How much did university students spend in Ipswich in a year?
PUBLISHED: 06:37 02 July 2019 | UPDATED: 06:37 02 July 2019
Students at university in Ipswich spent a huge £33.2million between them in the town in a year – as a report revealed the major economic impact of their university.
The independent report by BiGGAR Economics showed the University of Suffolk's financial boost is not just felt in Ipswich, where its iconic Waterfront campus is based, but across the United Kingdom - contributing £103million to the British economy in the 2017/18 academic year,
It brought £41million Gross Value Added (GVA) - a measure of the value of goods and services provided in a particular area, sector or organisation - to Ipswich alone and £56million GVA to Suffolk during that period.
That meant it supported 820 jobs in the town and 1,210 across the whole county - as well as 2,270 in the UK.
And the report said it had brought about wider social and cultural transformation, for example helping to regenerate Ipswich Waterfront.
"The report noted the multi-layered impact that has come as a result of creating a higher education facility where none had previously existed," a statement from the university said.
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Graeme Blackett, director of BiGGAR Economics, said: "BiGGAR Economics has undertaken economic impact assessments of more than 100 universities across Europe.
"One of the things that really struck us about the University of Suffolk is how it has attracted, retained and supported students from backgrounds that may not have traditionally considered going to university.
"This has had a transformational effect on many individual students and a significant economic impact on the region."
Professor Helen Langton, vice-chancellor of the university, said: "From its earliest days, the university set itself at the heart of its local communities and put economic growth at the centre of its strategy, delivered through high quality teaching, research and business engagement.
"It is very pleasing to receive such a positive assessment of our progress independently measured for the first time."
John Dugmore, chief executive of Suffolk Chamber, said: "The BiGGAR Economics report provides the data that underscores what Suffolk Chamber and the wider business community have known for a while - that the University of Suffolk's is showing sustained and ongoing growth that gives an economic boost to local prosperity.
"Aside from the big, bold figures on GVA and job creation, we know that the approach of the university to engaging with businesses and providing spaces for them at facilities such as the Ipswich Waterfront Innovation Centre is fostering a culture of partnership and understanding that will stand all partners well for the future."
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