Report finds University College Cork ‘generates €3.2m a day for the economy’

University College Cork generates €3.2m a day for the Irish economy, according to a report published this week.

It also reveals that the university is one of the city’s largest employers, supporting almost one in every 13 jobs in Cork city and county.

The independently verified Economic and Societal Impact of University College Cork report, shows that the university provides a return of €6 for every €1 of State investment.

UCC celebrates a historical milestone this year, having registered its first 115 students 175 years ago in 1849. The university now has more than 24,000 students.

Connecting Cork to the world

The report showed that UCC adds €1.18bn to the economy annually, with its students, staff, and visitors significantly contributing to the local and national economies through direct, indirect, and induced spending, supporting local businesses and connecting Cork to the world.

UCC continues to be Ireland’s leading university for industry collaboration.

It secured €113m in competitively-won research and innovation funding in 2022/23. The university has also taken a lead role nationally in widening participation and access to third-level education, with 21% of undergraduate student intake through alternative access pathways.

More than 7,500 students graduate annually from UCC, with 96.5% of undergraduates employed or in further study nine months after graduation.

The campus and facilities also attract a significant number of guests. 

Powerhouse

More than 54,000 people visited the Glucksman Gallery at UCC in 2023 and more than 3,500 visitors come to UCC annually to attend conferences.

Professor John O’Halloran, president of UCC, said: “UCC is an economic and cultural powerhouse that supports and grows our regional and national economies, while furthering insight, research, and innovation.

“The report provides the evidence that the societal impact of UCC is as wide as the economic impact is deep.

“The university is a global gateway that attracts students from 126 countries and we have a long, proud history of contributing talented graduates to Ireland’s national skills force.”

Michael McGrath, European commissioner for democracy, justice, the rule of law, and consumer protection, added: “As a UCC alumnus, I am very proud of the profoundly positive economic and social impact of the university.

“UCC is a vital driver of economic growth and innovation in Ireland, and its reach now extends far beyond our shores.

Remarkable

“This report underscores its remarkable contributions to job creation, research, and education, strengthening both our region and nation, and enhancing our international reputation.

“I commend UCC for its outstanding contributions and its enduring legacy in Ireland’s economy, society, and culture.

“I know this will continue to go from strength to strength.”

Chairman of UCC’s governing authority, Sean O’Driscoll, added: “These findings prove conclusively that education, research, and innovation is not a cost, it is an investment in our future.”