England (Commonwealth Union) – A financial crisis often results in cost cutting across all sectors, quite often including academic sectors. However, the contributions made by the academic sector in generating value are often not taken into account.
A new economic impact evaluation has indicated key contributions made by the University of Dundee for economies locally, nationally and internationally. The assessment was conducted by economic consultancy Biggar Economic, demonstrates that in 2020/21 the activities conducted by the University of Dundee gave support:
£449 million Gross Value Added (GVA) and 6,760 jobs within Dundee City;
£507 million GVA and 7,270 Tay Cities Regional jobs;
£975 million GVA and 9,410 Scottish jobs;
£1.5 billion GVA and 15,090 UK jobs;
£1.6 billion GVA and 16,070 international jobs.
For every £1 of Scottish Government funding, the University brings about £10 for Scotland’s economy.
The report indicated that 1 in every 12 jobs in the Dundee city is backed by the University activities.
The report, ordered by the University, indicates, “In 2020/21, the University of Dundee had 16,230 students, employing 3,280 staff and generated an income of £276 million. For the UK, the economic value that the University produced is more than 5 times more than its income, and the effects in Scotland is 10 times more than its income from Scotland’s Government.”
Professor Iain Gillespie, Principal & Vice-Chancellor of the University of Dundee, pointed out that the report captures the large contribution the University of Dundee brings about in assisting the economic drive locally and nationally and further stated that they are a prominent job provider and a significant force of business and innovation which was central to the ambitions of both Dundee and Scotland.
“The education sector is a hugely important one for our region, and I’m not at all surprised that the University of Dundee is demonstrating such a huge impact,” said the CEO of Dundee & Angus Chamber of Commerce, Alison Henderson.
