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1、The economic impact of the University of Bristol THE ECONOMIC IMPACT OF THE UNIVERSITY OF BRISTOL AN ASSESSMENT OF THE UNIVERSITYS CONTRIBUTION TO THE BRISTOL,WEST OF ENGLAND,AND UK ECONOMIES DECEMBER 2024 The economic impact of the University of Bristol ABOUT OXFORD ECONOMICS Oxford Economics was f

2、ounded in 1981 as a commercial venture with Oxford Universitys business college to provide economic forecasting and modelling to UK companies and financial institutions expanding abroad.Since then,we have become one of the worlds foremost independent global advisory firms,providing reports,forecasts

3、,and analytical tools on more than 200 countries,100 industries sectors,and 8,000 cities and regions.Our best-in-class global economic and industry models and analytical tools give us an unparalleled ability to forecast external market trends and assess their economic,social,and business impact.Head

4、quartered in Oxford,England,with regional centres in New York,London,Frankfurt,and Singapore,Oxford Economics has offices across the globe in Belfast,Boston,Cape Town,Chicago,Dubai,Dublin,Hong Kong,Los Angeles,Mexico City,Milan,Paris,Philadelphia,Stockholm,Sydney,Tokyo,and Toronto.We employ 700 staf

5、f,including more than 450 professional economists,industry experts,and business editorsone of the largest teams of macroeconomists and thought leadership specialists.Our global team is highly skilled in a full range of research techniques and thought leadership capabilities from econometric modellin

6、g,scenario framing,and economic impact analysis to market surveys,case studies,expert panels,and web analytics.Oxford Economics is a key adviser to corporate,financial,and government decision-makers and thought leaders.Our worldwide client base now comprises over 2,500 international organisations,in

7、cluding leading multinational companies and financial institutions;key government bodies and trade associations;and top universities,consultancies,and think tanks.DECEMBER 2024 All data shown in tables and charts are Oxford Economics own data,except where otherwise stated and cited in footnotes,and

8、are copyright Oxford Economics Ltd.This report is confidential to the University of Bristol and may not be published or distributed without their prior written permission.The modelling and results presented here are based on information provided by third parties,upon which Oxford Economics has relie

9、d in producing its report and forecasts in good faith.Any subsequent revision or update of those data will affect the assessments and projections shown.To discuss the report further please contact:Neil McCullough: Oxford Economics 91 Adelaide St,Belfast,BT2 8FE,UK Tel:+44(0)28 9263 5416 Patrick Desh

10、pande: Oxford Economics 4 Millbank,London,SW1P 3JA,UK Tel:+44(0)20 3910 8109 The economic impact of the University of Bristol FOREWORD Universities are central to ensuring the prosperity of the United Kingdom,locally and globally.As we near our 150th anniversary in just over a year,we are able to re

11、flect on a century-and-a-half-old experience of doing just thiscontributing to the prosperity,both economic and socialof our city region and beyond since the University of Bristol was first founded.Yet,resolutely bold and Bristolian,we do not rest on our track record.This year,we commissioned Oxford

12、 Economics to work hand in hand with our Civic Engagement team to deliver a snapshot of this economic contribution as part of an evidence-based effort to provide up-to-date information on the progress of our Vision and Strategy 2030.The results in this report and annex speak for themselves in many w

13、ays.The University is a pivotal contributor to our city,region,and country.The report demonstrates clearly that we are making a strong contribution to economic growth regionally and nationally,and continue to play and significant civic role in our communities as an employer,as a research institution

14、 and as an active contributor to our One City ambition to make Bristol a fair,healthy and sustainable city.Amidst challenging geopolitical,financial,and environmental circumstances,we remain firmer than ever in our determination to continue to provide a positive impact,economically as much as social

15、ly,in and for Bristol.This is evidenced in the assessment by Oxford Economics that the University contributed well over 1 billion to Bristol alone and 1.78 billion to the UK in 2022/23.With tens of thousands of students and staff on our campuses,the university is in many ways a thriving and buzzing

16、village at the heart of a global city like Bristol and a changing region like the West of England.This is a unique advantage that we have as a higher education institution to make a difference not just by presence,but also proactively.Hence,if we generate substantial economic activity in the city an

17、d contribute to boosting Bristols human capital or facilitating entrepreneurial activity,we also make civic impact a mission across all our activities.We actively engage with more deprived communities and offer a suite of initiatives that contribute to social justice through our partnerships,aiming,

18、as our vision puts it,to leverage the transformative power of such an explicitly global civic university.Hence,the annex to this report also describes the significant influence we play in Bristol beyond a monetary one,with a suite of world class civic engagement initiatives that distinguish us natio

19、nally as much as internationally and link our aspiration as a Top 50 global institution to tangible change and commitment to our local communities.Fittingly,the current governments priorities for reform of the UK higher education system,as recently noted by the Education Secretary,set,amongst others

20、,the challenge for universities to make a stronger contribution to economic growth and play a greater civic role in our communities.This report and its annex testify to the sizeable success and presence of the University of The economic impact of the University of Bristol Bristol on these fronts whi

21、lst continuing its long-standing role as a key anchor institution in our city and region,playing a strong role in expanding access and improving outcomes for disadvantaged students.We aim not to stand still on this success but to capitalise on this commitment over the next five years.Critically,2026

22、 will see the launch of a generational innovation for the University and the City,such as our Temple Quarter enterprise Campus.We are confident the trajectory this report traces is one of many further steps we will take to ensure the University remains a civic champion in and for Bristol,and we enco

23、urage you to dive into the many points of evidence captured here to attest to this powerful,and humbling,statement of responsibility to our home.Prof Judith Squires,Provost Prof Michele Acuto,Pro Vice-Chancellor(Global Engagement)The economic impact of the University of Bristol TABLE OF CONTENTS Exe

24、cutive summary.5 1.Introduction.8 1.1 Introduction.8 1.2 Introducing economic impact analysis.8 1.3 Structure of this report.10 2.The Universitys economic footprint.12 2.1 Introduction.12 2.2 The University of Bristol.12 2.3 The economic impact of students subsistence spending.17 2.4 The economic im

25、pact of visitors.19 2.5 The University of Bristols economic footprint.21 3.The wider economic benefits.24 3.1 Introduction.24 3.2 Academic expertise and the Universitys R&D capability.24 3.3 The economic value of graduates.26 3.4 Entrepreneurial and innovation impacts.30 3.5 Summary.34 4.Conclusion.

26、36 Technical annex.38 The economic impact of the University of Bristol 5 EXECUTIVE SUMMARY The University of Bristol(formerly University College,Bristol)was founded in 1876 and has grown into one of the most prestigious universities in the UK.The University of Bristol commissioned Oxford Economics t

27、o assess its economic impact.In this report we quantify the Universitys economic footprint across local and national economies.Its academic and administrative departments generate considerable economic activity locally,employing thousands of staff,while the University also supports activity in a wid

28、e range of industries through its procurement,and as those employed at the University and along its supply chain spend money in the wider economy.Furthermore,the University attracts expenditure to Bristol through the more than 30,000 students from across the UK and beyond that it brings to the local

29、 area,and from visitors to these students,alongside attendees to graduation ceremonies and open days.Our assessment also explores the wider economic benefits arising from the Universitys research activity,its graduates,and the entrepreneurial spin-off firms it facilitates.THE UNIVERSITYS ECONOMIC FO

30、OTPRINT In the academic year 2022/23,we estimate that expenditure by the University of Bristol,the students attracted to the area,and their visitors stimulated 1.06 billion of GVA and facilitated 16,510 jobs across the Bristol economy.This equates to 5.1%of Bristols entire GVA contribution and 4.9%o

31、f all jobs across the city.The University directly contributed 612 million of GVA and employed 9,530 permanent workers in the academic year 2022/23,of which 596 million and 9,280 workers were in Bristol itself.It spent 273 million procuring goods and services and 429 million on compensation to staff

32、,which stimulated a further 143 million of GVA and 1,950 jobs through the indirect(supply chain)and induced(wage consumption)impacts.This equates to a(Type II)employment multiplier of 1.27:a further 27 indirect(supply chain)and induced(wage consumption)jobs are created or sustained across the Bristo

33、l economy for every 100 permanent workers employed at the University.The more than 30,000 students that the University attracts to the local economy spend money on housing,food,transport,leisure,and educational supplies.These students also attract visitors to the city,including to attend graduation

34、ceremonies and open days,facilitating further spending in the Bristol economy.Taken together,we estimate that student subsistence and visitor spending generated an additional 318 million of GVA and 5,270 jobs across the city.The inclusion of student and visitor spending increases the employment mult

35、iplier to 1.78,or 78 additional jobs in Bristol for every 100 University employees.1.06 billion The University of Bristols GVA contribution to the Bristol economy and 16,510 jobs in the academic year 2022/23.30,000 The University attracted more than 30,000 students to live and work in the local area

36、 from elsewhere in the UK and abroad.The economic impact of the University of Bristol 6 Widening our analysis to the West of England Combined Authority(CA),we estimate the University contributed 1.13 billion and 17,420 jobs in the academic year 2022/23.Across the national economy,the Universitys eco

37、nomic footprint extends to a 1.78 billion GVA contribution to UK GDP and 27,220 jobs across the UK workforce,generating 359 million in tax revenues.1 This equates to a(Type II)employment multiplier of 2.20,or 31 indirect(supply chain)and 89 induced(wage consumption)jobs created or sustained across t

38、he UK economy for each 100 permanent workers employed at the University,which increases to 2.85 with the inclusion of student and visitor spending impacts.The Universitys national economic footprint also includes a 169 million GVA contribution to UK GDP,2,720 jobs,and 32 million in tax revenues aris

39、ing from the student subsistence and visitor spending associated with the Universitys international students.Fig.1.The economic footprint of the University of Bristol,2022/2318 The expansion of the University of Bristol as part of the Temple Quarter Enterprise Campus development would increase its e

40、conomic footprint.Drawing on the Universitys projected expansion to over 35,000 students,and assuming that the operations of the University increase in proportion,indicates that the Universitys local economic footprint will increase to 1.17 billion of GVA and 18,210 jobs across Bristol by the academ

41、ic year 2028/29a 116 million and 1,700 job increase on the academic year 2022/23.We estimate that the Universitys economic footprint across the national economy would increase to a 1.95 billion GVA contribution to UK GDP and 29,750 jobs,while generating 403 million in taxes.2 1 Note that the nationa

42、l impacts include domestic student subsistence and visitor spending.Excluding the economic impact associated with this spending would result in an economic impact of 1.38 billion GVA contribution to UK GDP,20,700 jobs across the UK workforce,and 284 million in tax revenues.2 Note that this estimate

43、considers the economic footprint of the University alone,and does not account for the Universitys additional investments as part of the Temple Quarter Enterprise Campusincluding the MyWorld&Bristol Digital Futures Institute,OMX incubator,and Quantum Technology Innovation Centrethat may create an eco

44、nomic impact over-and-above that captured within this estimate.0.600.600.610.140.200.600.320.330.571.061.131.78BristolWest ofEngland CAUK0.00.51.01.52.0GVA,billion,constant 2023 prices9.289.299.531.952.688.445.275.459.2416.5117.4227.22BristolWest ofEngland CAUK051015202530Jobs,thousand595.99142.5131

45、7.621,056.11University(direct)University(indirect&induced)Student&visitor spendingTotalSource:University of Bristol,Oxford Economics.Note:may not sum due to rounding.1.78 billion The University of Bristols contribution to UK GDP and 27,220 jobs across the UK in the academic year 2022/23.1.13 billion

46、 The University of Bristols GVA contribution to the West of England CA economy and 17,420 jobs in the academic year 2022/23.35,000 The Temple Quarter Enterprise Campus will enable an expansion in student numbers by the academic year 2028/29.The economic impact of the University of Bristol 7 Fig.2.Th

47、e economic impact of the University of Bristol,Bristol,2022/23 and 2028/29 WIDER ECONOMIC BENEFITS The University of Bristol facilitates a range of wider economic benefits across the Bristol and UK economies.The University is globally recognised for the quality of its research activity,and 95%of its

48、 research output is classified as World Leading or Internationally Excellent according to the Research Excellence Framework.Alongside the economic activity sustained by the Universitys 169 million investment in research&development in the academic year 2022/23,we estimate that this activity will gen

49、erate positive spillover effects across the UK economy,enabling an estimated 67 million increase in productivity across the UK economy by 2040.The Universitys highly qualified and sought-after graduates tend to find employment in highly-skilled occupations and in-demand sectors of the economy;based

50、on the lifetime earnings premium associated with undergraduate students,we estimate that the Universitys graduates in the academic year 2022/23 added 768 million to the UKs human capital stock.The University also facilitates a range of entrepreneurial activity through spin-off firms.There were 217 a

51、ctive firms originating from the University in the academic year 2022/23,generating 66 million in turnover and supporting almost 1,800 jobs according to HESA data.However,this may understate the true economic contribution made by the Universitys spin-off firms;it retains shares in firms with a total

52、 enterprise value of 1.33 billion,including machine-learning firm Graphcore and technology firm Ultraleap,while the value of spin-off firms that it does not hold shares in is likely to be higher again.The University has numerous R&D partnerships with successful global businesses,including Airbus,BT,

53、EDF,GSK,IBM,LV(Allianz),Oracle,Roche,Rolls Royce,Thales,and Toshiba.The Universitys subsidiary firms,including the National Composites Centre and Science Research Foundation,which is part of the Universitys catalyst for innovation,Bristol Innovations,and operates SETsquared Bristol and the Engine Sh

54、ed,helped to support economic activity and firms across the West of England CA.0.600.660.140.160.320.351.061.172022/232028/290.000.250.500.751.001.251.50GVA,billion,constant 2023 prices9.2810.341.952.135.275.7416.5118.212022/232028/2905101520Jobs,thousandUniversity(direct)University(indirect&induced

55、)Student&visitor spendingTotalSource:University of Bristol,Oxford Economics.Note:may not sum due to rounding.1.17 billion The University of Bristols estimated future GVA contribution to the Bristol economy and 18,210 jobs in the academic year 2028/29.768 million Boost to the UKs human capital stock

56、from University of Bristol graduates in the academic year 2022/23.1.33 billion Total enterprise value of spin-off firms that the University retains shares in.The economic impact of the University of Bristol 8 1.INTRODUCTION 1.1 INTRODUCTION The University of Bristol(formerly University College,Brist

57、ol)was founded in 1876 and has grown into one of the most prestigious universities in the UK.The University ranks 54th out of more than 1,500 universities according to the QS World University Rankings,placing it ninth best in the UK and 11th best in Europe,3 and the fifth-best performing university

58、within the Research Excellence Framework.4 5 The University attracts more than 30,000 students from across the UK and beyond.The University of Bristol makes a positive contribution to both the local and UK economies.It is an important source of economic activity and employment,both directly and thro

59、ugh its procurement and through the spending of staff,students,and visitors.In addition,it provides a supply of labour to local employers through its graduates.It boosts efficiency and productivity through its world-leading and internationally excellent academic research,and through collaboration wi

60、th local,innovative business.In this report we explore and quantify the Universitys economic impact on the Bristol,West of England Combined Authority(CA),6 South West,and UK economies.1.2 INTRODUCING ECONOMIC IMPACT ANALYSIS This report quantifies the University of Bristols economic contribution to

61、local,regional,and national economiesboth in the 2022/23 academic year and through future expansion enabled by the Temple Quarter Enterprise Campus developmentthrough the following channels of impact:(1)The Universitys operations,consisting of:The direct impact capturing the economic activity genera

62、ted by the University itself;The indirect(supply chain)impact,which captures the economic activity supported through the Universitys supply chain,as a result of the procurement of goods and services from suppliers;and The induced(wage consumption)impact,as those employed both directly by the Univers

63、ity and along its supply chain consume goods and services,stimulating a further round of economic activity.(2)The economic impact of student subsistence spending,as students from elsewhere in the UK and abroad move to the local area and purchase goods and services in the local economy;and(3)The econ

64、omic impact of visitor spending of friends and family visiting students,and attendees of graduations and open days,who spend money on tourism-related activities.3 University of Bristol,Bristol climbs to 54th in prestigious world university rankings,2024.4 Times Higher Education,REF 2021:Quality rati

65、ngs hit new high in expanded assessment,accessed 2024.5 Research Excellence Framework(REF),Research Excellence Framework 2021,2023.6 Consisting of Bristol,Bath&North East Somerset,and South Gloucestershire.The economic impact of the University of Bristol 9 Fig.3.The economic impact of the University

66、 of Bristol Source:Oxford Economics The economic impact,or economic footprint,of the University is quantified through:Gross value added(GVA)is the contribution an institution or company makes to Gross Domestic Product(GDP);Employment,measured on a headcount basis to facilitate comparison with ONS em

67、ployment data;and Tax revenue,including labour taxes,corporation taxes,and other indirect taxes(such as VAT)attributable to the Universitys activities.The economic impact of the University of Bristol 10 In addition,this study also explores the wider economic benefits facilitated by the University,th

68、rough its academic expertise and the spillover benefits of R&D,the economic value of the Universitys graduates,and through the entrepreneurial activity facilitated by the University and its initiatives to foster innovation.Note that values are presented in constant 2023 prices throughout this report

69、 unless otherwise stated and may not necessarily sum in all instances due to rounding.7 1.3 STRUCTURE OF THIS REPORT This report is structured as follows:Chapter two estimates the Universitys economic footprint,through its operations,student expenditure,and visitor expenditure,on the Bristol,West of

70、 England CA,South West,and UK economies;Chapter three explores the wider economic benefits of the University,through its research,graduates,and entrepreneurial benefits;Chapter four concludes;and Technical annex details our approach and method.7 The results are presented on a gross rather than net b

71、asis.It does not attempt to estimate what economic benefits could arise if the labour and capital resources employed by the University were put to alternative uses,as it is impossible to know what they would have produced if they were employed in their next most productive use.Nor does it address th

72、e activity that the University displaced from other institutions or sectors.The economic impact of the University of Bristol 11 GLOSSARY OF TERMS Compensation of employees:gross wages of employees in employment(excluding the self-employed),including the value of employees and employers social contri

73、butions and other costs to employers.Direct impact:the economic activity that relates to a company or entitys own operations.In this study,the direct impact is taken to be all activity undertaken by the University.Employment:the number of people employed,measured on a job or full-time equivalent(FTE

74、)basis.For the University of Bristols direct employment,we consider both permanent(or main staff)and temporary workers throughout this report.GDP,or Gross Domestic Product:the total value of final goods and services produced in the economy within a given time period.The contribution of an individual

75、 producer,industry,or sector to GDP is measured in terms of gross value added,or GVA.GDP is GVA plus product taxes(like VAT)minus product subsidies.GVA,or Gross Value Added:Measure of the value of goods and services produced in an area,industry,or sector of an economy.Can be understood as either:1)t

76、he value of output(goods or services)less the value of intermediate inputs used in the production process;or 2)the sum of compensation of employees(gross wages)and gross operating surplus(profits).Gross operating surplus:profits,defined as earnings before interest,taxes,depreciation,and amortisation

77、(EBITDA).Indirect impacts:the economic activity generated by the procurement of inputs of goods and services from suppliers.Induced impacts:the economic activity supported in the economy by all staff employed at the University(direct employment)and those employed along its supply chain spending thei

78、r wage income.Labour taxes:include Income Tax and both employee and employer National Insurance Contributions.Leakage:the proportion of activity occurring outside of a particular study area(e.g.,within other regions of the UK economy).Procurement:the purchases of goods and services made by a particu

79、lar entity,which forms the initial basis of the indirect(supply chain)effect.Productivity or labour productivity:the ratio of GVA per person employed.Taxes on products and production:payable by producers in relation to the production,sale,purchase,or use of goods and services(e.g.,Value Added Tax,or

80、 VAT),or that do not vary with changes to production(e.g.,Business Rates,Apprenticeship Levy).The economic impact of the University of Bristol 12 2.THE UNIVERSITYS ECONOMIC FOOTPRINT 2.1 INTRODUCTION In this chapter we assess the economic footprint of the University of Bristol in the academic year 2

81、022/23,and the potential future economic footprint through the Bristol Temple Quarter development in the academic year 2028/29.2.2 THE UNIVERSITY OF BRISTOL 2.2.1 The Universitys direct impact Through its teaching of students,research activities,and engagement with business,the University of Bristol

82、 made a 612 million direct contribution to GDP in the academic year 2022/23.8 This contribution is primarily through the approximately 429 million that the University paid to its staff in the academic year 2022/23,alongside 184 million generated through the Universitys gross operating surplus.8 In t

83、he academic year 2022/23,the University of Bristol employed 9,530 permanent staff.In addition to this,data provided by the University indicates that a further 8,460 workers were employed as casual staff,alongside 1,760 hourly paid teachers,and 170 workers through temporary staffing services.Taken to

84、gether,the 19,930 workers are equivalent to 5.9%of all employment across Bristol,although given the temporary nature of a majority of this employment,we consider only permanent staff within the economic footprint calculations.Fig.4.Employment,University of Bristol,2022/23 8 University of Bristol,Ann

85、ual Report and Financial Statements 2023,2024.9,5308,4601,760Main staffCasual StaffHourly Paid TeachersTemprorary staffing servicesSource:University of Bristol,Oxford Economics.Note:may not sum due to rounding.Count19,930 workers19,930 Workers employed in some form by the University of Bristol in 20

86、22/23.The economic impact of the University of Bristol 13 In the academic year 2022/23,the University and its employees paid 127 million in tax.A substantial proportion(108 million)was paid through labour taxes(e.g.Income Tax and National Insurance Contributions),alongside 19 million in taxes on pro

87、ducts(such as VAT)and taxes on production(Business Rates).2.2.2 The Universitys indirect(supply chain)impact To facilitate its teaching,research,and other operations,the University of Bristol procures goods and services from its suppliers.These purchases stimulate a network of supply chain activity

88、stretching across the local and regional economies and further afield.The University of Bristol spent 273 million on the procurement of goods and services in the academic year 2022/23.9 The Universitys procurement is highly concentrated among local firms:we estimate that a quarter of spending is amo

89、ng firms operating in Bristol(70 million),and almost half within the West of England CA(131 million).These suppliers purchase from their own suppliers and so on,as spending ripples through the economy.We estimate that the Universitys indirect(supply chain)impact contributed a 212 million to UK GDP a

90、nd 3,000 jobs in the academic year 2022/23.Around half of the domestic indirect(supply chain)impact is retained within the South West,including 35 million and 560 jobs in Bristol itself,and 62 million and 820 jobs across the West of England CAmore than a quarter of the total.The proportion of activi

91、ty retained locally is less than its share of the Universitys spending due to leakage throughout various rounds of spending,as firms buy goods and services from other parts of the UK.Fig.5.The indirect(supply chain)impact by location,University of Bristol,2022/23 9 To estimate the extent of the supp

92、ly chain,the University shared data detailing expenditure with its 100 largest suppliers by value.These suppliers represent more than two-thirds of the Universitys procurement spending.We map this sample of firms to locations and sectors of the economy.352741109GVA,million,constant 2023 prices212 mi

93、llion5602607401,440Jobs3,000 jobsBristolElsewhere in the West of England CAElsewhere in the South WestElsewhere in the UKSource:University of Bristol,Oxford Economics.Note:may not sum due to rounding.212 million Indirect(supply chain)GVA contribution to UK GDP and 3,000 jobs in the academic year 202

94、2/23.The economic impact of the University of Bristol 14 The University of Bristols supply chain is spread across various sectors of the Bristol economy.Finance&insurance is the largest sector along the Universitys local supply chain,capturing 11 million of GVA and 150 jobsmore than a quarter of the

95、 totalas both the University and firms along its supply chain procure services from this sector.Construction is the next-largest sector(7million and 100 jobs),followed by administrative&support services(5 million and 110 jobs).Fig.6.The indirect(supply chain)impact by sector,Bristol,University of Br

96、istol,2022/23 2.2.3 The Universitys induced(wage consumption)impact The direct and indirect(supply chain)activity facilitated by the Universitys operations sustain thousands of jobs.The spending of wages by those employed at the University and along its supply chain represents a further channel of e

97、conomic impact.To understand the extent to which this stimulates economic activity across the economies under consideration,we draw on anonymised data provided by the University on where its workers reside.This information provides an understanding of the extent to which local economies benefit from

98、 wage-financed consumption of the Universitys workers.10 10 Implicit within this approach is the assumption that wage-financed consumption takes place in the location of a workers residence.This is a simplistic assumption,as some degree of consumption spending from wages undoubtedly takes place at,f

99、or instance,local retail and leisure establishments close to the University.However,since the extent of this is subject to great uncertainty,for consistencys sake this calculation allocates spending according to residence.117533312GVA,million,constant 2023 prices35 million15010011080702525Jobs560 jo

100、bsFinancial&insuranceConstructionAdministrative&support servicesHuman health&social workProfessional,scientific&technicalReal estateTransportation&storageAll other sectorsSource:University of Bristol,Oxford Economics.Note:may not sum due to rounding.35 million Indirect(supply chain)GVA generated acr

101、oss the Bristol economy and 560 jobs in the academic year 2022/23.The economic impact of the University of Bristol 15 A majority of the permanent workforce live local to the University.Approximately 5,770 permanent staff,or three-fifths of the total,reside in Bristol.Taken together,the West of Engla

102、nd CA is home to 7,060 permanent staff or three-quarters of the total,with a further 1,540 permanent staff(16%)residing elsewhere in the South West.Fig.7.Location of residence of permanent staff,University of Bristol,2022/23 In the academic year 2022/23,the University of Bristol spent 429 million on

103、 employee compensation.The equates to an average gross wage of approximately 41,300 per employee,which is around 14%(5,200)higher than the Bristol average(36,100 per employee).11 These salary payments,as well as those along the Universitys supply chains,support a sizeable consumption impact in the l

104、ocal and national economies.Mapping these sums to the goods and services typically purchased by households enables an estimate of the Universitys induced(wage consumption)impact on the economy.We estimate that the wage-financed consumption of the Universitys permanent workers,and those employed alon

105、g its domestic supply chains,contributed 385 million in GVA contributions to UK GDP and 5,440 jobs across the national workforce in the academic year 2022/23.Owing to the high concentration of both employment and procurement spending within local economies,a high proportion of wage-financed consumpt

106、ion is retained locally.We estimate that the induced(wage consumption)impact generated 108 million of GVA and facilitated 1,390 jobs across Bristol in the academic year 2022/23.Across the West of England CA,the induced(wage consumption)impact generated 136 million and 1,750 jobs,while more than two-

107、thirds of the impact is retained within the South West economy(256 million and 3,360 jobs).11 Office for National Statistics(ONS),Annual Survey of Hours and Earnings,2023.5,7703709201,540920BristolBath&North East SomersetSouth GloucestershireElsewhere in the South WestElsewhere in the UKSource:Unive

108、rsity of Bristol,Oxford Economics.Note:may not sum due to rounding.Workers9,530 workers7,060 Permanent workers(74%)who also live in the West of England CA.The economic impact of the University of Bristol 16 Fig.8.The induced(wage consumption)impact by location,University of Bristol,2022/23 The wage

109、spending facilitates economic activity across the everyday economy in Bristol.Real estate is the largest beneficiary in GVA terms,equating to 44 million or two-fifths of the total,although this is largely a reflection of high house prices through imputed rents12indeed,the induced(wage consumption)im

110、pact supports just 100 jobs across the city.Wholesale&retail trade generates a further 18 million of GVA and 450 jobs,followed by accommodation&food services(10 million and 280 jobs).Fig.9.The induced(wage consumption)impact by sector,Bristol,University of Bristol,2022/23 12 Imputed rents are an est

111、imate of the housing services consumed by households not renting their homes.10834114129GVA,million,constant 2023 prices385 million1,3904601,7801,810Jobs5,440 jobsBristolElsewhere in the West of England CAElsewhere in the South WestElsewhere in the UKSource:University of Bristol,Oxford Economics.Not

112、e:may not sum due to rounding.441810644318GVA,million,constant 2023 prices108 million10045028075406575300Jobs1,390 jobsReal estateWholesale&retail tradeAccommodation&food servicesFinancial&insuranceOther service activitiesManufacturingHuman health&social workAll other sectorsSource:University of Bri

113、stol,Oxford Economics.Note:may not sum due to rounding.385 million Induced(wage consumption)GVA contribution to UK GDP and 5,440 jobs in the academic year 2022/23.108 million Induced(wage consumption)GVA contribution to the Bristol economy and 1,390 jobs in the academic year 2022/23.The economic imp

114、act of the University of Bristol 17 2.3 THE ECONOMIC IMPACT OF STUDENTS SUBSISTENCE SPENDING The University of Bristols economic footprint extends beyond its operational impact.The high quality of its educational programmes,links with industry,and strong employment record attract students from acros

115、s the UK and internationally.The University of Bristol attracted more than 30,000 full-time and part-time students from across the UK and beyond to live in the local area in the academic year 2022/23.Data provided by the University on the location of home residence of students indicate that 20,490 o

116、f the 22,520 domestic students(91%)come from outside of the West of England CA,and 17,090 students(76%)from outside of the South West,to study at the University.A further 9,960 international students move to the local area to study at the University,a majority of whom(8,890 students or 27%of the tot

117、al)reside outside of the EU.13 In total,30,450(94%)of students studying at the University of Bristol originate from outside of the West of England CA.Fig.10.Students by origin,University of Bristol,2022/23 These students spend money in the local economy on housing,food,transport,leisure,and educatio

118、nal supplies.This spending in turn creates a further multiplier effect.14 Drawing on estimates of the average subsistence expenditure per student,15 we estimate that students spent a further 463 million in the Bristol economy in the academic year 2022/23,equivalent to approximately 14,300 per studen

119、t.We estimate that student subsistence generated a 552 million GVA contribution to UK GDP and 8,870 jobs across the UK workforce in the academic year 2022/23.13 The economic footprint of international students specifically is presented on page 19.14 Given that,in the absence of the University,this l

120、ocalised expenditure would not have taken place,we refer to it as additional expenditure.Students whose location of home residence is within the West of England CA are excluded from this assessment,as it is assumed that these students would otherwise continue to spend money in the local economy.15 O

121、ur estimates exclude tuition fees to avoid double-counting the Universitys revenues captured within the direct impact detailed in section 2.2.1.1,43020,4901,0708,890BristolElsewhere in the West of England CAElsewhere in the UKInternational(EU)International(Rest of the World)Source:University of Bris

122、tol,Oxford Economics.Note:may not sum due to rounding.Students32,480 students9,960 International students study at the University,over 30%of the student body.The economic impact of the University of Bristol 18 We estimate that student subsistence generated 309 million of GVA and supported 5,060 jobs

123、 across the Bristol economy in the academic year 2022/23,equivalent to 1.5%of both GVA and employment across the Bristol economy.The economic impact of student subsistence increases to 319 million of GVA and 5,230 jobs across the West of England CA.Fig.11.The student subsistence spending impact by l

124、ocation,University of Bristol,2022/23 Student subsistence spending tends to facilitate activity in many of Bristols everyday economy sectors.Real estate is the largest beneficiary in GVA terms,largely as a consequence of housing costs,although with a comparatively small employment footprint.Student

125、subsistence facilitates an estimated 106 million of GVA and 2,990 jobs in wholesale&retail tradeequivalent to almost a tenth of all employment in this sectorwith transportation&storage(30 million and 850 jobs)the next-largest beneficiary.Fig.12.The student subsistence spending impact by sector,Brist

126、ol,University of Bristol,2022/23 30910113120GVA,million,constant 2023 prices552 million1,3904601,7801,810Jobs8,870 jobsBristolElsewhere in the West of England CAElsewhere in the South WestElsewhere in the UKSource:University of Bristol,Oxford Economics.Note:may not sum due to rounding.13210630111187

127、3GVA,million,constant 2023 prices309 million3202,990850310220190Jobs5,060 jobsReal estateWholesale&retail tradeTransportation&storageAccommodation&food servicesEducationInformation&communicationArts,entertainment&recreationAll other sectorsSource:University of Bristol,Oxford Economics.Note:may not s

128、um due to rounding.309 million Student subsistence spendings GVA contribution to the Bristol economy and 5,060 jobs in the academic year 2022/23.552 million Student subsistence spendings GVA contribution to UK GDP and 8,870 jobs in the academic year 2022/23.The economic impact of the University of B

129、ristol 19 2.4 THE ECONOMIC IMPACT OF VISITORS The University of Bristols students attract visitors to Bristol and the West of England CA.Friends and relatives from elsewhere in the UK,and overseas,travel to help students move in-and-out of their accommodation and for visits during term-time.These vi

130、sitors spend money in the area during their stay,stimulating economic activity across the local economy.In addition,the University of Bristol attracts visitors attending graduation ceremonies or open days.According to data provided by the University,12,080 students attended graduation ceremonies in

131、the academic year 2022/23,while 15,000 prospective students also attended open days at the University.These visitors and their spending can also be viewed as additional to the spending of students attending the University.Taken together,we estimate that visitors to students,and attendees of graduati

132、ons and open days at the University,spent an estimated 15 million in Bristol in the academic year 2022/23.Like the other channels of impact,this spending will cascade through the local and national economies,facilitating a multiplier effect.We estimate that visitors spending generated a further 9 mi

133、llion of GVA across the Bristol economy and 210 jobs in the academic year 2022/23.Accommodation&food services forms more than half of the economic impact of visitors across the city(5 million and 120 jobs),followed by transportation&storage(2 million and 40 jobs)and wholesale&retail trade(1 million

134、and 25 jobs).Across the UK economy,visitor spending generated an 18 million GVA contribution to UK GDP and 370 jobs in the academic year 2022/23.Fig.13.The visitor spending impact by location,University of Bristol,2022/23 9155GVA,million,constant 2023 prices18 million210108070Jobs370 jobsBristolElse

135、where in the West of England CAElsewhere in the South WestElsewhere in the UKSource:University of Bristol,Oxford Economics.Note:may not sum due to rounding.9 million GVA generated by visitor spending across the Bristol economy and 210 jobs in the academic year 2022/23.The economic impact of the Univ

136、ersity of Bristol 20 THE ECONOMIC IMPACT OF INTERNATIONAL STUDENTS The University of Bristol attracted 9,960 international students to study in the UK in the academic year 2022/23.Fifty-six percent of these students are enrolled on either taught(5,6200 students)or research(920 students)postgraduate

137、courses,with the remaining 5,400 students(44%)enrolled on undergraduate degrees.The international students contribute to the economy through subsistence spending and visitor spending(see section 2.3).While domestic students may otherwise attend other universities across the UK,the economic activity

138、associated with the international students that the University of Bristol attracts can be considered additional to the UK economy.The University of Bristols international students contributed a 169 million GVA contribution to UK GDP and 2,720 jobs across the UK workforce in the academic year 2022/23

139、.This is in addition to the 201 million that the University earned through full-time international students tuition fees,which forms part of the Universitys direct economic impact as captured within the Universitys direct impact(see section 2.2.1).8 We estimate that the economic footprint of interna

140、tional students also generated 32 million in tax revenues in the academic year 2022/23.The economic footprint of international students is concentrated in the local area.We estimate that more than half of the economic impact is retained within the Bristol economy,contributing 94 million of GVA and 1

141、,540 jobsequivalent to 0.5%of both city-wide GVA and employment.More than three-quarters of activity is estimated to be retained in the South West(132 million and 2,170 jobs).Fig.14.The economic impact of international students by location,University of Bristol,2022/23 9433537GVA,million,constant 20

142、23 prices169 million1,54050580540Jobs2,720 jobsBristolElsewhere in the West of England CAElsewhere in the South WestElsewhere in the UKSource:University of Bristol,Oxford Economics.Note:may not sum due to rounding.The economic impact of the University of Bristol 21 2.5 THE UNIVERSITY OF BRISTOLS ECO

143、NOMIC FOOTPRINT The University of Bristol makes a substantial contribution to the citys economy.The University itself contributed 596 million of GVA and 9,530 jobs in the academic year 2022/23.Around half of the 273 million that the University spent procuring goods and services is spent with firms o

144、perating in the West of England CA,including a quarter that is spent in Bristol,generating a further 35 million of GVA and 560 jobs.In addition,the induced(wage consumption)impact contributed a further 108 million of GVA and 1,390 jobs.This equates to a(Type II)employment multiplier of 1.27:a furthe

145、r six indirect(supply chain)and 21 induced(wage consumption)jobs are created or sustained across the Bristol economy for every 100 permanent workers employed at the University.16 This employment multiplier increases to 1.78 when including the economic impact of student subsistence(309 million and 5,

146、060 jobs)and visitor expenditure(9 million and 210 jobs).Taken together,we estimate that the University of Bristols economic footprint contributed 1.06 billion of GVA to the Bristol economy,facilitating 16,510 jobs,in the academic year 2022/23.This equates to 5.1%of Bristols entire GVA contribution

147、and 4.9%of all jobs across the city.The Universitys economic footprint extends to 1.13 billion and 17,420 jobs across the West of England CA.This represents a 177 million or 20%increase on the Universitys economic footprint in GVA terms on the academic year 2020/21 in nominal terms,or a 66 million o

148、r 7%increase in constant 2023 prices.17 We estimate that the University supports a further 3,300 jobs across the Bristol economy than in the academic year 2020/21.17 Fig.15.The economic impact of the University of Bristol,Bristol,2022/23 16 A Type I multiplier reflects the direct and indirect(supply

149、 chain)activity associated with a direct effect,whereas a Type II multiplier also includes the induced(wage consumption)activity as a consequence of increased employment across both the direct and indirect effects.17 Oxford Economics,The economic benefits of the University of Bristol,2022.5963510830

150、9GVA,million,constant 2023 prices1.06 billion9,2805601,3905,060Jobs16,510 jobsDirectIndirectInducedStudent subsistenceVisitor expenditureSource:University of Bristol,Oxford Economics.Note:may not sum due to rounding.1.06 billion The University of Bristols GVA contribution to the Bristol economy and

151、16,510 jobs in the academic year 2022/23.The economic impact of the University of Bristol 22 Across the national economy,we estimate that the University of Bristols entire economic footprint generated a 1.78 billion GVA contribution to UK GDP and 27,220 jobs across the UK workforce in the academic y

152、ear 2022/23,alongside 359 million in tax revenues.18 This equates to a(Type II)employment multiplier of 2.20,or 31 indirect(supply chain)and 89 induced(wage consumption)jobs created or sustained across the UK economy for each 100 permanent workers employed at the University,which increases to 2.85 w

153、ith the inclusion of student and visitor spending impacts.Fig.16.The economic footprint of the University of Bristol,2022/2318 18 Note that the national impacts exclude domestic student subsistence and visitor spending,which is not assumed to be additional to the UK economy.The inclusion of domestic

154、 spending would increase the Universitys economic footprint to a 1.78 billion GVA contribution to UK GDP and 27,220 jobs across the UK workforce.0.600.600.610.140.200.600.320.330.571.061.131.78BristolWest ofEngland CAUK0.00.51.01.52.0GVA,billion,constant 2023 prices9.289.299.531.952.688.445.275.459.

155、2416.5117.4227.22BristolWest ofEngland CAUK051015202530Jobs,thousand595.99142.51317.621,056.11University(direct)University(indirect&induced)Student&visitor spendingTotalSource:University of Bristol,Oxford Economics.Note:may not sum due to rounding.1.78 billion The University of Bristols GVA contribu

156、tion to UK GDP and 27,220 jobs in the academic year 2022/23.The economic impact of the University of Bristol 23 THE FUTURE ECONOMIC FOOTPRINT OF THE UNIVERSITY OF BRISTOL The University of Bristol plans to expand its activities as part of the Temple Quarter Enterprise Campus development,a regenerati

157、on opportunity to create 22,000 new jobs and deliver 10,000 new homes across a 130 hectare brownfield site to the east of and incorporating Bristol Temple Meads station.19 To assess the future economic footprint of the University,we draw on projected student numbers provided by the University over a

158、 five-year period to the academic year 2028/29.The University anticipate the number of students to reach 35,190 students in the academic year 2028/29,a 2,710 student or 11%increase on the academic year 2022/23.20 21 We estimate that the University of Bristols local economic footprint would increase

159、to 1.17 billion of GVA and 18,210 jobs across the Bristol economy in the academic year 2028/29.22 This represents a 116 million or 11%increase in GVA,and 1,700 additional jobs or a 10%uplift in employment,relative to the academic year 2022/23.A comparison with our baseline forecast indicates that th

160、e Universitys economic footprint would grow broadly in-line with the Bristol economy as a whole.Across the UK,the Universitys economic footprint would increase to a 1.95 billion GVA contribution to UK GDP and 29,750 jobs,while generating 403 million in taxes.Fig.17.The economic impact of the Univers

161、ity of Bristol,Bristol,2022/23 and 2028/29 19 Bristol Temple Quarter,Vision,accessed 2024.20 The University has indicated that it would not be able to facilitate this growth at the existing Clifton campus,and the increase in its economic footprint into the future can be attributed to the development

162、.21 To assess the future economic footprint of the University,we assume that its operations increase in-line with overall student numbers,while the increase in student subsistence and visitor spending account for the origin of additional students but are fixed in real terms.This is a relatively cons

163、ervative assumption as overseas students typically generate more revenues for the University.Our calculations also take into account the expected changes to labour productivity over time.22 Note that this estimate considers the economic footprint of the University alone,and does not account for the

164、Universitys additional investments as part of the Temple Quarter Enterprise Campusincluding the MyWorld&Bristol Digital Futures Institute,OMX incubator,and Quantum Technology Innovation Centrethat may create an economic impact over-and-above that captured within this estimate.0.600.660.140.160.320.3

165、51.061.172022/232028/290.00.20.40.60.81.01.21.4GVA,billion,constant 2023 prices9.2810.341.952.135.275.7416.5118.212022/232028/2905101520Jobs,thousandUniversity(direct)University(indirect&induced)Student&visitor spendingTotalSource:University of Bristol,Oxford Economics.Note:may not sum due to roundi

166、ng.The economic impact of the University of Bristol 24 3.THE WIDER ECONOMIC BENEFITS 3.1 INTRODUCTION We have demonstrated that the University of Bristol supports millions of pounds in GDP and thousands of jobs through its operational activities,alongside student and visitor spending.However,the eco

167、nomic benefits arising from the University extend beyond this.The University contributes to boosting the UKs productive capacity,or the supply-side of the economy,through its leading research,the flow of highly-skilled graduates joining the labour market,and facilitating entrepreneurial activity.In

168、this chapter we consider the wider economic benefits of the University of Bristol through:(1)Academic expertise and the Universitys R&D capability;(2)The economic value of graduates;and(3)Entrepreneurial&innovation impacts.3.2 ACADEMIC EXPERTISE AND THE UNIVERSITYS R&D CAPABILITY Innovation levels i

169、n an economy have far-reaching implications for future economic growth through improved productivity and enhanced living standards for its people.Expenditure on research&development,and innovative activity more generally,can support a strong economic performance in the medium-to-long term.3.2.1 Rese

170、arch inputs The University of Bristol received 169 million of research funding in 2022/23.8 This funding comes from a range of sources,with research councils and other grants&contracts the joint-largest funders,at 66 million each,followed by UK-based charities(23 million)and European Commission&othe

171、r Euro-denominated contracts(16 million).Fig.18.Research grants and contracts,University of Bristol,2022/23 66231666Research councilsUK-based charitiesEuropean Commission and otherEuro-denominated contractsOther grants and contractsSource:University of Bristol,Oxford Economics.Note:may not sum due t

172、o rounding.million,constant 2023 prices169 million169 million Grants and contracts to facilitate research at the University of Bristol in 2022/23.The economic impact of the University of Bristol 25 3.2.2 Research outputs The University of Bristol is globally recognised for the quality of its researc

173、h activity.According to the Research Excellence Framework(REF),the research produced at the University of Bristol is more often of World Leading quality than both an average of the Russell Group of 24 leading UK research universities,and the UK average.5 Ninety-five percent of the research output fr

174、om the University of Bristol was classified as World Leading or Internationally Excellent in 2021the University of Bristol ranks second behind only Imperial College London by this measure.Sixty percent of the Universitys research was deemed World Leading,above the Russell Group(55%)average,while at

175、least 80%of the Universitys research is World Leading or Internationally Excellent across each of the 28 subjects assessed by the REF.Fig.19.Research Excellence Framework,University of Bristol,2021 3.2.3 R&D spillover effects The gains from R&D spending are not limited to the sectors or products to

176、which R&D spending is allocated.A large number of sectors benefit,both in the short term and the long term.These effects are called spillover effects.Spillover effects arise from the Universitys research via several channels including:sharing know-how with suppliers;research councils,funders,and cus

177、tomers benefiting from innovations;innovation information disseminated through publications;staff turnover;and graduates/researchers leaving to apply knowledge and skills across the economy.Over the long run,these benefits combine to create new economic conditions in the UK.Oxford Economics has deve

178、loped an econometric model to investigate how R&D spending is linked to productivity,controlling for other factors,such as the levels of investment and educational attainment in the economy.Our modelling also allows us to capture the spillover effects through detailed data on the interactions betwee

179、n various sectors in the UK economy.World LeadingInternationallyExcellentRecognisedInternationallyRecognisedNationallyUnclassified010203040506070University of BristolRussell Group(average)UKSource:Research Excelllence Framework,Oxford Economics%95%University of Bristols research classified as World

180、Leading or Internationally Excellent,according to the Research Excellence Framework.The economic impact of the University of Bristol 26 We estimate that the University of Bristols 169 million R&D spend in the academic year 2022/23 is associated with increased productivity equivalent to 67 million in

181、 2040.23 Overall,we estimate that each 1 that the University spends on R&D generates productivity benefits of approximately 39p in the long run.Almost three-quarters(49 million)accrue directly in the sectors where R&D spending is targeted,whereas the remaining 18 million is generated through spillov

182、ers of knowledge,technology,and skills to the rest of the economy.While the Universitys R&D spending generates long-term benefits for society at large,the productivity gains are most substantial in the short term and increase at a diminished rate over time.Fig.20.Total productivity impact of R&D exp

183、enditure in 2022/23,UK,2023 to 2040 3.3 THE ECONOMIC VALUE OF GRADUATES 3.3.1 Graduate outcomes The University of Bristol provides students with a high-quality education to equip them with the knowledge and skills required to go on to employment,further study,or research.Many of the Universitys grad

184、uates remain in the local and UK economies,providing employers with a flow of skilled labour.According to a survey of 100 large organisations,The Graduate Market in 2024 found that the University of Bristols graduates were the fifth most-sought after across UK universities,with the University rankin

185、g in the top-10 universities in each of the past 10 years and top-five in eight.24 25 This is reflected in the high employment rates of recent graduates.23 This estimate captures the long-run uplift to the productive potential of the UK economy,and does not attempt to measure the investment and/or e

186、conomic activity associated with the Universitys specific R&D with successful global businesses including Airbus,BT,EDF,GSK,IBM,LV(Allianz),Oracle,Roche,Rolls Royce,Thales,and Toshiba.24 High Fliers Research Limited,The Graduate Market in 2024,2024.25 University of Bristol,Bristol graduates are fift

187、h most targeted by top employers,2024.010203040506070202320252027202920312033203520372039Source:University of Bristol,Oxford Economics million67 million Productivity uplift to the UK economy in 2040 due to the University of Bristols R&D expenditure in 2022/23.The economic impact of the University of

188、 Bristol 27 According to the Graduate Outcomes survey undertaken by the Higher Education Statistics Authority(HESA),88%of students that graduated from the University of Bristol in the academic year 2021/22 were in employment,engaged in further study,or a combination of the two when surveyed in 2023.

189、26 The proportion of those continuing in employment and/or further study is slightly higher for postgraduate(92%)than undergraduate(87%)students,although in both instances the University of Bristols students benefit from more favourable outcomes than across the UK(86%and 90%,respectively).A slightly

190、 higher proportion of science graduates go on to find employment and/or further study(88%)than non-science graduates(87%),particularly for medicine&dentistry(95%)and veterinary sciences(92%)graduates,although high rates are also observed for education&teaching(92%)and law(91%).Overall,the rate at wh

191、ich graduates go on to find employment and/or engage in further study is above 80%among all 16 subjects.27 Fig.21.Graduate outcomes by subject,University of Bristol,2023 Graduates of the University of Bristol tend to work in highly-skilled occupations.Of those graduating in 2021/22 that found employ

192、ment in the UK economy,85%took up managerial,professional,or associate occupations.This proportion is somewhat higher than the economy-wide averages;according to ONS data,just 49%of residents of Bristol and 45%of residents of the West of England CA were employed in these occupations.28 Employment wa

193、s particularly high among professional occupations,which represent around 60%of the Universitys graduates in employment.26 Note that this percentage reflects those graduates whose outcomes are known.27 Note that our analysis excludes any subjects with fewer than 100 graduates in the 2021/22 academic

194、 year.28 Office for National Statistics(ONS),Annual Population Survey,2024.SciencesNon-sciencesAll subjectsBiological&sport sciencesComputingEngineering&technologyGeography(natural sciences)Mathematical sciencesMedicine&dentistryPhysical sciencesPsychologySubjects allied to medicineVeterinary scienc

195、esBusiness&managementEducation&teachingHistory,Philosophy&ReligionLanguage&area studiesLawSocial sciences5060708090100EmploymentEmployment&further studyFurther studyOther/unknownSource:HESA,Oxford Economics%88%Proportion of former students of the University of Bristol in employment and/or further st

196、udy a year after graduating.The economic impact of the University of Bristol 28 Fig.22.Estimated graduates by occupation and overall employment by occupation,2023 The University of Bristols graduates go on to work in industries that are prevalent across both Bristol and the West of England economies

197、.According to HESA data,29%of graduates in employment across the UK were employed in the professional,scientific&technical activities sector,which is the second-largest employer across both the Bristol and West of England economies.Only human health&social work employs more workers across each subre

198、gional economy,which is the second-highest destination for the Universitys graduates(12%).A higher proportion of the Universitys graduates also find employment in other typically highly-productive business service sectors,such as information&communication(11%)and finance&insurance activities(9%),tha

199、n the local economy-wide averages.Fig.23.Estimated graduates by sector and overall employment by sector,2023 Managers,directors&senior officialsProfessionalAssociate professional&technicalAdministrative&secretarialSkilled tradesCaring,leisure&other serviceSales&customer serviceProcess,plant&machine

200、operativesElementary010203040506070University of BristolBristolWest of England CASource:HESA,ONS,Oxford Economics%AgricultureMining&quarryingManufacturingUtilitiesWater supplyConstructionWholesale&retail tradeTransportation&storageAccommodation&food servicesInformation&communicationFinancial&insuran

201、ce activitiesReal estate activitiesProfessional,scientific&technicalAdministrative&support servicesPublic administration&defenceEducationHuman health&social workArts,entertainment&recreationOther service activities05101520253035University of BristolBristolWest of England CASource:HESA,Oxford Economi

202、cs%85%Proportion of graduates in work that are employed in highly-skilled occupations.29%Proportion of employed graduates working in the professional,scientific&technical sector,the second-largest employer locally.The economic impact of the University of Bristol 29 3.3.2 Boost to the UKs human capit

203、al stock The University of Bristols graduates boost the UKs human capital stock.In the 2022/23 academic year,11,560 students graduated from the University of Bristol,including 6,240 undergraduates,and the education they received deepens the pool of skills available within the UK workforce,which is a

204、 key driver of economic growth and prosperity in the long run.29 There is a strong body of literature on the economic benefits of higher education.30 For the individual,the returns are an increased likelihood of being employed and receiving higher wages on average,while the wage premium also points

205、towards benefits for employers in hiring university graduates.Given that wages align with the productivity of a worker over the long term,salary uplifts are evidence of the additional capabilities gained by graduates.A highly skilled workforce supports higher profits and increased competitiveness,si

206、nce better-trained employees can undertake more complex tasks and also tend to diffuse their knowledge throughout the organisation.Higher average skill levels support greater technological innovation and adoption,increasing the returns to investment in R&D.To estimate the value of education to stude

207、nts,we assessed the value of the University of Bristols contribution to UK human capital stock by estimating the difference the qualification gained makes to a students lifetime income,which reflects the increase in productivity the Universitys graduates are able to achieve as a result of their qual

208、ifications.This approach follows the method used by the ONS appraisals of the UKs human capital stock by estimating the discounted(present)value of individuals future lifetime employment income.According to HESA,approximately 60.5%of undergraduate students who graduated in the academic year 2021/22

209、both remained in the UK and found employment in 2023.31 Our assessment of the graduate earnings premium implies that the University of Bristols graduates in 2022/23 increased the UKs human capital stock by 768 million.32 This calculation does not capture the wage premium associated with the Universi

210、ty of Bristols 5,325 postgraduate students achieving their qualifications in 2022/23.29 Many of these students will find high-value employment that will reflect a further increase in lifetime earnings,although owing to data availability this wage premium cannot be quantified.Our estimates therefore

211、likely understate the true contribution to the UKs human capital stock.29 Higher Education Statistics Authority(HESA),HE qualifiers by HE provider and level of qualification obtained,2024.30 Walter McMahon,Higher Learning,Greater Good:The Private&Social Benefits of Higher Education,2019.31 Higher Ed

212、ucation Statistics Authority(HESA),Graduate activities by provider and subject of degree,2023.Note that data on graduates are not available for the academic year 2022/23 at the time of writing.32 While the difference in the lifetime earnings of graduates and non-graduates is assumed to reflect the v

213、alue of education delivered by the higher education institution,as proxied by the award of a degree,other structural variations between these two groups(such as their aspirations,expectations,motivation,etc.)may also influence some of the observed divergence in lifetime earnings.The economic impact

214、of the University of Bristol 30 Fig.24.Gross annual salary by age and highest level of education,UK,2021 3.4 ENTREPRENEURIAL AND INNOVATION IMPACTS In addition to the Universitys research output enabling economic benefits,the University has a range of other impacts on business activity.The skills gr

215、aduates acquire at university enable them to create new business ventures,and these are often in sectors with high productivity and higher levels of innovation.These impacts are beneficial to the area local to the universities and work to create an ecosystem beneficial to start-ups.Research has show

216、n that knowledge spillovers from universities is positively correlated with the creation of innovative start-ups,which tend to cluster around one another,and around higher education institutions,as they compete for the skilled graduates created by universities.33 According to HESA data,there were 21

217、7 active spin-off firms from the University of Bristol in the academic year 2022/23.The University supports more than twice-as-many spin-off firms as the average across all UK universities(97 firms).A majority of these firms are student start-ups(114 firms).This is followed by spin-offs with some ow

218、nership(62 firms)the University of Bristol has an ownership stake in a higher proportion of firms than the average of its comparators,showing it is more directly involved in the entrepreneurial benefits which it generates than most other institutionsand formal spin-offs(24 firms).The University of B

219、ristols spin-off firms also tend to be relatively successful:in the academic year 2022/23,154 firms had survived at least three years of operations,34 a survival rate of 71%that exceeds both the Bristol and UK economy-wide averages(both 56%).35 The survival rate is also above average for UK universi

220、ty spin-off firms,of which only 54%remain operating after three years.33 Calcagnini et al.,The role of universities in the location of innovative start-ups,2015.34 Higher Education Statistics Authority(HESA),Intellectual property:Spin-off activities by HE provider 2014/15 to 2022/23,2024.35 Office f

221、or National Statistics(ONS),Business Demography,2023.0102030405021 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 55 57 59 61 63GraduatesA Level or equivalentSource:ONS,Oxford Economics thousand,constant 2023 prices768 million Boost to the UKs human capital stock from University of Bristol graduate

222、s in the academic year 2022/23.The economic impact of the University of Bristol 31 Fig.25.Spin-off firms by category,University of Bristol,2022/23 Spin-off firms from the University of Bristol make a sizeable economic contribution.According to HESA data,the Universitys spin-off firms attracted 106 m

223、illion of investment in the academic year 2022/23.These firms generated more than 66 million in turnover,facilitating the employment of nearly 1,800 full-time equivalent(FTE)jobs.While the location of activities of these firms is not known,many will be concentrated in Bristol and across the West of

224、England CA economyparticularly as around half of both turnover and employment are generated by spin-offs partly owned by the University itself.Fig.26.Turnover and FTE employment of spin-off firms,University of Bristol,2022/23 6224111146Spin-offs with some universityownershipFormal spin-offs,not univ

225、ersity ownedStaff start-upsStudent start-upsSocial enterprisesSource:HESA,Oxford EconomicsCount217 activespin-off firms3214217Turnover,million66 million1,09021060400FTE employment1,780 jobs32.3414.442.3117.090.21Spin-offs with some university ownershipFormal spin-offs,not university ownedStaff start

226、-upsStudent start-upsSocial enterprisesSource:HESA,Oxford Economics.Note:may not sum due to rounding.106 million Investment attracted by spin-off firms in 2022/23,generating 66 million of turnover and 1,780 FTE jobs.217 Spin-off firms originating from the University of Bristol that were active in th

227、e academic year 2022/23.The economic impact of the University of Bristol 32 KNOWLEDGE EXCHANGE FRAMEWORK The University of Bristols wider economic benefits are further reflected within the Knowledge Exchange Framework(KEF).36 The KEF is a dataset created by Research England to provide an overview of

228、 the performance of higher education providers across different areas(described as perspectives in the KEF)of knowledge exchange activity,reflecting how well an institution is able to transfer its knowledge to other areas and actors across society and the economy.The University of Bristol is defined

229、 within Cluster V of universities of a similar size and type by Research England.Cluster V universities are characterised as very large and with a very high research intensity and quality across a broad range of disciplines.According to the KEF,the University of Bristol scores above or in-line with

230、the national average across six of the seven perspectives.The University of Bristol receives a very high engagement score for Intellectual Property(IP)&commercialisation,largely due to the sizeable investment that its spin-off firms are able to attract,and the turnover that these firms generate(see

231、page 31).High co-ownership of research outputs with non-academic partners contributes to a high engagement score for Research Partnerships,while high research income from private sector and public/third sector sources each contribute to a high Working with Business and Working with the Public&Third

232、Sector scores,respectively.Fig.27.Knowledge Exchange Framework,University of Bristol and UK average,202337 36 Research England,Knowledge Exchange Framework,2023.37 Scores range from Very low engagement(1)and Low engagement(2)through Medium engagement(3)to High engagement(4)and Very high engagement(5

233、).123451CPD&Start-UpsIP&CommercialisationLocal Growth&RegenerationPublic&CommunityEngagementResearchPartnershipsWorking withBusinessWorking with thePublic&ThirdSectorUniversity of BristolUK(average)Source:Knowledge Exchange Framework,Oxford EconomicsEngagementThe economic impact of the University of

234、 Bristol 33 However,HESA data may understate the number of,and economic value generated by,spin-off firms attributed to the University of Bristol.The University identify a list of 53 spin-off firms,38 and it estimates that the total enterprise value of spin-offs that it retains shares in is 1.33 bil

235、lion.This includes firms such as unicorn machine-learning firm Graphcore and technology firm Ultraleap.However,the inclusion of spin-off firms that the University does not hold shares in is likely to be somewhat higher:for instance,PsiQuantum,a quantum computing company,is alone estimated to have a

236、valuation of approximately 2.4 billion.39 The University of Bristols connection to high-value businesses is larger still once its partnerships and subsidiaries are included.The University has numerous R&D partnerships with successful global businesses,including Airbus,BT,EDF,GSK,IBM,LV(Allianz),Orac

237、le,Roche,Rolls Royce,Thales,and Toshiba.The University also supports a range of successful subsidiary companies.The National Composites Centre is an open-access technology centre that delivers world-class research and development of composites.It is estimated to have contributed 59 million in GVA pe

238、r annum over the last five years,40 million of which was retained within the West of England CA,supporting 300 businesses annually,of which 90%had a footprint in the West of England CA.40 Another subsidiary,Science Research Foundation,which is part of the Universitys catalyst for innovation,Bristol

239、Innovations,operates a tech startup incubator that provided support to 121 companies across 20 sectors in 2023,with its companies generating over 45 million in revenue in the same year.41 The University actively encourages the commercialisation of intellectual property developed through its world-le

240、ading research.Patents are a formal channel of dissemination of knowledge,processes,and products.The number of patents held by a university can be used as a measure of how well an institution is able to translate its research into commercial products which ultimately provide further economic benefit

241、.The University was granted 80 new patents in the academic year 2022/23,bringing its cumulative portfolio to 462 patents heldalmost four-times the UK university average(117 patents).42 The licensing of intellectual property earnt the University 504,000 of income in the academic year 2022/23,43 altho

242、ugh the economic value associated with the firms licensing the Universitys intellectual property is likely to be many times this.38 University of Bristol,Our spin-out companies,accessed 2024.39 PsiQuantum,PsiQuantum Raises$450 Million to Build Its Quantum Computer,accessed 2024.40 National Composite

243、s Centre,Delivering Impact to the UK,2024.41 SETsquared Bristol,Our success is our companies success,accessed 2024.42 Higher Education Statistics Authority(HESA),Intellectual property:Disclosures and patents filed by or on behalf of the HE provider 2014/15 to 2022/23,2024.43 Higher Education Statist

244、ics Authority(HESA),Intellectual property:Licence numbers(including patents,copyright,design,registration and trade marks)by HE provider 2014/15 to 2022/23,2024.The economic impact of the University of Bristol 34 The University of Bristol runs a series of programmes and initiatives to help benefit l

245、ocal businesses.The University runs a series of Continuing Professional Development(CPD)and Continuing Education(CE)courses,delivering over 4,100 learner days of training and earning the University 1.4 million in revenue.44 The University runs the Centre for Innovation and Entrepreneurship which wor

246、ks with partners across the public and private sectors to“inspire and encourage collaboration”.45 The Centre has a Runway initiative to support start-up businesses,providing mentorship by experienced entrepreneurs along with access to a training programme with online lectures and specific resources

247、with the aim of allowing the Universitys graduates to depart with the knowledge and structures to achieve their entrepreneurial ambitions.46 Other initiatives include The Quantum Technologies Innovation Centre,which is dedicated to helping deep tech companies launch,grow,and connect.47 The main miss

248、ion of this centre is to support startup companies and entrepreneurs in this industry by providing access to the specialist facilities required along with business support and access to a network of investors.The University already has a world-leading reputation for research in quantum technologies

249、and is still improving,with this centre being at its pilot stage and set to grow and become part of the Temple Quarter Enterprise Campus(see page 23).48 More broadly the University works with business partners across the public,private,and third sectors to provide consultancy from academics with exp

250、ertise in the organisations area,and to collaborate with partners to promote knowledge sharing and development in social policy,technology,and environmental initiatives.49 3.5 SUMMARY The University of Bristol facilitates a range of wider economic benefits across the Bristol and UK economies.The Uni

251、versity is globally recognised for the quality of its research activity,and 95%of its research output is classified as World Leading or Internationally Excellent according to the Research Excellence Framework.Alongside the economic activity sustained by the Universitys 169 million investment in rese

252、arch&development in the academic year 2022/23,we estimate that this activity will generate positive spillover effects across the UK economy,enabling an estimated 67 million increase in productivity across the UK economy by 2040.The Universitys highly qualified and sought-after graduates tend to find

253、 employment in highly-skilled occupations and in-demand sectors of the economy;we estimate that the Universitys graduates in the academic year 2022/23 added 768 million to the UKs human capital stock.44 Higher Education Statistics Authority(HESA),Continuing Professional Development(CPD)and Continuin

254、g Education(CE)courses for business and the community by HE provider 2014/15 to 2022/23,2024.45 University of Bristol,Centre for Innovation and Entrepreneurship,accessed 2024.46 University of Bristol,Runway,accessed 2024.47 University of Bristol,Quantum Technologies Innovation Centre(QTIC),accessed

255、2024.48 University of Bristol,Temple Quarter Enterprise Campus,accessed 2024.49 University of Bristol,Businesses and Partnerships,accessed 2024.The economic impact of the University of Bristol 35 The University also facilitates a range of entrepreneurial activity through spin-off firms.According to

256、HESA data,the 217 active firms originating from the University generated 66 million in turnover and supported almost 1,800 jobs in the academic year 2022/23.However,this may understate the true economic contribution made by the Universitys spin-off firms;it retains shares in firms with a total enter

257、prise value of 1.33 billion,including machine-learning firm Graphcore and technology firm Ultraleap,while the value of spin-off firms that it does not hold shares in is likely to be higher again.The University has numerous R&D partnerships with successful global businesses,including Airbus,BT,EDF,GS

258、K,IBM,LV(Allianz),Oracle,Roche,Rolls Royce,Thales,and Toshiba.The Universitys subsidiary firms,including the National Composites Centre and Science Research Foundation,which is part of the Universitys catalyst for innovation,Bristol Innovations,and operates SETsquared Bristol and the Engine Shed,hel

259、ped to support economic activity and firms across the West of England CA.The economic impact of the University of Bristol 36 4.CONCLUSION The University of Bristol supports a range of positive impacts across the Bristol and UK economies.By assessing the economic scale and nature of the Universitys a

260、ctivities,including supply chain activity arising from procurement and wages paid to staff,alongside the spending impact of the students and visitors it attracts to the local economy,this report details how GDP,employment,and tax receipts are positively impacted by the activity of the University.We

261、estimate that the University generated 1.06 billion of GVA and 16,510 jobs across Bristol through the academic year 2022/23.The University itself directly generated 612 million of GVA and employed 9,530 permanent staff(in addition to 10,400 casual or temporary workers).The University spent 273 milli

262、on on the procurement of goods and services,a substantial proportion of which was locally,generating 35 million of GVA and 560 jobs through the indirect(supply chain)impact,while the spending of income generated a further 108 million of GVA and 1,390 jobs through the induced(wage consumption)impact

263、across the city.Student subsistence and visitor spending generated a further 318 million of GVA and 5,270 jobs across Bristol.Across the national economy,the University generated a 1.78 billion GVA contribution to UK GDP,facilitating 27,220 jobs across the UK workforce and 359 million in tax revenue

264、s.Looking forward,the expansion of the University as part of the Bristol Temple Quarter development will increase its local economic footprint.Drawing on the Universitys projected student numbers,and assuming that the operations of the University increase in proportion,indicates that the Universitys

265、 local economic footprint will increase to 1.17 billion of GVA and 18,210 jobs across Bristol by the academic year 2028/29a 116 million and 1,700 job increase on the academic year 2022/23.We estimate that the Universitys economic footprint across the national economy would increase to a 1.95 billion

266、 GVA contribution to UK GDP and 29,750 jobs,while generating 403 million in taxes.The economic benefits of the University extend beyond its economic footprint.The University of Bristol is internationally recognised for its internationally leading research,and we estimate that the 169 million it inve

267、sted in research&development in the academic year 2022/23 will generate a productivity benefit equivalent to 67 million by 2040.The Universitys highly qualified and sought-after graduates tend to find employment in highly-skilled occupations and in-demand sectors of the economy;we estimate that the

268、Universitys graduates in the academic year 2022/23 added 768 million to the UKs human capital stock.The University also facilitates a range of entrepreneurial activity through spin-off firms.There were 217 active firms originating from the University in the academic year 2022/23,generating 66 millio

269、n in turnover and supporting almost 1,800 jobs according to HESA data.However,this may understate the true economic contribution made by the Universitys spin-off firms;it retains shares in firms with a total enterprise value of 1.33 billion,including machine-learning firm Graphcore and technology fi

270、rm Ultraleap,while the value The economic impact of the University of Bristol 37 of spin-off firms that it does not hold shares in is likely to be higher again.The University has numerous R&D partnerships with successful global businesses,including Airbus,BT,EDF,GSK,IBM,LV(Allianz),Oracle,Roche,Roll

271、s Royce,Thales,and Toshiba.The Universitys subsidiary firms,including the National Composites Centre and Science Research Foundation,which is part of the Universitys catalyst for innovation,Bristol Innovations,and operates SETsquared Bristol and the Engine Shed,helped to support economic activity an

272、d firms across the West of England CA.The economic impact of the University of Bristol 38 TECHNICAL ANNEX THE UNIVERSITYS ECONOMIC FOOTPRINT Direct impact Our estimate for the gross value added(GVA)contribution to GDP generated by the University of Bristol is the sum of its surplus and employee comp

273、ensation.This approach,the income method,is consistent with the principles of national accounting.Direct employment is the headcount of university staff,excluding non-payroll staff,such as contractors.Direct labour taxes,including Income Tax,and employee and employer National Insurance Contributions

274、,and indirect taxes such as unrecoverable VAT and Business Rates have been supplied by the University.Indirect impact In order to quantify the multiplier effects arising from the Universitys operations,we have developed an economic impact model to assess the likely economic impact of the development

275、 and operational phases both locally and nationally.This model draws on a national input-output framework,50 which tells us how much we expect firms to spend with domestic suppliers,and on what goods and services they are likely to purchase,across the UK economy.We adjust this input-output framework

276、 to reflect the industrial structure and productive capacity of the subnational geographies considered in our analysis,developing bespoke local and regional multipliers to capture the local economic impact of the University.51 Our estimate of the indirect impact draws on data provided by the Univers

277、ity on total procurement spend and purchases made with its top-100 suppliers.Mapping these to both locations and sectors within the UK economy.Scaling up this sample to equate to total procurement forms the input to our economic impact model.Induced impact The induced impact is modelled in a similar

278、 way.Using compensation of employees and postcode data supplied by the University on the location of residence of its workforce,we can allocate spending to the location of residence.For workers in the supply chains,we used industry-specific ratios of employee compensation per unit of output,sourced

279、from the input-output tables,to forecast how much household wages are supported among suppliers workers.Both spending streams were fed into an economic impact model to calculate the total impact of this spending.Subsistence spending The University of Bristol attracts students to the local area from

280、other parts of the UK and abroad,and keeps students previously resident in the locality who would have otherwise gone elsewhere.The subsistence spending of these students would not otherwise occur in Bristol(or the West of England CA)and therefore forms part of the overall impact of the University.5

281、0 Office for National Statistics(ONS),UK input-output analytical tables:product by product,2024.51 Our methodology utilises so-called Flegg-adjusted Location Quotients(FLQs),which are consistent with the latest approaches and evidence in regional input-output(I-O)modelling and regional science.Flegg

282、&Tohmo,“Estimating Regional Input Coefficients and Multipliers:Working Paper”,2013.The economic impact of the University of Bristol 39 Subsistence expenditure refers to all student spending on goods and services except for tuition fees.It includes,for example,the purchases of items required for faci

283、litating their studysuch as transport to the university and required booksas well as other consumer expenditureincluding on food,leisure,and social activities.Payments to the university for accommodation,food,and other services are removed so as not to double count.We draw on spending estimates from

284、 the Student Income and Expenditure Survey.52 While this study focuses on domestically domiciled students,we assume that international students spending is not significantly different in magnitude or composition.Students expenditure in the survey is disaggregated into the following categories:living

285、 costs(including food,drink,and personal items),housing costs(including rent,mortgage costs,and Council Tax),participation costs(including books and stationery),and spending on children,if any.Our calculations reflect the differing scale and composition of spending by full-time and part-time student

286、s.We adjust the average student spend using the Consumer Price Index to reflect the increase in living costs between 2021/22,when the survey was conducted,and 2022/23.We further adjust the spending to reflect the different lengths of academic years for undergraduate and postgraduate students,and the

287、 fact that international students are likely to go home less frequently than their UK equivalents.The Department for Educations student income and expenditure survey is based on an academic year of 39 weeks,while its methodology for valuing education exports assumes non-EU graduates spend 42 weeks a

288、t university,and postgraduate students 52 weeks.53 To calculate how much expenditure the University of Bristol brings into the area,it is necessary to calculate the number of additional students.To do so,Oxford Economics compared students term time and home time locations,allowing us to identify how

289、 many students live in the West of England CA,and how many of those are truly additional to the area.VISITORS EXPENDITURE The additional visitors the University attracts to the city and region come from other parts of the UK and overseas.The spending profile of the two types of visitorsdomestic and

290、internationaldiffers by their origin.Therefore,two methods are used to calculate their spending impact.Additionally,alternative spending profiles are used for open day attendees and graduation ceremony guests,depending on their origin.Domestic and overseas visitors The Universitys home students also

291、 attract visitors.Although no information is available on how many visitors each additional student receives,data exists on the average spend of a visitor from each part of the UK to friends and relatives in Bristol.This study assumes that each student whose home domicile is outside of the West of E

292、ngland CA gets one visitor from their home region each year.With the likelihood that some students receive multiple family and friend visits during an academic year,and that parents are often involved in the transport of personal effects at the beginning and end of session,this is probably a somewha

293、t conservative assumption.Estimates of domestic spending on overnight trips by region are drawn from VisitBritain estimates.54 52 Department for Education,Student Income and Expenditure Survey 2021 to 2022,2023.53 Department for Business Innovation&Skills(now Department for Business,Energy&Industria

294、l Strategy),Estimating the Value to the UK of Education Exports,2011.54 VisitBritain,Great Britain domestic overnight trips,2024.The economic impact of the University of Bristol 40 A similar approach is taken for overseas visitors.While we do not have a full breakdown of international students by na

295、tionality for the academic year 2022/23,we draw on a combination of VisitBritain estimates derived from the International Passenger Survey and Tourism Satellite Accounts to estimate the amount and composition of spending by overseas visitors to friends and family from both EU and non-EU countries.55

296、 56 Graduation ceremony visits The University of Bristol hosted graduation ceremonies through the academic year 2022/23 which were attended by 12,080 graduates.Many of these graduates and their guests will have travelled from across the UK,and overseas,to attend the ceremony.On average,it is assumed

297、 that a further 150 guests(including family members)will have travelled to Bristol for every 100 student attendees.People travelling from the South West are assumed to incur a days spending,57 while those from other regions and international visitors were assumed to stay the night to attend.The spen

298、d of international and domestic graduation attendees was calculated following similar methodologies to those used for visitors to current students.Open day visits The University of Bristol hosted several open days which were attended by 15,030 prospective students in the academic year 2020/21.The Un

299、iversity has provided postcode data on the origin of visitors,all of whom are assumed to be domestically domiciled.As with graduation ceremony visits,we assume that a further 150 guests(including family members)will have travelled to Bristol for every 100 prospective student attendees.People travell

300、ing from the South West are assumed to occur a days spending,while people from other regions are assumed to stay the night to attend.WIDER ECONOMIC BENEFITS R&D spillovers For our R&D productivity analysis,we used our in-house econometric model to explain how R&D expenditure in different sectors con

301、tributes to productivity growth.The modelling approach was adopted from Badinger and Egger(2008)who adopted a spatial econometric approach to estimate intra-industry and inter-industry productivity spillovers in TFP(total factor productivity)transmitted through input-output relations in a sample of

302、13 OECD countries and 15 manufacturing industries.58 Our methodology follows a similar approach,with a larger dataset with more countries and more recent data.To account for the spatial element,a spillover matrix is constructed using the latest Social Accounting Matrices for each country from the OE

303、CD,broadly following the approach in Coe,Helpman&Hoffmaister(2019).59 It is hard to predict when the benefits of R&D,either through improvements in knowledge and processes or new products,will begin to appear in the economy.The time period for these benefits is heavily dependent on the nature of R&D

304、 being undertaken.However,our econometric modelling suggests that by 2040,the UK economy is likely to have achieved the estimated efficiencies associated with the R&D spending,which will persist each following year.55 VisitBritain,Inbound visits and spend:quarterly,regional,2024.56 Office for Nation

305、al Statistics(ONS),The UK Tourism Satellite Account,2024.57 VisitBritain,Great Britain domestic day visits,2024.58 Badinger&Egger,Intra-and inter-industry productivity spillovers in OECD manufacturing:A spatial econometric perspective,2008.59 Coe,Helpman&Hoffmaister,International R&D Spillovers and

306、Institutions,2009.The economic impact of the University of Bristol 41 Boost to the UKs human capital stock In measuring the impact of the University of Bristol on the UKs human capital stock,we used ONS estimates of the value of the UKs human capital stock.60 This is an income-based approach that us

307、es the sum of discounted lifetime earnings of individuals to calculate their level of human capital.This approach relies on the assumption that labour is paid according to its marginal productivity,as differences in productivity are calculated as differences in income.To this end,we developed a data

308、base of lifetime earnings,which represent the economic value of each individuals labour market activities,for different education levels.We then estimated the increase in the lifetime earnings of the Universitys graduates as a result of having achieved an undergraduate degree at the University.The i

309、ncrease in lifetime earnings was discounted to give a net present value of the increase in economic output.This calculation assumes that the higher wages of graduates reflect their greater marginal productivity.In reality,other determinants of wages include place-specific dynamics of(local)labour de

310、mand and supply,collective bargaining,prevailing price levels,etc.Moreover,the difference in the lifetime earnings of graduates is assumed to reflect the value of education delivered by the higher education institution,as proxied by the award of a qualification.However,other structural variations be

311、tween these two groups(such as their aspirations,expectations,self-belief,etc.)may also drive some of the observed divergence in lifetime earnings.A COMPARISON TO THE UNIVERSITYS ECONOMIC FOOTPRINT IN 2020/21 A comparison to Oxford Economics previous estimates for the academic year 2020/21 are prese

312、nted in Fig.28,showing GVA values for the previous study in 2021 prices,with values converted to 2023 prices shown in brackets.17 Note that Oxford Economics previous study did not report on the Universitys economic impact across the UK economy.We estimate that the University of Bristols local econom

313、ic footprint has increased since the academic year 2020/21.We estimate that the GVA contribution to the Bristol economy has increased by 66 million(in constant 2023 prices)or 7%since the academic year 2020/21,with the Universitys economic footprint increasing by 93 million or 9%across the West of En

314、gland CA.While the Universitys direct GVA contribution has fallen slightly in real terms,this is more than offset by a greater local impact through indirect(supply chain)and induced(wage consumption)impacts,in addition to higher student&visitor spending.The Universitys local employment footprint has

315、 increased by 3,330 jobs across Bristol and 3,460 jobs across the West of England CA,partly as a consequence of higher spending by students and visitors,and partly reflecting changes to estimates of labour productivity across the Bristol and West of England CA economies among those sectors most affe

316、cted by these spending effects.60 Office for National Statistics(ONS,Measuring the UKs human capital stock,2010.The economic impact of the University of Bristol 42 Fig.28.The University of Bristols economic footprint,2020/21 and 2022/23 GVA,million Jobs 2020/21 2022/23 2020/21 2022/23 Bristol Univer

317、sity(direct)546(615)596 8,025 9,280 University(indirect&induced)113(127)143 1,980 1,950 Student&visitor spending 220(247)318 2,740 5,270 Total 879(990)1,056 12,745 16,510 West of England CA University(direct)546(615)597 8,025 9,290 University(indirect&induced)144(162)204 2,610 2,680 Student&visitor spending 230(258)328 3,330 5,450 Total 920(1,036)1,128 13,965 17,420 Source:University of Bristol,Oxford Economics.Note:may not sum due to rounding.43