The University of Suffolk has given an economic boost of nearly £1billion a year to the national economy with £332million of that concentrate in its home county.

It has now signed a new pledge to work closer with local communities - a Civic University Agreement which commits the institution to continuing its contribution to the wellbeing and prosperity of people in Suffolk.

It follows the publication this week of a new Economic Impact Study which found the University helped generate £862m through its operations in economic activity in the UK and supported more than 13,500 jobs in 2021-2022.

Ipswich Star: The report was unveiled this week.The report was unveiled this week. (Image: University of Suffolk)

The study was published by BiGGAR Economics – a consultancy which provides independent economic analysis – and reported that the University of Suffolk, based on Ipswich Waterfront, is a major driver of growth in Ipswich and Suffolk.

The £862m figure includes £484m and 3,760 jobs supported in the East of England, of which £332m and 2,740 supported jobs were for Suffolk as a whole (including Ipswich) and £237m and 1,660 jobs supported in Ipswich.

It marks a significant increase across the UK of £500m since the previous study, which covered 2017-18.

Every £1 the university receives supports £6 in GVA across the UK, the report said.

The increase has come about as a result of the growth in student numbers attending the University, and the significant expansion of the institution since the previous study.

Its plans to continue growing student numbers, increase partnerships with employers and industry, and enhance research could result in a future annual economic impact of £1.4bn and 21,020 jobs supported across the UK, the study predicted.

Pledges include preserving and celebrating the culture and heritage of Suffolk and fostering sustainable economic growth and regeneration.

Ipswich Star: The report was welcomed by university Vice Chancellor Prof Helen Langton.The report was welcomed by university Vice Chancellor Prof Helen Langton. (Image: University of Suffolk)

Vice-Chancellor Professor Helen Langton MBE said: “As an anchor institution in Ipswich and Suffolk, it is important that the University of Suffolk delivers real-world impacts in our communities, and our signing of the Civic University pledge marks a continued commitment to this goal.”