Latest News

Research backs economic impact of College

Press Release Corporate

Research into the economic impact of Wakefield College has confirmed the huge influence it has on its learners and the District as a whole. The study undertaken by economic research specialists, EMSI, calculated that contributions of former College learners who are currently employed in the regional workforce amounts to £165.8 million in added income in the City of Wakefield’s economy each year whilst the economic contribution of the College to the local business community in the City of Wakefield is £183.9 million each year.

The research, undertaken as part of a wider project through the West Yorkshire Consortium of Colleges (WYCC), calculated that FE Colleges contribute a staggering £1.8 billion to the local economy.

Some of the other key findings from the research showed that:

  • In return for the monies that learners invest in Wakefield College (in the form of tuition fees and forgone earnings), they will receive a present value of £203.9 million in increased earnings over their working lives.
  • Every £1 that learners pay for their education at College yields £4.30 in higher future wages. This translates to a 13.0% annual return on their investment.
  • The net present value of the added tax revenue stemming from the learners' higher lifetime incomes and the increased output of businesses amounts to £56.7 million in benefits to taxpayers.

Commenting on the findings of the report, College Principal, Sam Wright said: “We always knew Wakefield College played a vital role in transforming lives through learning so it is extremely pleasing to see that we can now quantify this success.

“The College has an enviable history of providing education and training and I very much see us at the heart of the economic and social regeneration of the region by providing our learners with the perfect blend of aptitude, knowledge and skills to ensure a brighter future for all. These significant figures clearly demonstrate the impact the College’s work has on both individual learners and on the local economy too - I am delighted with the results.”

The in-depth review also looked at the College’s impact on key stakeholder groups including learners, the taxpayer and the local community and revealed that learners can expect higher earnings and reduced chances of unemployment after they complete a course at the College.

Ends

CONTACT: For more information email info@wakefield.ac.uk, or telephone 01924 789789.
DATE: 1 October, 2013

Bookmark & Share

Latest Posts