£300M To Regional Economy from Keele University

Keele University contributes over £0.3 billion to the regional economy each year. This is concluded in a new report produced by Regeneris Consulting.

With ambitious growth plans, the University, based in Staffordshire, commissioned the economic impact study to gain an understanding of its current direct economic impact now and in the future given the proposed investments to drive economic growth across and beyond Stoke-on-Trent & Staffordshire.

The Key Economic Impacts Highlighted by the Report Are:

• A contribution of £145m every year and sustaining over 3,000 jobs in the Stoke-on-Trent and Staffordshire Local Enterprise Partnership (LEP) area – rising to £220m per year and over 4,500 jobs across the West Midlands;
• Newcastle-under-Lyme – £13m spent with local businesses, 730 locally resident employees, 5,000 locally resident students;
• Stoke-on-Trent – £16m spent with local businesses, 640 locally resident employees and 1,700 locally resident students;
• Visitors to Newcastle-under-Lyme – 53,000 (2014/15) and £2.4m of expenditure injected into the local economy.

Supporting Over 800 Businesses and Creating over 600 Jobs Towards 2023

The report highlights the important role that the University will play in driving economic growth within across the region in the coming years.  The report highlights the potential for specific investments relating to the University’s role in supporting economic growth to deliver support to over 800 businesses, create over 625 high value jobs and contribute an additional £120m to the local economy between 2016 and 2023.  In addition, Regeneris have estimated that the growth of the University from the current 10,500 students to 13,000 in 2023 could see its economic footprint rising close to 5,600 jobs and £0.3billion per year. Vice-Chancellor, Professor Trevor McMillan, comments:

“This report provides clear evidence of the significant contribution Keele University already makes locally and regionally to the local economy, in addition to our wider social, cultural and positive health impact.”

If you have any questions about impact assessments and our work for universities and higher education institutions, please contact Neil Evans n.evans@regeneris.co.uk or Tim Fanning t.fanning@regeneris.co.uk.

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