A new report shows that the University of Kent is a major economic force for the region, generating a total of £911 million for the South East (SE) in the academic and financial year 2022-23. This includes £303 million generated by the personal (non-fee) expenditure of our students.
Additionally, almost 13,000 jobs across the SE for this period were dependent on the University’s activities, including 3,879 created by student expenditure.
Produced by independent analysts Viewforth Consulting, the report also shows that:
- The University generated £482 million for Canterbury and £60 million for the Medway towns specifically during this period.
- It created the equivalent of nearly 10% of Canterbury 2022 employment and 0.8% for the Medway towns, with a total of 6,329 and 791 jobs respectively dependent on the University’s activities.
- UK student off-campus spend created 3,026 jobs for the SE.
- The impact of international student off-campus spend was £66 million for the SE, including £25 million in Canterbury and nearly £3 million in the Medway towns, while UK student off-campus spend was £236 million for the SE and £86 and £13 million for Canterbury and Medway respectively.
The University is an acknowledged supporter of a diverse range of local businesses, organisations and suppliers, procuring services, goods and produce from across the region. It also works to retain students from Kent within the area, meaning that both their expenditure (and skills) are not lost to other parts of the UK.
Cllr Roger Gough, Leader of Kent County Council, said: ‘This report confirms the importance of the University’s vital contribution to the economy of Kent and Medway and our residents’ standard of living.
‘The beneficial impact is not only felt across the county but also directly in Canterbury and the Medway towns where the University has its campuses.
‘The University of Kent has also played a strong leadership role in many areas beyond its roles of teaching and research. The University is, for example, the key sponsor of Growing Kent and Medway, a multi-year programme funded by Government to expand Kent’s food and agriculture sectors.
‘The findings of this independent evaluation show that the University of Kent has more than fulfilled the aspirations of the County Council sixty-four years ago, when our Education Committee endorsed a proposal to establish a new university, the first in Kent, in Canterbury.’
Tudor Price, Chief Executive of the Kent Invicta Chamber of Commerce, added: ‘The Chamber has worked closely with a wide variety of departments within the University to facilitate growth, innovation and employment across the county. The numerous programmes of support and engagement delivered by the University for employers both small and large, has made a significant difference to the productivity and capacity of the business community. Whether it’s a simple student project or a full academic research partnership, those businesses that have engaged have all benefitted.
‘The Chamber is committed to supporting the continued collaboration between the University and the businesses of Kent and Medway.’
The University’s contribution to the region is of particular importance at a time when the UK’s Higher Education sector faces unprecedented financial challenges. A continued commitment to the region is a vital part of its ongoing work to improve its financial position, with the University having improved its budget forecast for 2023/24 since initial cautious projections earlier in the year. This reflects a firm focus on managing costs while prioritising areas which can drive future growth, as part of a managed plan to return to surplus in the years ahead.
Kent’s Interim Vice-Chancellor and President, Professor Georgina Randsley de Moura, said: ‘I am proud of our wide-ranging economic impact and the huge positive contribution we make to the region. It is important that we do all we can to work with and support the businesses we have on our doorsteps, from startups to larger and more established companies, retailers, producers, hospitality, tourism and transport firms – in fact, all those that aim to help our region thrive and prosper.
‘Despite sector challenges we continue to bring thousands of national and international visitors here each year through our campus activities, including conferences and cultural events, research collaborations and world class facilities, as well as through our graduation ceremonies at Canterbury and Rochester cathedrals. We are determined to maintain the lead role we have in driving regional prosperity and look forward to working with countless others to deliver this in the years ahead.’