A report based on figures for 2007-2008 states that universities in the UK is worth  £ 59bn to the economy. This report highlights the growing role of universities not only as places of higher education, but also as important sources of employment and income.

Universities, directly or indirectly responsible creating over 668,500 jobs, representing about 2.6 percent of the current workforce. These figures come after the launch Government plan to increase the economic importance of universities.

Overall, the figure of a university sector worth  £ 59bn and rising represented a twenty-five per cent compared with four years ago. The revenue earned by UK universities for such things as consulting work, organization Conference and intellectual property income was approximately  £ 23.4bn, which came out comparable to the printing and publishing industry. By attracting students foreigners, the sector generated an additional campus spending  £ 2.3bn in 2007-08 off.

In terms of expenditure and supporting local economies, the sector university bought  £ 19.5bn of goods and services provided by the localities. The study, which was produced by UK universities by researchers at the University of Strathclyde, concluded that higher education was "important that industry had a substantial impact on national economy."

The University sector has become a centerpiece of economic infrastructure, not only regions but also the country itself. It generates employment and output. Attracting export earnings and contributes to gross domestic product. The strength of this sector and its ability to generate economic activity has become even more important because to the economic downturn in other sectors are declining.

As stated earlier, university employment accounted for over 1.2 per cent of the workforce work in 2007, for each college work, one or more jobs were created further away from headquarters to support university college. The importance of universities, employers have been widely recognized at the regional level for a long time, probably mostly because they were often one of the largest employers in the region. Universities are also recognized for providing the highest skill levels, leading to better-paid jobs, attracting more qualified people in the area, all this works together in order to make the region more competitive nationally.

The universities have been recognized as of great economic importance on many different levels, including education and as a major employer, the sector has also proved an economic boost not only for the regions separately, but also the country in general. The importance of this sector will only increase over the next decade. This sector is considered one of the most valuable of the country and high numbers to ensure the long-term prosperity of the country.

This article was written by Tom Sangers on behalf of Northampton College who offer a Northampton Education and full and part time courses including A Levels.

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