University College Cork is worth more than €2 million a day to the local economy and is a significant contributor to business and industry in the region.
That is according to a new report, which also shows the college makes a significant contribution to employment in Cork. UCC supports almost 15,000 jobs on an annual basis, which equates to roughly 1 in 15 jobs in the city and county.
“We’re 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,” said UCC President Professor Patrick O'Shea as the report was released today.
“Beyond the jobs and the €2.3 million per day, UCC prepares world-ready and work-ready graduates and adds to the attractiveness of Cork as a place in which to live, work and to do business.”
The Economic and Societal Impact Report details UCC’s total economic impact, which amounts to €853 million annually for a €151 million state investment. That means for every €1 of state investment, UCC returns €5.68 to the Irish economy.
UCC graduates who remain and work in Ireland create extra economic value of up to €24.8 million for the economy in the first year after graduation, compared to non-university graduates, the study reveals.
The study also looked at UCC’s student retention and employment rates. The report found that the first-year retention rate of 93.4% for the academic year 2017/ 2018 was on a par with elite third level institutions in the US, while employment rates of UCC graduates, including those in further study, were at an historic high, at 94% and 95% at undergraduate and postgraduate levels.
On UCC’s positive impact on society, the report highlights how UCC has taken a lead role nationally in widening participation and access to third level education. 23% of UCC’s undergraduate intake comprises mature students, students with disabilities and non-traditional college-goers.
Seven of the world’s top 10 pharma companies are now located in the vicinity of UCC, which attracts both FDI and domestic investment into the region, International students also represent a significant boost to the localeconomy, spending €52.5 million and supporting almost 1,500 jobs annually, while UCC’s Irish student population expenditure of €135 million supports another 3,675 jobs in the local economy.