The University of Plymouth pumps £820m into the South West economy and supports nearly 9,500 jobs, a new report says.
A newly-published independent socioeconomic report has revealed the institution also contributes £444m to national GDP (gross domestic product), in a year, and £53m in export earnings and has a profound impact upon economies at all levels in the South West.
The university’s social value is further highlighted by the report, including: nearly 20,000 NHS dental appointments delivered by students and staff at the Peninsula Dental Social Enterprise each year, which generate quality of life gains equating to £2.9m; and 19,000 hours per year volunteered by students at the Plymouth Law Clinics, creating a social benefit totalling nearly £1.2m.
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Prof Judith Petts, vice-chancellor at the University of Plymouth, said: ““The university is so much more than a degree-awarding seat of learning; it is a driver for economic innovation and advancement and a catalyst for social change.
“With a focus on accelerating opportunities through clean growth, advancements in health technologies and the support of coastal and rural communities alongside the abundance of marine and maritime activities and partnerships, the university is making a significant contribution to the region in support of ‘building back better’.”
The report, undertaken by Viewforth Consulting, analysed the university’s impact during the 2019/20 academic year, both through its direct economic activity and that of its students, as well as secondary benefits generated through the supply chain.
It found that:
the university generated £772m of output for the South West economy, including £280m from student expenditure, with 9,018 jobs dependent upon this activity
6,233 of those jobs related to the university’s activities in Devon, with £530m of output and £305m of Gross Value Added (GVA)
in the city of Plymouth, 5,288 jobs are generated by the university – equivalent to 4.7% of all Plymouth employment – with £443m of output and £263m of GVA
in Cornwall and the Isles of Scilly, the university supported £51m of output and generated almost 600 jobs
and the University’s international students were responsible for 68% of the total £35m spending of all international visitors to Plymouth in 2019.
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The report highlighted some of the most profound areas of impact, such as the university’s work to support small and medium-sized businesses, particularly in the marine and maritime sector, and in helping the region to meet its Net Zero targets.
It also focused on its role as a catalyst for social change, such as the 255,000 hours of voluntary public engagement and public service activity that staff provide over and above their core jobs, worth about £17.6m per year.
“This impact report provides compelling evidence of the transformational impact of our research, teaching and learning and civic engagement,” said Prof Petts.
The University of Plymouth saw its pre-tax profit leap to £7.1m during the 2020/21 financial year and began recruiting staff again, two years after making huge losses and redundancies.
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Figures for the 2020/21 financial year showed its pre-tax surplus rose by £2.7m from the £4.4m profit in 2020.That in itself was a recovery from a loss of £17million a year earlier. Income also rose, to £239.4m, up by 5% on 2019/20’s £228m and close to the £241.5m it earned in 2019. The turnaround in fortunes was put down to factors including a £4.8m increase in research income and an increase in tuition fee income of £2.3m as a result of improved student retention and higher postgraduate student numbers.
The return to recruitment came two years after huge losses were partly explained by the university having to pay £21.9m in “restructuring costs” associated with redundancy and pension payments for 566 staff who left during 2018 and 2019. A further 44 staff left in 2020, costing an additional £177,000. The median staff salary at the University of Plymouth is £42,000 but 15 staff members earn more than £100,000 and, in addition, Prof Petts annual remuneration is £289,766.