Cardiff University generated £3.7 billion for the UK economy in a single year
This is the highest since the university started recording this data
From 2020-21 Cardiff University generated £3.68 billion for the UK economy, according to a report published by London Economics.
This is a six per cent increase from the previous analysis which was held for the 2016-2017 year.
The report breaks down where this money comes from with it claiming that university’s research and knowledge exchange activities made up 23 per cent of the money, which would be £831 million.
Furthermore, the value of the uni’s teaching and learning activities generated £1223 million, about 33 per cent of the final amount and their educational exports was valued at £655 million which would be 18 per cent. Finally, the final £970 million (26 per cent) came from operating and capital spending.
Cardiff Uni’s President and Vice Chancellor, Colin Riordan said: “The full scale of the economic and social impact of Cardiff University on the UK, and on Wales in particular, is staggering.”
“Our total economic impact on the UK in 2020-21 — at the height of the pandemic — is estimated at almost £3.7 billion. This means that for every £1 we spend, we generate £6.40, significantly outperforming our comparator institutions which, on average, generate £5.50 per £1 spent. We are punching above our weight, and the benefits accrue to the people of this country, to our communities and to the taxpayer.”
He continued by noting: “Across the whole palette of our activity, Cardiff University is creating economic and social benefit for Wales, the UK, and indeed the world. In the current economic climate, universities face huge challenges about how our funding model can be made more sustainable. We must ensure our teaching and research are recognised and valued by government at all levels. If the funding challenges can be addressed, we believe we can do even more in the years ahead.”