The report highlights universities’ increasingly significant impact on the economy in terms of output, contribution to GDP, job creation, and overseas investment. It also estimates the economic activity generated elsewhere in the economy through the knock-on effects of expenditure by universities, their staff, and international students.
The report finds that in 2011–12, the UK higher education sector:
• generated over £73 billion of output – up 24% from £59 billion in 2009
• contributed 2.8% of UK GDP in 2011 – up from 2.3% in 2007
• generated 2.7% of all UK employment and 757,268 full-time-equivalent jobs
• generated £10.7 billion of export earnings for the UK
• received less than half its income from public sources
This UK-wide report is accompanied by a suite of nine reports which examine the impact of universities on the economies of the English regions, and a series of infographics summarising the main findings.