbers by 4,000 and to ensure every university department is ranked as world class.
Professor Stuart Corbridge said, “As the north east restructures and moves away from coal and steel and shipbuilding, universities are becoming one of the major business centres in the region.”
Professor Corbridge acknowledged some local concerns by saying, “We do need to look at how we manage growth, but we do contribute very much to the economy of the city and country. We are trying to tell that story in economic terms so people understand how large a presence the university is and have a sense of pride in the role the university plays in the north east.”
“A lot of jobs in the future in the north east will come from the relationships between the university and other industries.”