MTU generates near €1bn economic impact

A new report, published today by Munster Technological University (MTU), has found that the college had a near €1bn impact on the Irish economy in just one year.

The report, titled ‘Economic and Social Impact Study for 2022/23’, found that during this reported time period, MTU generated €979m in economic impacts.

This includes an impact of €574m across teaching and learning; €343m through university and student expenditure; €44m in research and development; and €18m in international students.

Carried out in collaboration with Indecon International Economic and Strategic Consultants, the report further found that MTU has been responsible for the creation of more than 1,750 direct jobs or full-time equivalents, with 84% of undergraduates finding employment within three months.

The report also revealed the total lifetime earnings premium for 2022 graduates, which was found to be more than €351m, with exchequer returns of more than €222.5m.

President of MTU Maggie Cusack said: “Today’s report demonstrates MTU’s exceptional impact of nearly €1bn to Ireland’s economy in 2022/23.

“Since our establishment in 2021, we have transformed lives and provided world-class opportunities for study and employment across the south-west region.

“We take immense pride in fostering graduate success, driving regional growth, and enhancing Ireland’s global competitiveness.

“MTU has grown to more than 18,000 students across six campuses and we are committed to delivering on our mission to lead change and empower people through education for a successful future in a globalised world.”

Further outlined in the study is a number of initiatives and programmes that MTU has delivered, including the ‘New Frontiers’ programme in collaboration with Enterprise Ireland — which for every €1 invested in the programme, €5.63 was returned to the economy.

The initiative promises to support hundreds of entrepreneurs and deliver 75 new companies in the south-west region by 2027.

MTU’s head of strategy and performance, Tim Daly, said: “This economic and social impact study signifies the impact which MTU has on our region and beyond."