De Montfort University (DMU) boosts the UK economy by a massive £389m each year and creates more than 12,000 jobs, according to an independent study published today.
The university also benefits the Leicestershire economy to the tune of £255m and has created more than 8,000 jobs in the county.
The research also shows DMU’s 20,000-plus students use their spending power to create an additional £30m and more than 1,000 jobs in Leicestershire, while staff spending adds £50m to the UK economy and creates 1,667 jobs.
Tourism in Leicestershire has also been boosted by £5m a year due to visits from family and friends and prestigious public events put on by the university.
And DMU’s regeneration programme, which has recently seen the creation of the Hugh Aston building and the transformation of unsightly underpasses into the public Magazine Square, contributes £23.1m to the UK economy and creates 420 jobs.
The study was carried out by Scottish firm Biggar Economics, which has previously produced reports for institutions such as St Andrews and Edinburgh universities, University College Dublin and the University of East Anglia.
Professor Dominic Shellard, vice chancellor of De Montfort University, said: “This report shows what a vital role De Montfort University plays, not just in the education of our students and our investment in life-changing research, but in the impact it has on the local and national economy.
“We are proud of the contribution we make to the economy and look forward to working with our students, staff and partners to enhance our contribution even further in the future as a successful international university of quality and distinctiveness.”
According to the Economic Impact Report, work with businesses contributed a total of £41.8m to the UK economy and supported 251 jobs through activities such as Knowledge Transfer Partnerships - when academics or researchers from the university work on projects with companies - the offering of business services and the DMU Innovation Centre’s business incubation units for start-up companies.
The report also recognises the key role DMU plays in:
• contributing to the NHS and health research through its faculty of Health and Life Sciences, which includes the School of Nursing and Midwifery
• the creative industries, such as through its internationally renowned courses in contour fashion in the Faculty of Art and Design and its arts and festival management course in the Faculty of Humanities which help generate £97m and create 3,099 jobs
• its overall enhancement of the image of Leicester to the rest of the UK.
DMU was recognised for boosting the chances of a higher education for all, through its widening participation initiatives, with 40.5 per cent of students coming from black and minority ethnic groups, 32 per cent coming from disadvantaged backgrounds and a quarter being mature students.
Volunteering also plays an important role in the development of students, according to the report, with 160 organisations receiving help from the university.
Martin Traynor OBE, Group Chief Executive Leicestershire Chamber of Commerce, said: “DMU is not only a major economic force both locally and nationally, but continues to play a significant role in helping us to drive the Leicestershire economy forward. As we come out of this recession the expertise available to the city and county and the economic impact of DMU will play a pivotal role in our future prosperity”.
NOTES FOR EDITORS
For further details and interviews please call Chris Johnston, media projects officer at De Montfort University, on 0116 207 8010 or 07500 071071.