University boosts UK economy by £358m - report
New research has revealed University College Birmingham contributes £358 million to the UK economy.
And analysts at London Economics estimate that £88 million of the institution 's economic impact is benefiting the West Midlands.
However, the independent research also found that UCB 's £221 million of UK-wide impact from teaching and learning activities is also heavily concentrated in the West Midlands region.
For every £1 spent, the university generates £6.70 of economic impact across the UK.
Professor Michael Harkin, vice-chancellor and principal at University College Birmingham, said: “We impact far beyond the success of our students, contributing £358 million to the UK economy, with around 65 per cent of identifiable regional impact in the West Midlands, reflecting our integration into the local community and the fact that most students remain in the region post-graduation.
"Universities must continue to play their part in the infrastructure that maintains the West Midlands ' status as the economic engine of the UK.
“We will pro-actively work with the West Midlands Combined Authority, the City of Birmingham, local businesses, community stakeholders and other regional partners, and continue to strengthen our partnership with the University of Warwick, ensuring we continue to grow our contribution to our region."
Analysis in the report estimates that £48 million of identifiable regional impact is accrued across other regions and sectors of the UK economy from the university 's activities, which includes impact from international students, estimated at £14 million.
Joscelyn Miller, Senior Economic Consultant at London Economics and lead author of the report, said: “The economic impact of University College Birmingham on the UK economy is indisputable.
“Standing at a substantial £358 million in 2020-21, much of the economic impact occurs in Birmingham and the West Midlands. University College Birmingham punches significantly above its weight - of that, there can be no doubt.
“Importantly, the University has a real and tangible impact on the lives and livelihoods of local residents. ”