It may not be obvious to the casual visitor, but many of the links between global cities are actually mirrored in the relationships between universities around the world. Both universities and cities thrive when their people are connected, and the fates of both these institutions are closely tied to their leaders’ ability to improve local areas and attract talented people. Read more of James Ransom‘s blog.
In a blog I wrote in April 2014 I said “The discipline of quantifying the contribution of universities in terms of their economic and social ‘good’ is no easy task. This shouldn’t be simply a justification – but more a recognition of the netpositive effect universities can have – and not just socially and economically, but environmentally too.”
Over a year ago, The University of Nottingham reported that it contributes £1.1bn a year to the UK economy and supports around 18,000 jobs across the country according to a new report. ‘The Economic Impact of The University of Nottingham’ – outlines the wider economic, social and cultural impact the University has on the city of Nottingham, the region and the nation.
According to the report, the University is one of the East Midlands’ most significant institutions, with 92 per cent of its workforce living in the region, and one in every 24 jobs in Nottingham being reliant in some part on the University. The total economic impact generated across the East Midlands each year by the University is £781m, and along with its £500m research portfolio, the University is at the heart of the Midlands Engine for Growth.
The report helped to demonstrate the importance of the University’s contribution to the city and it has helped to build ever closer ties between ‘town and gown’ with both the City and its universities recognising they have a symbiotic and dependent relationship. James’ research clearly reinforces that for the four cities in scope of his studies but the same is true of every city and town with large colleges and universities. Not, in itself, surprising, but important to remember.