LERU report analyses universities' impact on European economy
The League of European Research Universities (LERU) has published a report on the economic impact generated by the 23 LERU member universities in 2016. The study was carried out for LERU by BiGGAR Economics and was presented at an event in Brussels on 1 December 2017.
Some key findings of the report are the following:
- Research universities are substantial contributors to European growth and jobs: LERU universities generated a total economic value of €99.8 billion in Gross Value Added (GVA) and 1.3 million jobs across Europe in 2016.
- Research and education have a high return on investment: LERU universities generated almost €5 GVA for every €1 of income they received.
- Universities are key actors in the European innovation ecosystem: LERU universities generated €33 billion GVA in Europe in 2016 by transferring their research into industry through licences, spin outs and services to business.
Between 2014 and 2016, the economic contribution of the LERU universities increased by €28.2 billion GVA. While several factors are responsible for this growth, the largest contributing one, according to the report, is the increase in the size and scale of the LERU universities (including the fact that the League now has two additional members compared to 2014). The report also looks at the long-term economic impact, not just in economic terms, that universities have in society, delivering talented graduates and professionals into society and acting as hubs for knowledge production, transfer and exchange.
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