UK (University of Hertfordshire) University of Hertfordshire added £730m gross-added value to UK economy in 2021, new report finds
The University of Hertfordshire generated £730m for the UK economy in 2021, a new report has discovered.
Findingswithin The University of Hertfordshire’s Powering Impact Report 2023, which was officially launched last night, show that in 2020/21, the University had an economic footprint of £730m in gross-added value for the UK and £330m in gross-value added for Hertfordshire, while 11,170 full-time jobs nationally – and 6,280 full-time jobs regionally – were dependent on it and its activities.
Commissioned by the University and carried out by independent economist group Hatch UK Urban Solutions, the report is an up-to-date, comprehensive and evidence-based analysis of the economic and social impact of the University over the last five years.
Hatch UK looked at the financial impact of the organisation’s research, teaching, learning, business support, spin-out companies and other spending, alongside analysing the University’s role as an anchor institution and educational leader for the region and beyond, concluding that the University’s contribution to the national economy was “very significant.”
Looking at the services the University offers to its 30,000 students, it also highlighted the value of the University’s career-focused and industry relevant teaching, with 93% of graduates employed or conducting further education within 15 months of leaving Herts, and 71% of those employed in highly skilled professions.
The report confirms that the University’s strategic approach, targeted business support and workforce-orientated curricula are in line with the needs of the economy and key industries. This approach not only directly addresses fundamental skills shortages in strategic sectors – including healthcare, life sciences, advanced engineering and computer science – but also supports employability, with enhanced skills such as leadership and management, digital skills and carbon literacy.
Hatch UK also praised the University for its proactive efforts to widen access to education and nurture a diverse body of students, with Herts ranking as the number one university in the East of England for social mobility and in the top 20 nationally – underlining the University’s significant contribution towards creating workplaces that are representative of modern UK society.
The University of Hertfordshire’s Powering Impact Report 2023 is the first economic impact report to have been commissioned by the University since 2014. It was officially launched yesterday (Tuesday, 16 May) at the University’s Powering Impact Experience, an immersive, experiential event where prominent public and private sector leaders from across the region were treated to a showcase of the University’s internationally recognised research, bespoke business services and student and graduate skills, as well as a live panel discussion.
University of Hertfordshire Vice Chancellor Professor Quintin McKellar said:
“Universities are increasingly being recognised for the wider part they play in local and national economic development and regeneration and – as this report proves – Herts is no exception. At a time when the world is radically changing, and every day poses new challenges and needs, we are fuelling the ideas, skills, perspectives and solutions to drive progress and help transform Hertfordshire and the wider country’s economic, social and cultural future.
“Our new economic impact report shows we are a significant contributor to the regional and national economy. It proves that our career-focused strategic approach is working; that our teaching and support services are relevant, valuable and effective; that our research is ground-breaking and that the opportunities here at the University of Hertfordshire are phenomenal.”
Tim Fanning, Director of Hatch Urban Solutions, said:
“The University of Hertfordshire’s latest economic impact report has some impressive economic stats. They show the University’s presence is very significant for the county, the region and the country, and highlight the unique and important role it plays in the regional ecosystem as the only University in Hertfordshire.
“But the University’s impact extends beyond these headline numbers. An engaged anchor institution, it not only helps to connect the county nationally and internationally, but is well embedded and connected in key local, regional and national networks. Through its business support, research, targeted teaching and strategic partnerships, it is directly addressing skills shortages in strategic sectors and making many distinctive and important socioeconomic contributions.”
The key headline stats from the report are:
- £730m gross value added to the UK economy per year
- £330m gross value added to the Hertfordshire economy per year
- Staff and student expenditure alone creates a gross value add of £450m
- 11,170 full-time jobs nationally and 6,280 full-time jobs regionally are dependent on the University and its activities
- Over 11,000 UK jobs are reliant on the University and our activities
- No.1 University in the East of England for social mobility (in the top 20 nationally)
- 632 businesses have benefitted from our business support since 2019
- Top 25% of all UK universities for research impact
- 337 graduate start-ups have been supported by us over the last five years
The full report can be accessed on the University website.