New report indicates University of Sheffield generates billions for local and UK economy

The University of Sheffield generates £4.82bn for the local economy, a new report has revealed.

The report – commissioned by the university and undertaken by leading consultancy firm London Economics – looked at the economic effects throughout the 2022/23 academic year.

It indicates that for every £1 spent, £6.40 is generated for the UK economy – more than half of which is for Yorkshire.

Koen Lamberts, vice-chancellor of the University of Sheffield said the report demonstrates its commitment to “world-leading research, outstanding education, and impactful engagement”.

“The findings demonstrate how critical universities like ours are to the long-term economic and social prosperity of the UK – whether that is here in our region, or on a national or global scale.”

With regards to social impact, the report also reveals that more than 2,200 student volunteers contributed 36,000 hours of work to the local community in 2022/23, as well as 750 students spending over 365,000 on NHS clinical placements.

Professor Lamberts added: “The government has been clear that it wants universities to make an even stronger contribution to economic growth, while increasing their civic role.

“While this may come at what is undoubtedly a challenging time for the higher education sector, it is a mission we very much embrace. We look forward to continuing to work with our partners to increase our positive impact on people and communities in our region and beyond.”

Martin Smith, Chair of the Economic Development and Skills Committee at Sheffield City Council, said the Sheffield’s university’s were “vital” for the regional economy.

“The University is an important partner, and we look forward to continuing our relationship, driving economic growth and building on Sheffield’s status as a vibrant, warm and welcoming place to live, work and study.”

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Another key component of economic contribution is that of international students – with the report also indicating that the 2022/23 cohort alone contributed £1.3bn.

Amid falling numbers of international students across the UK, University of Sheffield has seen a 25 per cent fall in the number of international students. Earlier this month, it released a joint statement with local leaders gratitude for the “impact international students have on our communities, from supporting our local economy, to volunteering for our region’s charities and causes”.

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