Lancaster University contributed nearly £2 billion to the economy and produced a raft of social goods from skills and spin outs to community projects and policy support, according to a new report launched this week.
The detailed analysis, produced by consultants London Economics, assessed the economic and social impact of Lancaster University across a single year 2021-22.
Some of the key impacts captured included:
· £2 billion total economic impact across the UK 2021-2022
· 61% of this £2 billion total directly impacted the North West
· Every £1 invested in the University's research activities generates £9.16 for the UK economy 2021-22
· Lancaster University supports 8,805 jobs across the UK economy, 6,085 of which were located in the North West.
Of this £2 billion:
· £726 million came from the University's research and knowledge exchange activities
· £551 million from the University's teaching and learning activities
· £352 million generated by the operating and capital expenditures of the University
· £341 million from the University's educational exports via our international students
Lancaster University, which commissioned the report, serves as an anchor institution and leading university based in the North West and celebrates its 60th anniversary this year.
As a centre of expertise in subjects from management and the arts to cyber security, defence and nuclear, the University has educated and trained generations. This talent includes doctors, architects, social workers, lawyers, scientists, creative practitioners and economists - all helping generate national growth and prosperity.
Alongside their social and cultural impact, Lancaster graduates can be found in the four nations of the United Kingdom and beyond working in important leadership positions, investing in our country, using their skills to improve the lives of others and giving back to their communities.
Professor Andy Schofield Vice-Chancellor of Lancaster University said: "We are a global institution, rooted in our local community, and this report evidences our significant benefit to the economy, both locally and nationally. We provide tangible jobs and new skills, and attract investment for our region, whilst also making a significant contribution to national prosperity. We celebrate this alongside our globally recognised research that improves the lives of the people of Lancashire, the UK and beyond.
"The region now stands on the precipice of a great expansion as companies, organisations and institutions come here seeking the diverse and highly skilled workforce, remarkable people and beautiful surroundings we have to offer. Lancaster University is proud to be a magnet for talent coming into the region and to offer back impactful research and innovation, as well as qualified graduates, all contributing to the success of the region and country."
