Powerhouse Essex University contributes £500m to economy

The economic impact report shows the university has broken through the half a billion mark for the first time and has attracted record numbers of students and turnover has risen to more than £200m.

The figure combines the university's revenue across three campuses and indirect contribution through research, business collaboration and courses delivered to more than 13,000 students.

Vice-chancellor professor Anthony Forster said there was more to come from the university.

He said: "The university is a powerhouse which helps to boost productivity and drive growth through life-changing research and innovation.

"We’re making an important contribution to the economy of the East of England and the UK and we want to take that even further in the future.

"We are building new space for innovative companies which want to join our thriving business community and we’re also helping our students develop the skills businesses are seeking as they look to grow in the years ahead.”

The latest report shows the economic impact of the Colchester campus is now £478m.

This includes delivering courses to more than 11,530 students, employing more than 2,000 staff and indirectly supporting over 2,000 additional jobs. The report estimates the contribution of students to the local economy – through their purchases and use of services - is £38m.

The Southend campus, which opened 10 years ago, has an economic impact of £55m, delivering courses to more than 1,200 students, employing more than 100 staff and indirectly supporting more than 160 additional jobs. Students contribute £3.8m to the local economy.

Nearly £15m in creating infrastructure at the Knowledge Gateway research and technology park on its Colchester Campus.

More than 20 businesses have already signed up for the first phase of the Parkside Office Village development and the next section will start in the autumn.

Work has also begun on the Innovation Centre, which will welcome more than 50 businesses.