Hartpury supported businesses and jobs by injecting £94.9 million into the regional economy during the 2016-17 financial year, according to a new economic impact study.
Research by Emsi using the latest figures available found the £94.9 million in added income was equal to approximately 0.8% of the gross value added (GVA) of the GFirst LEP area – equivalent to supporting 4,043 jobs.
Overall, Hartpury University and Hartpury College employ 445 full-time and part-time staff and in 2016-17 had a total payroll of £16.8 million, much of which was ploughed back into the local economy.
A large scale buyer of goods and services, in 2016-17 Hartpury spent £15.6 million to cover its expenses for facilities, professional services and supplies.
Students who relocated to Hartpury from outside the region generated £12.4 million in added income to the local economy in 2016-17 through spending on items such as rent, transport and food.
In addition, those students who stayed in the region after graduating from Hartpury generated £56.8 million in added income for the region.
Hartpury College graduates may earn £410,000 more during their working lives, and Hartpury University graduates £958,000 more, than someone with a less than entry level education working in the UK.
Furthermore, for every £1 students invest in Hartpury they receive £5.70 in future earnings.
Hartpury generates more in tax revenue that is takes, because graduates earn more and therefore they make higher income tax payments and National Insurance contributions.
By the end of the working careers of those students studying in 16/17, the government will have collected a present value of £88.9 million in added taxes.
Russell Marchant, Vice-Chancellor of Hartpury University and Principal of Hartpury College, said: “We’re pleased to be playing our part in increasing the prosperity of the region through our longstanding support for the business community.
“A thriving economy is important for all our staff and their families, as well as for the future career prospects of our college and university graduates, many of whom stay to live and work in the region.
“We’ll continue to work alongside employers, many of whom provide vitally important work placements for our students, to bring further economic success to the region.”
Picture: Agriculture and Animal Science lecturer Brian Evans with students at Hartpury