Mon 6 Nov 17
The University of Essex Southend Campus contributes nearly £55 million to the UK economy, helping to boost the University’s overall increase to nearly 11% compared to last year, according to its latest Economic Impact Report.
Overall the report shows the University has broken through the half a billion pound mark for economic impact as it attracted record numbers of students and turnover reached well over £200 million.
The total figures combines the revenue across the three campuses in Colchester, Southend and Loughton, and the indirect contribution to the economy through research, business collaboration and the cutting-edge courses delivered to in excess of 13,000 students, including more than 1,200 at Southend. The impact of the Southend Campus is mainly concentrated in the south Essex area.
Cllr Ann Holland, Executive Councillor for Culture, Tourism and the Economy, said: “We all know that attracting the University campus to the Borough was a wonderful benefit for the area, and these figures demonstrate the tremendous economic impact it has year on year. Long may it continue.”
Southend based data and technology-driven insurance specialist, Hood Group, is among the businesses which have entered into a knowledge transfer partnership with the University of Essex, which is in the top 10 nationally for the number of Innovate UK-backed projects.
Hood Group is working with University researchers to use artificial intelligence to improve services for customers.
University of Essex Vice-Chancellor Professor Anthony Forster said: “The University is a powerhouse that helps to boost productivity and drive growth through life-changing research and innovation.”
The University first opened its doors in Southend in 2002 and now employs more than 100 staff and indirectly supports more than 160 extra jobs. Students contribute £3.6 million to the local economy with an off-campus expenditure of more than £1.7 million.
The report is now aligned to the financial year and still uses the framework developed by Dr Abhijit Sengupta from Essex Business School in Southend. The framework uses financial modelling developed by Universities UK to report on economic impact.