EMSI had the opportunity to conduct an Economic Impact Study for Leeds City College in West Yorkshire and the results were quite impressive. Leeds City College is the third largest further education establishment in the UK, serving more than 40,000 students across six campuses. According to the College website, it has an annual turnover of over £90m and employs more than 1,550 staff, making it one of the area’s largest employers.
All of this was factored into the EIS, which found that the College contributes £702.6m each year to the Leeds City Region, 2.2 per cent of the area’s total economic output. The Yorkshire Post article says
[The report] found the institution will bring a net £1.2bn of benefits to society over the working lifetime of the students. This represents the amount of money that is either added to the economy or saved over the working lifetime of Leeds City College’s students.
The college says this means that every £1 society invests in the running of the college is more than tripled in terms of financial return with £3.30 for every £1 spent.
For any FE or HE institution, knowing the economic impact that they have on the surrounding region in terms of actual pounds and pence is absolutely crucial for strategic planning and engagement with a range of key local, regional and national stakeholders. Leeds City College principal and chief executive Peter Roberts told the Yorkshire Post “… the work we do at Leeds City College makes a really positive difference to businesses and the local economy. Being able to quantify our economic contribution to the local region is important and something that we have wanted to do for a while.”