£0.4billion boost to local economy from Keele University
A new report produced by Regeneris Consulting concludes that Keele University is set to contribute close to £0.4billion to the local economy each year and sustain over 6,000 local jobs by 2023.
The University, based in Newcastle-under-Lyme and the Stoke-on-Trent City Region, is already a major contributor to the local economies. With ambitious growth plans, the University commissioned the study to gain an understanding of its current direct economic impact now and in the future and the impact of proposed investments to drive economic growth across and beyond Stoke-on-Trent & Staffordshire.
The independent study looked at the University’s economic impact in terms of students and staff spend, employment and purchasing, as well as the potential future impact of its proposed investments to stimulate economic growth. These include: a new Keele Research and Innovation Gateway for business; plans to turn the entire campus into a Smart Energy Network Demonstrator; the Mercia Centre for Innovation and Leadership to drive levels of innovation in local businesses and a new Medical Research and Development Centre. The study also considered planned growth of student numbers, expected growth in business engagement and future investments in facilities, accommodation and services.
The report headlines the following University key impacts:
- A contribution of £145m every year and sustaining over 3,000 jobs in the Stoke-on-Trent and Staffordshire Local Enterprise Partnership (LEP) area - rising to £220m per year and over 4,500 jobs across the West Midlands;
- Newcastle-under-Lyme - £13m spent with local businesses, 730 locally resident employees, 5,000 locally resident students;
- Stoke-on-Trent - £16m spent with local businesses, 640 locally resident employees and 1,700 locally resident students;
- Visitors to Newcastle-under-Lyme – 53,000 (2014/15) and £2.4m injected into the local economy.
In its future forecasting to 2023, the report highlights the potential for specific investments relating to the University’s role in supporting economic growth to deliver support to over 800 businesses, create over 625 high value jobs and contribute an additional £120m per year to the local economy. Taken together with the direct growth of the University to 2023, Regeneris have estimated that the total impact of the University will come close to £0.4billion per year and sustain over 6,000 jobs.
Vice-Chancellor, Professor Trevor McMillan, comments: “This report provides clear evidence of the significant contribution Keele University already makes locally and regionally to the local economy, in addition to our wider social, cultural and positive health impact. Our growth plans to increase from the current 10,500 students to 13,000 could see the University expand this even further contributing up to 6,000 jobs and £0.4billion per year to the regional economy.”