University of Bristol’s Economic Impact Reaches £1.78 Billion, Poised for Future Growth

University of Bristol’s Economic Impact Reaches £1.78 Billion, Poised for Future Growth

(IN BRIEF) The University of Bristol significantly impacted both the local and national economies in the 2022/23 academic year, contributing £1.13 billion to the West of England and £1.78 billion to the UK overall. The University supported thousands of jobs and generated £359 million in taxes, including from spinout companies that collectively brought in £66 million in turnover. The report predicts further growth, with increased contributions to both the local and national economies by 2028-29. The University’s continued growth is supported by ongoing initiatives like the Temple Quarter Enterprise Campus, reinforcing its role in driving regional prosperity and its commitment to economic and social impact.

(PRESS RELEASE) BRISTOL, 11-Feb-2025 — /EuropaWire/ — In the 2022/23 academic year, the University of Bristol made a significant contribution to both the local and national economies, generating £1.13 billion for the West of England and £1.78 billion for the UK overall, according to a report by Oxford Economics.

The study revealed that the University played a crucial role in employment, supporting 16,510 jobs in Bristol, which accounts for 4.9% of the city’s total workforce. Additionally, the University contributed to 17,420 jobs in the West of England and 27,220 jobs nationwide. The report, titled ‘The economic impact of the University of Bristol,’ assessed the spending of the University, its students, and their visitors, providing a comprehensive picture of its economic influence.

Furthermore, the University and its staff paid £127 million in taxes in 2022/23, including business rates, VAT, national insurance, and income tax. When accounting for the broader impact, such as the businesses supported by University spending and student-related expenditure, the total tax revenue generated reached £359 million.

The report also highlighted the success of the University’s spinout companies, which are founded on its academic research. In 2022/23, 217 active spinouts were reported, collectively generating £66 million in turnover. Additionally, the University’s graduates, known for their high skill levels, contributed significantly to the economy both locally and nationally.

According to the report, “The University contributes to boosting the UK’s productive capacity through its leading research, the flow of highly-skilled graduates entering the workforce, and fostering entrepreneurial activity.” This impact is expected to grow with the development of the Temple Quarter Enterprise Campus, slated to open in 2026.

Looking to the future, the report forecasts an increase in the University’s economic contribution. By 2028-29, the University’s impact on Bristol’s economy is expected to rise to £1.17 billion, and its national contribution is projected to grow to £1.95 billion. This growth will support an additional 1,800 jobs in Bristol and 1,530 jobs nationwide.

This release follows the Festival of Flourishing Regional Festival, held during National Productivity Week, where Professor Palie Smart, Associate Pro Vice-Chancellor for Global Civic Engagement, announced the upcoming launch of the Southwest Productivity Forum to promote regional prosperity.

In their joint foreword to the report, Professor Judith Squires, Deputy Vice-Chancellor and Provost, and Professor Michele Acuto, Pro Vice-Chancellor for Global Engagement, expressed their satisfaction with the findings, noting, “The report clearly shows that we are making a strong contribution to economic growth regionally and nationally, and continuing to play an essential civic role in our communities. Despite global challenges, we remain steadfast in our commitment to making a positive economic and social impact in Bristol.”

Media Contact:

Tel: +44 (0)117 928 9000
Email: press-office@bristol.ac.uk

SOURCE: University of Bristol