UCC boosts economy by €2.3m every single day
University College Cork (UCC) is worth €2.3m a day for the economy, according to a new report.
For every €1 of State investment, a total of €151m a year, the university returned €5.68 to the economy, a total of €853m.
According to the study, the university supports almost 15,000 jobs annually, equating to about one in every 15 jobs in Cork city and county.
UCC's contribution is set out in an analysis called 'The Economic and Societal Impact Report', compiled by the Cork University Business School. It is based on 2016 figures.
It is the first time such a study has been done, measuring the university's impact across five key areas: economic, workforce development, business, creation and discovery, and societal.
As the higher education sector prepares to ramp up its campaign for more Government funding, it is likely that there will be more studies like this to highlight the added value that third-level colleges bring to the economy.
The report's examination of economic impact, both nationally and regionally, includes university expenditure as well as the spending of its employees, students, and visitors, taxation and employment.
The spend by UCC's Irish students in 2016 was put at €135m, supporting 3,675 local jobs, while international students contributed another €53m, supporting almost 1,500 jobs.
The study looked at the higher skills and salary levels of UCC graduates versus non-graduates, and the university's role in attracting investment into the region, with seven of the world's top 10 pharma companies located in the vicinity of university.
UCC graduates who remain and work in Ireland create extra economic value of up to €25m in the first year after graduation, compared to non-university graduates, the study states.
UCC president Professor Patrick O'Shea said: "[The university is] an acknowledged centre of academic excellence in both learning and teaching, and we aim to make a significant, sustainable and responsible contribution to Ireland and its people."