University’s influence ripples through both the Welsh and the wider UK economy

I was delighted that the Minister for Economy, Science and Transport, Edwina Hart AM, was recently able to visit the site of our £44M Cardiff University Brain Research Imaging Centre (CUBRIC)

Once completed, CUBRIC will lead Europe in helping scientists understand the causes of dementia and other debilitating brain conditions. The local economy will benefit immediately, but soon the medical advances coming out of the flagship building will be felt across Wales and around the world. 

Visiting Wales for the first time since securing an overall majority, Prime Minister David Cameron emphasised how important it is that the whole of Wales benefits from the country's economic recovery.

It is a message endorsed by all political parties and one we strongly support at Cardiff University.

For the first time we have undertaken research to find out more about our economic impact on both our local and the wider Welsh economy.

We have found it extends well beyond the capital city, with nearly one-third of all economic impact occurring outside Cardiff and in all other counties of Wales.

The research echoes work undertaken by Universities Wales back in 2011/12, which showed just how critical Welsh universities are to the Welsh economy. Indeed it found them to have a greater impact than higher education does in the English regions.

In all, Welsh universities generated £3.6BN for the Welsh economy, accounting for £400M in export earnings.

Our research for 2013/14 indicates that Cardiff University accounts for a significant part of this. In total, the University now generates some 13,555 Welsh jobs and contributes 1.3 per cent of Welsh GVA.

Cardiff University's own output is £456M, but its knock-on effect, largely through the expenditure of its students, generates an additional £613M in other industries throughout the UK, with the majority – some £458M – in Wales.

The University attracts 12,045 students to Wales from other parts of the UK and 6,605 students from outside the UK. Our non-EU students alone generate £94M for the Welsh economy, accounting for nearly 800 full-time equivalent jobs.

Whilst the majority of our economic impact is felt in Cardiff, I was struck by the significant effect on the Welsh economy more generally, with nearly one-third of all economic impact occurring outside Cardiff. This reflects the way in which our influence ripples through both the Welsh and the wider UK economy, so that even locations relatively distant from Cardiff still benefit from the University's activities.

It is a record we are proud of, but we want to do more.

Last October I outlined plans for a new Cardiff Innovation System. We aim to become an internationally recognised engine for future prosperity, health and growth in Wales, the UK and the wider world.

Around £300M will be invested in new buildings to bring this vision to life, hand-in-hand with changes we're making to ensure innovation is woven into the fabric of the University.

This includes plans to build the world's first Social Science Research Park, which will be able to turn world-leading research into solutions to pressing problems facing society and the world.

We will work in partnership with key stakeholders and invest in facilities and people.

In a few days' time, our work to drive the economy will be showcased at our annual Innovation and Impact Awards.

New data modelling that is helping to cut queues and speed up access to vital NHS hospital services and new affordable home design which optimises energy self-sufficiency are just two of the advances recently made at Cardiff University. I'm proud of the work we do with homeless charity Llamau to improve service provision for vulnerable and homeless young people in Wales. All these projects and more will be recognised for their contribution to Wales and impact on society at large.

The new report shows that we have something to celebrate. Cardiff University is critical to the future health, wealth and well-being of the people of Wales, and we will not let you down.

Professor Colin Riordan, Vice-Chancellor, Cardiff University

 This article first appeared in the Western Mail, June 11, 2015.