MORE than 5,400 jobs in Northamptonshire, £366 million generated in the county’s economy in the latest financial year and a 300% return on investment… The results of new research have confirmed the University of Northampton as a key cog in the county’s economic wheel.
For every £1 spent running the university, the economy gains £4 back, according to the UON Economic Impact Report which was released today (Wednesday).
And the university’s economic impact spreads further afield. It adds £456 million GVA and supports 6,390 jobs across the Oxford Cambridge Arc region and contributes a total £823 million GVA, supporting 10,610 jobs, across the UK as a whole.
The report’s findings were presented by UON’s Vice-Chancellor Professor Anne-Marie Kilday to local politicians, businesspeople and public service representatives at a breakfast networking event.
Universities are an indispensable part of their communities supporting thousands of jobs directly and indirectly, she told her audience. They are a powerful tool for social mobility and support the public and private sector through research and innovation.
“As we look to the future, it is vital to support and strengthen these partnerships between universities and their communities,” Professor Kilday added. “When universities thrive, so do their localities. Through our strategic plan, the university has committed itself to listening to our stakeholders and work with them towards shared goals.
“Together, we can create a synergy that transforms Northampton, our county and the wider region into engines of progress, resilience and hope.”
Key findings of the UON Economic Impact Report include:
- £366 million GVA generated for Northamptonshire during 2023/24, an increase of 14% in real terms after accounting for inflation from 2018/19 and the pandemic.
- 5,410 jobs supported in Northamptonshire during 2023/24.
- £123 million of estimated unemployment costs avoided over a 40-year period thanks to the intake of undergraduates from deprived areas during 2023/24
- 54% of graduates entered full-time employment in the education and health sectors, compared to the sector total of 38%
- £7 million GVA achieved via collaboration with businesses by sharing the research and expertise at UON through Knowledge Transfer, work placements, and other services for business.
Northampton South MP Mike Reader attended the event via videolink. He said: “The Economic Impact Report powerfully demonstrates how the University of Northampton aligns with our national Industrial Strategy and regional skills agenda.
“I am particularly impressed by the £7 million generated through business collaboration, demonstrating the kind of academia-industry partnerships our Industrial Strategy aims to foster.
“I am committed to ensuring the University of Northampton remains at the forefront of this national agenda.”
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