More than 5,000 jobs are supported by the £270m worth of spending generated each year by the University of Derby, an economic impact report has revealed.
The recent report, which was commissioned by Prospect Research Ltd, extracts data from the University of Derby, the Higher Education Statistics Agency (HESA) and the Office for National Statistics (ONS).
The report estimated that for every £1 spent by the University, a further £1.36 was generated by other outside industries through what is known as the “knock-on” effect from employees’ spending power, plus business given to suppliers of goods and services.
And for every 100 jobs created within the University, another 97 were generated outside it, mostly in the East Midlands region.
The total output of the University in 2013/14 as a whole was £560m – 45% of this output was in Derby, 42% across the East Midlands, 6% in Buxton and 7% in the rest of the UK - generating 5,060 jobs.
Off campus, University of Derby students spend around £224m a year on food, private sector rent, travel, entertainment and clothes.
The report stated: “The University has a substantial economic impact at regional level – even in the context of a particularly large region. 0.3% of East Midlands Gross Value Added (GVA) is noteworthy for a single organisation, as is the overall amount of employment generated.”
Kathryn Mitchell, Vice-Chancellor of the University of Derby, said: “We have invested heavily in our facilities recently, ultimately to ensure our students gain the most from their learning, which also benefits the local economy.
“The data in this survey demonstrates the importance of the University to the city and beyond and we are keen to continue working to enhance our impact even further."
The data in this survey demonstrates the importance of the University to the city and beyond - Kathryn Mitchell
The University has recently spent £100m on facilities including a new £10.8m sports centre, the £20m striking, copper building in the city, which houses Derby Law School, and a £410,000 custom-built crime scene house.
The University is also in the process of building a new 4,200 square-metre building for science, technology, engineering and mathematics (STEM) students. The building, which comes as part of a £12m investment, will be at the Markeaton Street site and is expected to be completed in 2017.
As well as building new teaching facilities, the University is working alongside Prosperity Student Living Derby to provide a new 350-unit student accommodation facility in Cathedral Road as part of a £20m property deal.