University of Surrey shares report outlining its £1.9b GVA impact in 2021/22

Published by

Daniel Face

iStock

The University of Surrey has outlined its role in the county’s thriving innovation ecosystem in a new report commissioned from BiGGAR Economics.

During the academic year 2021/22, the University generated £1.3 billion GVA and 17,620 jobs in Surrey, the majority of which were centred in the Borough of Guildford where the campus is situated. This grows to £1.9 billion GVA and 25,360 jobs across the UK, or £6.37 GVA for every £1 of income.

The report breaks down the University’s economic contributions into two distinct components, operational and purposeful.

Operational impacts include direct employment provided by the University, and the money which staff and students spend within the local economy. They also incorporate the part-time and volunteering work of students. Many operational impacts are not unique to the University and tend to be generated by any significant organisation with a large workforce and consumer base.

Purposeful impacts are those more specific to educational institutions, providing an idea of the wider value which the University offers to the economy. They include the contributions of students to the workplace, whether through internships and placements during study, or after graduation as they begin to apply the knowledge and skills provided by a degree.

The University’s knowledge exchange and commercialisation activity also falls within this category, as well as the support it provides to startups and fledgling businesses through SETsquared Surrey, Surrey Research Park, and the S100 Angel Investment Club.

These innovation support activities continue to underpin the success of some of the region’s defining sectors, including satellites and gaming, while on a national level they represent the University’s largest contribution to the UK economy at £660 million GVA.

In all, purposeful benefits accounted for around two thirds of the total GVA impact of the University in 2020/21, and one third of total employment impact.

But the report also emphasises that its operational impacts should not be underestimated, as students and staff continue to keep Guildford town centre healthy and engage in a wide range of initiatives to support the local community.

Daniel Face

Born and raised in Berkshire, Dan fell into journalism after completing his bachelor’s degree in English at UCL. Writing for The Business Magazine and local Biz News sites has given him the opportunity to chat with all manner of small business owners and share their success stories with a wider audience. Outside of work, Dan enjoys live music, board games and quiz shows, and is making a slow but persistent effort to learn Spanish.