The Economic Impact of the University of Exeter

The university supported economic output of almost £1.6 billion in 2020/21. The gross value-added contribution supported from the university’s core activities totalled £899.8m and supported some 15,540 jobs. This contribution comprised:

• The university’s day-to-day operations and spending with suppliers and on wages (£796.7m; 13,980 jobs)
• the spending of its students (£101.7m; 1,540 jobs)
• and the spending of their visitors (£1.3m; 20 jobs).

The university’s economic impact goes far beyond its core economic contribution. More than 9,650 students graduated from Exeter in 2020/21, enhancing the talent pool of skilled workers available to local employers, and the rest of the UK. Oxford Economics estimates that the university contributed £970m to UK labour force productivity as a result of increased earnings potential accrued by its undergraduate students in 2020/21.

The university regularly produces world-leading and internationally recognised research. In 2020/21, it received £94.6m in research funding and generated 6,070 research outputs. Total research funding has increased by 37% (after adjusting for inflation) since 2013/14.

Businesses are able to take advantage of the university’s research capability through collaboration and access to specialist equipment and academic staff. Between 2016/17 and 2020/21, the university undertook £604m of R&D across its campuses. Oxford Economics estimates this R&D will produce £260m of yearly benefits from 2030, once the benefits of R&D are dispersed amongst the wider economy. In other words, for every £1m that the university spent on R&D between 2016/17 and 2020/21, the UK economy’s long-run productive capabilities will increase by around £430,000 from 2030.

The economic impact of international students

The university was home to 6,800 international students from more than 130 countries in 2020/21. Some 25% of international students come to study at the university from European countries (EU), and the remaining 75% from the rest of the world. International students at the university make a sizeable economic contribution to the economy.Bypaying tuition fees, spending money throughout the local economies, and attracting visiting friends and family to the local areas, international students supported a £267.5m gross value-added contribution and 4,670 jobs across the UK.

Download the Economic impact of the University of Exeter in the UK report (.pdf

The university’s expenditure activities, the spending of students attracted to the area, and their visitors contributed £816.3m of output in the city, in turn supporting a £509.4m gross value added contribution to Exeter’s GDP and 9,750 jobs. This is equal to 9% of both Exeter’s GDP and of all its employment.

This overall impact comprised:

• £359m in GVA and 6,870 jobs supported by the university’s day-to-day operations and spending with suppliers and on wages
• A further £148.8m in GVA and 2,810 jobs through the spending of the university’s students
• £1.6m and 720 jobs supported by their visitors

The economic impact of Exeter’s campuses to the city

• In 2020/21, the university generated £455.3m of income within Exeter, including revenue from tuition fees, research grants, and endowments
• The direct gross value added generated from this output was equal to £307.8m
• The university directly employed 5,630 people in Exeter, equivalent to 5% of the city’s total employment
• The university’s Exeter campuses spent almost £124m on operational goods and services and £29.4m into long-term capital projects on the Exeter campuses.
• In 2021, the University spent around £22m with 330 suppliers based in the city. This operational expenditure contributed £12.1m to local GVA and supported 330 jobs

Download the Economic impact of the University of Exeter in Exeter (.pdf)

The university contributed a total impact of £915.0m of output within Devon (including Exeter) in 2020/21. This activity supported almost £563.4m gross value-added contribution to Devon’s GDP, as well as 11,920 jobs. This was equivalent to 2% of Devon’s GDP and 3% of its total employment.

This overall impact comprised:

• day-to-day operations and spending with suppliers and on wages amounting to £399.8m GVA and 8,220 jobs
• the impact of student expenditure amounting to £162m GVA and 3,620 jobs
• the impact of their visitors amounting to £1.6m GVA and 80 jobs

The economic impact of Exeter’s campuses to Devon

• In 2020/21, the university generated £455.3m of income, including revenue from tuition fees, research grants, and endowments withinDevon.  On these earnings, the Exeter campuses made a £307.8 million direct gross value added contribution of £307.8m and supported 5,630 jobs.
• 3,744 of the University’s employees live in Devon.
• The University spent £43.6m with local suppliers and contractors through its operational and capital spending. This contributed £23.3m to Devon’s GVA and supported 670 jobs.
• The wage-stimulated consumption of the university’s employees, and those employed throughout the university’s supply chain supported £68.7m GVA in Devon and 1,920 local jobs.

Download the Economic impact of the University of Exeter in the County of Devon

With its campuses in Truro and Penryn, the university supported £125m in output and 1,900 jobs across Cornwall & the Isles of Scilly during 2020/21. The institution made an overall contribution to GVA of £73.5m – equivalent to almost half a percent of the LEP area’s total GVA.

This overall impact comprised:

• day-to-day operations and spending with suppliers and on wages amounting to £47.2m and 1,370 jobs
• the impact of student expenditure amounting to the impact of student expenditure amounting to £26.1m and 520 jobs
• the spending of visitors £0.2 million and 10 jobs

The economic impact of Exeter’s Cornwall campuses

• In 2020/21, the university generated £46.3m of income, including revenue from tuition fees, research grants, and endowments within Cornwall & the Isles of Scilly
• The direct gross value added generated from this output was equal to £26.6m
• The university employed 671 people on the Cornwall campuses
• The Cornwall campuses spent £17.9m on operational goods and services with suppliers across the UK
• 913 of the University’s employees live in Cornwall & the Isles of Scilly
• The University spent £12.1m on operational goods and services with almost 320 suppliers in Cornwall & the Isles of Scilly
• The university spent £1.2m on capital expenditure with firms located in Cornwall & the Isles of Scilly
• The University’s spending with local suppliers and contractor contributed £9.5m to local GVA and supported 400 jobs

International students at the university make a sizeable economic contribution to the LEP’s economy. Bypaying tuition fees, spending money throughout the local economies, and attracting visiting friends and family to the local areas, international students supported a £13.1m gross value-added contribution and 440 jobs to Cornwall & the Isles of Scilly economy in 2020/21.

The university regularly produces world-leading and internationally recognised research. Staff based at the university’s Cornwall campuses generated 18% (£17m) of the university’s total research funding during 2020/21 and created 16% (946) of its research outputs.

Download the Economic impact of the University of Exeter in Cornwall and the Is

In the Heart of the South West LEP, which includes Devon, Plymouth, Torbay and Somerset, the total output supported by the university in 2020/21 was equal to £951.4m, which translated to £582.5m gross value-added contribution to the LEP, as well as 12,300 jobs.

This overall impact comprised:

• spending with suppliers and on wages amounting to £409.9m and 8,480 jobs
• the impact of student expenditure amounting to £171.0m and 3,740 jobs and their visitors (£1.6 million, 80 jobs) The total GVA contribution is equal to 1.5% of the LEP’s GDP

The economic impact of Exeter’s campuses to the Heart of the South West LEP area

• In 2020/21, the university generated £455.2m of income with the LEP area, including revenue from tuition fees, research grants, and endowments
• The total expenditure impact on gross value added generated from this output was equal to £409.9m
• The university directly employed 5,630 people at its Exeter campuses, equivalent to 5% of the LEP’s total

• 4,011 of the university’s employees live in the Heart of the South West LEP area
• The university spent £47.7m with local suppliers and contractors, which contributed £26.9m to Heart of the South West GVA and supported 780 jobs
• The wage-stimulated consumption of the university’s employees, and those employed throughout the university’s supply chain supported £75.2m GVA in the Heart of the South West and 2,070 local jobs
• Through tuition fees, spending money throughout the local economies, and attracting visiting friends and family to the local areas, international students supported a £134.3m gross value-added contribution and 3,630 jobs to the LEP area’s economy in 2020/21

Download the Economic impact of the University of Exeter in Heart of the South