University’s £3bn Boost To UK Economy

Cardiff University contributes nearly £3bn to the UK economy, new research has found. ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​

Cardiff’s total UK economic impact reached £2,918m in 2014-15. This marks an increase of 9.3% – or £248m – when compared to £2,670.1m generated in 2012-13. ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​

The University’s contribution to the Welsh economy has grown in line with the UK figure – from £2,036.7m in 2012-13 to approximately £2,204.8m in 2014-15. ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​

Overall, the report, produced by London Economics, shows Cardiff University now generates £6.36 for every £1 it spends – compared to £6.26 in 2012-13. ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​

Publication of the report coincides with recent planning approval for the latest £135m wave of development on Cardiff’s £300m innovation campus. ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​

Two new buildings on the Innovation Campus will bring researchers, businesses, public sector backers and students together to unlock ideas that drive economic growth. ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​

They will forge processes that create technological innovations, spin-out companies, partnerships and new products and services. ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​

The latest buildings will host: ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​

• The Institute for Compound Semiconductors – a unique UK-based translational research centre in compound semiconductors;
• Cardiff Catalysis Institute, featuring a state-of-the-art catalysis facility to support Cardiff’s leading research in chemical sciences;
• SPARK, the world’s first social science research park where academics work with private, public and third sectors to design and test solutions to societal problems;
• The Innovation Centre – a creative base for start-ups, working in partnership with the Medicentre, a clinical innovation incubator based at Heath Park.

London Economics were commissioned last year to provide the first comprehensive analysis of the university’s total economic and social impact. ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​

This year’s report finds that the University supports more than 11,000 jobs: 5,516 full time equivalent employees plus a further 5,795 jobs across the UK. ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​

And the University continues to attract funding for research. Building on the University’s top 5 ranking in the 2014 Research Excellence Framework, the analysis estimates research activity added £664.1m to the university’s contribution to the UK economy (equivalent to 23% of the University’s total economic impact). This represents a £55m increase (or 9%) increase from the previous analysis. ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​

Other highlights show: ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​

• The value of the teaching and learning activities was approximately £966.2m in 2014-15 (corresponding to 33% of the total economic impact).
• With more than 5,000 overseas students starting a qualification at Cardiff University in 2014-15, £217.2m of economic activity (corresponding to 7% of the total) is generated through educational exports. This represents a 60% increase on the previous estimate of £135.9m in 2012-13.

The report notes the role of Cardiff’s wider infrastructure in driving innovation. It praises the role of the Medicentre. Providing space for bioscience and medical technology start-ups, the Heath Park centre develops innovative ideas that improve patients’ lives. ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​

The report goes beyond economics by considering the University’s wider social impact – including international ventures such as the Phoenix Project, which collaborates with the University of Namibia on a broad range of activities involving education, health, communication and science. ‌​‌​‌​​​‍‌​‌​​‌‌‌‍‌​‌‌​​‌​‍‌​‌‌‌​‌‌‍‌​‌‌‌‌​​