A new study has found that the University of Nottingham (UoN) and Nottingham Trent University (NTU) contributed £1.3 billion to the local Nottingham economy and supported over 16,000 jobs last year.
The study, conducted by Hatch Regeneris for the University and College Union (UCU), found that the universities directly employ 10,910 people, and support a further 5,180 jobs in the surrounding area.
Between them, the two institutions added £1.3billion to the local economy last year through gross value added (GVA). GVA is the key measure of economic contribution from the goods and services produced locally by the universities through their supply chains and the money spent by employees and students.
This comes after a recent YouGov poll discovered that two thirds (66%) of people believed that lower student numbers at university this year would have a negative impact on the city’s economy.
UCU general secretary Jo Grady said: “This review shows how significant Nottingham’s universities are to the local economy.
“Universities are vitally important to our society, but their important role in the local economy is often overlooked.
“This study shows that they have a huge impact in creating local jobs, supporting local businesses, and attracting people and organisations to the area.”
A report from the UCU in April this year warned of a £2.5bn loss in income for universities from a drop in student numbers in the new academic year, which would result in a £6bn hit for the economy nationwide.
By Faith Pring
Feature image credit (edited): UoN and NTU