Falmouth University’s impact on Cornwall’s economy
Falmouth University is an important contributor to jobs, Gross Domestic Product, and innovation in Cornwall. That is particularly important because Cornwall has some of the lowest living standards in Europe as measured by GDP per inhabitant. Organisations that contribute positively to the Cornish economy—like Falmouth University—are therefore vital in helping to raise living standards.
Oxford Economics undertook a detailed economic impact assessment, investigating Falmouth University’s contribution to Cornwall. The study quantifies the economic activity stimulated across the county by the expenditure undertaken by the University, the students it attracts into the area, and their visitors. In addition, it looks at the impact of the University’s digital spinoff companies.
Oxford Economics estimates that the University supported a £58.3 million gross value added contribution to Cornwall’s economy in 2014/15. So £1 in every £155 of economic output created in the county was to some degree dependent on the University. It supports 1,300 jobs, which is 0.5% of the county’s total. The economic activity supported by the University generated £17.1 million in tax receipts, sufficient to pay for 660 nurses in the South West.
Client: Falmouth University
Oxford Economics Research Team
Our Economics Impact team produces original, evidence-based research made accessible to decision-makers and opinion leaders. Principals for this project included: