• Swindon & Wiltshire Education, training and skills
• Monday February 17 2025
• Author Name: Peter Davison

University of Bristol reveals £1.13 billion contribution to regional economy

The University of Bristol contributed £1.13 billion to the West of England economy and £1.78 billion to the national economy in the 2022/23 academic year, a report has found.

Oxford Economics’ report also found that the University supported 16,510 jobs in Bristol (equating to 4.9 per cent of the city’s total jobs), 17,420 jobs in the West of England, and 27,220 jobs nationwide.

Entitled The economic impact of the University of Bristol, it examined the expenditure of the University, its students and their visitors.

It also found that the University and its employees paid £127 million in taxes in 2022/23, through taxes like business rates, VAT, national insurance and income tax.

Including the businesses supported by University expenditure and spending from students and their visitors, the tax revenue created by the University rose to £359 million.

Oxford Economics also looked at the companies formed out of its academic research – known as spinouts – and the impact that its skilled graduates had locally and nationally.

During 2022/23, there were 217 active businesses originating from the University, which together generated £66 million in turnover.

The report states: “The University contributes to boosting the UK’s productive capacity, or the ‘supply-side’ of the economy, through its leading research, the flow of highly-skilled graduates joining the labour market and facilitating entrepreneurial activity.”

The University’s economic impact will increase when its Temple Quarter Enterprise Campus opens in 2026.

The report predicts that by 2028-29 the University’s contribution to Bristol’s economy will increase from £1.06 billion to £1.17 billion and its national contribution will rise from £1.78 billion to £1.95 billion. It will support 18,210 jobs in Bristol and 28,750 nationally.

The announcement follows the Festival of Flourishing Regional Festival during National Productivity Week, at which Professor Palie Smart, associate pro vice-chancellor for global civic engagement, pre-announced the launch of the Southwest Productivity Forum to support regional prosperity.

In the joint foreword to the report, the University’s deputy vice-chancellor and provost, professor Judith Squires and pro vice-chancellor for global engagement, professor Michele Acuto, said: “The report demonstrates clearly that we are making a strong contribution to economic growth regionally and nationally, and continue to play a significant civic role in our communities as an employer, as a research institution and as an active contributor to our One City ambition to make Bristol a fair, healthy and sustainable city.

“Amidst challenging geopolitical, financial and environmental circumstances, we remain firmer than ever in our determination to continue to provide a positive impact, economically as much as socially, in and for Bristol.”