18th Jul, 2019

Coventry University graduates will add combined £500million to UK economy

Felix Nobes 19th Mar, 2018

COVENTRY University graduates will contribute a combined £560million to the UK economy in their lifetime, a study has shown.

The economic benefits of the institution to regional and national finances have been revealed by new research.

The Regeneris Consulting study that commenced in 2015, concluded the university supports over 12,000 jobs across the country including 1,500 across the West Midlands.

It also contributes almost £800million in annual gross value added to the UK economy.

The research says Coventry University is the fastest growing higher education institution in the UK over the last 15 years.

It also claims one in every seven higher education students in the West Midlands attends the university.

The study indicates the university’s 30,000 students are among the most entrepreneurial in the country, creating 250 graduate start-ups – more than any other UK university.

Analysis shows that one in 25 jobs in Coventry are supported by the institution.

John Latham, vice-chancellor of Coventry University, said: “Coventry University, our students and our graduates are having a big impact on the economy not just in Coventry and Warwickshire but across the wider region.

“A massive amount of money is spent by students and the university in the local economy, supporting local jobs and bringing tangible value to Coventry and Warwickshire.

“The report also shows that we are making a real contribution to the national economy and that we are producing students who make a very positive impact on society.

“We are growing on all fronts and performing strongly in all the major university rankings, but we’re also committed to investment plans on our campus that contribute to the city and its communities.

“As we move forward we remain aware of the needs and concerns of those communities and of our role within the city, so we’re keen to reassure that long-term benefits to Coventry are at the heart of our plans.

“We’re on an exciting journey and it’s one we want to share with the city’s people.”

Despite recent controversy regarding ‘studentification’ in Coventry and the effect large numbers of students has on the city’s heritage and community cohesion, more than £145million is spent in the city by full-time students from outside of Coventry.

It was calculated that 83 per cent of the university’s students move into a high skilled occupation after graduation, compared to the national average of 45 per cent.

The £560 million contribution students make to the nation’s economy is based on the university’s strong results and success rate for graduates who move into work, their predicted productivity over the course of their careers and how much this would add to the UK economy as a whole.

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