University adds £500m to UK economy every year, report finds
De Montfort University Leicester (DMU) adds £500m to the UK economy – half of which is directly spent in Leicestershire, according to a new report published today.
Independent analysts Regeneris have mapped the economic and social impact made by DMU over one financial year, revealing out how it supports a range of businesses and services as well as serving communities across the city.
The Economic Impact Report
also highlights the central role the university plays in attracting new businesses and jobs to the region.
With an annual income of more than £200million, DMU’s turnover is greater than the average for all Premier League clubs. Here are just some of the findings:
• DMU spends £11m with Leicestershire businesses on goods and services and £60m nationally
• DMU supports 7,800 full-time jobs across the UK – and one in every 30 jobs in Leicester can be traced back to the university
• Students at DMU spend an estimated £240m in the UK economy every year, supporting an estimated 3,300 jobs
• More than 80% of nursing students take up their first post in the region
• Students logged 33,400 hours volunteering on projects across the city
• DMU has the eighth highest number of graduate start-ups of all UK universities
PVC Enterprise Professor David Mba said: “We commissioned the report because we wanted to better understand the impact DMU has not only upon the city but also the region, and the UK as a whole.
“What it shows confirms our belief in the power of a modern university as a catalyst for economic growth. It highlights our strong links with local and national employers and industry as well as our civic role, which is important to us. Our students and staff make an enormous contribution to making Leicester the vibrant city is it today.
“Next year DMU will celebrate its 150th anniversary. Its beginnings were rooted in providing education and training for workers from Leicester’s successful industries. A finding from the report, which states that one in 10 working age residents in Leicester studies at DMU, shows this tradition continues today.”
DMU works closely with Leicester City Council, supporting the authority to achieve its objectives. This month, the university launched Local+, an extension of its community outreach programme DMU Local, which will see academics act as consultants to work on projects that will benefit communities in Leicester.
Sir Peter Soulsby, Mayor of Leicester, said: “De Montfort University is a major resource for Leicester and I’m impressed with how deeply involved the university has already become in the life of our city.”
DMU’s students have significant spending power. Students spent an estimated £240m in the UK economy during 2016/17, supporting an estimated 3,300 jobs. Visits from friends and family generated a total of £2million of extra spending for Leicestershire.
With more than 23,000 students and 2,600 staff – the majority of whom live locally - DMU accounts for 6% of all jobs in the city.
DMU’s £136m campus transformation programme has created an open campus that is welcoming to all. The university has invested £24m a year in its campus since 2007, including an award-winning restoration of Leicester Castle.
It is envisaged that the report, which is available from today, will be updated regularly to give an ongoing picture of DMU’s contribution to life in Leicester.
Posted on Monday 30th September 2019