Durham University is worth £1.1billion a year to the UK economy, according to a new report
The study found the world-reknowned university contributes £633million each year to the economy of North East.
Independent group, BiGGAR Economics, unveiled the university supports 13,660 UK jobs, including 10,330 in the North East.
The findings of the report were announced at the ‘Durham University – So Much More’ event this week, which brought together political, business, cultural and community leaders to celebrate their joint achievements to date and discuss possible future collaborations.
The publication of the BiGGAR Economics report findings comes as the university is developing a new ten-year University Strategy 2017-2027, with the goal of delivering world-leading and world-changing research across all academic departments.
Professor Stuart Corbridge, Vice-Chancellor and Warden of Durham University, said: “Here at Durham University we are proud of the positive contribution we make to the UK, the North East, Durham City and Stockton.
We are proud of the positive contribution we makeStuart Corbridge
“This independent report reveals the true scale of that contribution, economically, culturally, socially and through our world-leading research – demonstrating that we are so much more than the sum of our parts.
“It is wonderful that so many friends and partners were able to join us for the So Much More event and I look forward to the many new initiatives that I am sure will emerge from the discussions.”
The BiGGAR Economics report also found that for every £1 Durham University receives in funding, it generates £3.21 for the UK economy, the university has launched 25 spin out companies since 1997, supporting nearly 1,000 jobs, it plays a crucial role in the local tourism sector, attracting 231,270 people to its visitor attractions and Durham University students dedicate 14,000 hours a year to volunteering, including in many schools and clubs.
Guest speaker at the So Much More event, James Ramsbotham, Chief Executive of the North East England Chamber of Commerce, said: “Durham University makes a very significant positive contribution to the North East economy. Not only does it employ nearly 8,800 people and educate 17,000 students every year, but it supports the wider economy – spending nearly £100 million a year on goods and services and supporting 1,900 jobs in the supply chain.
“The University is an anchor for established business activity in the North East, and a magnet for attracting new investment. In a region which has such a powerful exporting record and is so successful at building strong international ties it is extremely important to have a university such as Durham which has such a world class reputation.”