Driving the Welsh economy
2 June 2015
University's impact felt 'in all parts of Wales'
The economic benefits of a leading research-intensive University based in Wales are felt not just in Cardiff but in all parts of Wales, a new report has uncovered.
A report produced by Viewforth Consulting LTD for the University maps, for the first time, the economic impact of Cardiff University on the local and wider Welsh economy.
In total, it finds that Wales's only Russell Group research-intensive University, together with the expenditure of its international students and students from the rest of the UK, generates some 13,355 jobs in Wales – or equivalent to nearly one per cent of all 2013 Welsh employment and 1.3 per cent of Welsh GVA (Gross Value Added).
"We know universities play a key role in supporting economic growth, improving opportunities, creating jobs and providing benefits for local communities, and promoting invention and innovation," according to the University's Vice-Chancellor, Professor Colin Riordan.
"However, what this report does for the very first time is to drill down at a local, national and UK level to provide a real insight into the key role Cardiff University plays in the economy of Cardiff, Wales and the wider UK," he adds.
The key highlights of the report include:
- The University attracts 12,045 students to Wales from other parts of the UK
- The University attracts 6,605 students to Wales from outside the UK
- Overall, Cardiff University together with the expenditure of its international students and students from the rest of the UK, generates 13,355 jobs
- The University generates a total of £168M in export earnings
- The University's output amounts to £456M with a knock-on effect of an additional £613M in other industries throughout the UK, with the majority (£458M) in Wales. Non-EU students alone generate £94M of output to the Welsh economy
- The University alone generated £518M of Wales's GVA. The total combined impact on Wales GVA of the University and its students comes to £696M. This was the equivalent to 1.34 per cent of all 2013 Wales GVA.
"It is clear that by attracting students from further afield to study in Wales, the University is attracting additional money into Wales and boosting export earnings.
"The study shows that Cardiff University is of significant economic importance to the Welsh economy bringing immediate benefits to Wales in terms of output generated, jobs created and its contribution to Welsh GVA.
"Whilst the majority of our economic impact is felt in Cardiff, the University also has a significant effect in the economy of other parts of Wales, with nearly one-third of all economic impact occurring outside of Cardiff and in all other counties of Wales.
"This reflects the way in which expenditure impact ripples through the economy, so that even locations relatively distant from Cardiff will still have benefits from the University's activities," Professor Riordan added.
Cardiff University recently recorded its best ever results for its research and is ranked the fifth best amongst UK universities for research excellence and second for its research impact.
With ambitious plans to roll-out a new £300M innovation campus, it also plans to be one of the world's top 100 universities and top 20 in the UK by 2017.
Later this year, Cardiff will release a further report looking at the wider impact of the University.
2 June 2015
The economic impact of Cardiff University