Coventry graduates contribute half a billion to the UK economy

Coventry University’s second engineering computing building which is due to start construction this summer

Coventry graduates contribute half a billion to the UK economy

New research has revealed the economic impact and influence of Coventry University on the local, regional and national economy.

The study estimates that graduates of Coventry University, which has been the fasting growing higher education institution in the UK over the last 15 years, will contribute £560 million to the UK economy over their lifetime.

One in every seven higher education students in the West Midlands attends Coventry University.

The research was undertaken by Regeneris Consulting and uses a full set of data taken from 2015.

It reveals that the university has 30,000 students, supports 12,200 jobs across the country, and contributes almost £800 million in annual gross value added to the UK economy.

Findings from the impact survey were revealed at MIPIM, the world’s largest property investment and development show, where the university is part of the Coventry and Warwickshire MIPIM Partnership.

The results also show that one in 25 jobs in Coventry is supported by the university, while one in every 46 jobs is with the Coventry University Group.

More than £145m is spent in the city by full-time students from outside of Coventry, bringing an extra 1,500 jobs to the local economy.

A further £8m is injected into the local economy and 240 jobs supported by visits to students from family and friends;

Coventry University also has a reputation for educated highly-skilled graduates, with 83% moving into a high skilled occupation, compared to the national position of 45%.

Coventry’s students are also among the most entrepreneurial in the UK, creating 250 graduate start-ups and more start-up social enterprises than any UK university.

John Latham, vice-chancellor of Coventry University, said: “Coventry University, our students and our graduates are having a big impact on the economy not just in Coventry and Warwickshire but across the wider region.

“A massive amount of money is spent by students and the university in the local economy, supporting local jobs and bringing tangible value to Coventry and Warwickshire.

“The report also shows that we are making a real contribution to the national economy and that we are producing students who make a very positive impact on society.

“We are growing on all fronts and performing strongly in all the major university rankings, but we’re also committed to investment plans on our campus that contribute to the city and its communities.

“As we move forward we remain aware of the needs and concerns of those communities and of our role within the city, so we’re keen to reassure that long-term benefits to Coventry are at the heart of our plans.

“We’re on an exciting journey and it’s one we want to share with the city’s people.

But the economic impact is not just limited to students. The University employed 3,330 staff when the data was gathered – 45% living in the city and 86% in the wider Midlands Engine area.

University employees inject more than £82m into UK economy, of which 46% is retained in Coventry and 86% in the Midlands Engine, while £32m of its direct spend is with suppliers in the Midlands Engine.