Exeter University worth £1.6 billion to UK

And it supports 15,500 jobs

It's been revealed that Exeter University contributes almost £1.6 billion of output to the UK economy and supports 15,500 jobs.

A newly published independent economic impact study says it generates £900 million every year towards GDP and has engaged in hundreds of millions of pounds worth of research and development over the past five years.

It also generates Gross Value Added (GVA) equivalent to 9 per cent of Exeter’s GDP, supporting around 3 per cent of Devon’s workforce as the third largest employer in the county, and the creation of more than £125 million in output for Cornwall’s economy.

The study by Oxford Economics is based upon the university’s activities during the 2020/21 academic year, 

Among its key findings are that the university supported:

• £1.56bn of output, nationally, amounting to £899.8m in GVA, and 15,540 jobs
• £951.4m of output for the Heart of the South West Local Enterprise Partnership area, with £582.5m GVA, and 12,300 jobs
• £915m of output for the county of Devon, equating to £563.4 GVA, and 11,920 jobs
• £816.3m of output for the city of Exeter, totalling £509.4m GVA and 9,750 jobs – equivalent to 9% of the city’s total, making it the second largest employer in the city
• £125m of output for Cornwall and the Isles of Scilly, with £73.5m GVA and 1,900 jobs.

Reflecting on the figures, Professor Lisa Roberts, Vice-Chancellor, said: “Universities play a vital role in UK society – as places of learning and social mobility, anchor institutions for local communities, and catalysts for innovation, research and development that help our business thrive and grow.

"This report quantifies the contribution that the University of Exeter makes to the UK economy and the economies of the region and reaffirms the important role we have to play in supporting jobs and economic prosperity in the south west.”