University investment to generate 37,800 construction jobs

Imperial College London is one of 24 Russell Group universities. Photo: Andrew Crump
Imperial College London is one of 24 Russell Group universities. Photo: Andrew Crump

Spending on buildings and facilities by Russell Group universities will generate thousands of new jobs and billions of pounds for the economy in years to come, research by BiGGAR Economics has shown.

 

The economic consultancy firm found that planned spending on capital projects by the 24 Russell Group Universities over the next four years adds up to more than £9 billion. It noted that this is similar to the amount spent on the Olympics or the Government’s current railway investment programme.

 

The work is expected to support more than 98,500 new UK engineering jobs including around 37,800 temporary jobs during a construction period of five years starting now.

 

In addition this investment by universities will create 45,000 permanent operational jobs as well as supporting almost 15,700 permanent jobs through the wider impact of work undertaken in the new facilities.

 

Research also looked at the long term gross value added this investment would produce, calculating an expected boost of £44.3Bn for the UK economy over the next 25 years. This means investment should generate £4.89 for every £1 invested.

 

Planned projects by Russell Group universities range from new student accommodation, medical research facilities and science labs to new office space. The research took into account information about 69 such projects with money being invested in the next four years.

 

Director general of the Russell Group Dr Wendy Piatt said: “Russell Group universities are engines of growth for the British economy. Not only do they lead the way in teaching and research – but they’re also a driving force behind the creation of new jobs, new opportunities for start up companies and urban renewal in our cities.

 

“The Government has recognised much of this contribution but we would urge them to step up big capital investment in our universities,” she added.

Please rate

Comments 

Name
Email
  Ctrl + Enter

Most Read

The government has cut £1bn from the rail infrastructure budget

The government has cut £1bn from the rail infrastructure budget

Rishi Sunak had previously promised record infrastructure investment as part of the government's "levelling up" agenda. Until now, Network Rail's "enhancement" budget for the five year period from 2019-24 had been set at £10.4bn. But, this week rail minister Chris Heaton-Harris said

Farringdon-first Central London station to complete construction

Farringdon-first Central London station to complete construction

Construction work at Crossrail’s Farringdon station has come to an end.The station becomes the first central London station along the new line to reach the T-12 landmark; this means the station is substantially complete and it is now considered to be 12 weeks away from handover to

TfL allocates extra cash to fix ageing bridges and tunnels

TfL allocates extra cash to fix ageing bridges and tunnels

Of that, TfL’s major asset renewals programme will receive a £135M additional investment to repair key bridges and tunnels. TfL figures show that about 200 out of 500 bridges and other structures that it maintains in the capital have sections in "poor" or "very poor" condition. The

This website uses cookies to enhance your user experience. By continuing to use this site, you consent to our use of these cookies. See our Cookie Policy.