West Yorkshire Colleges Contribute 1.8bn to the Local Economy2nd October 2013
Further Education Colleges in West Yorkshire have commissioned research to measure their economic impact. The research undertaken by economic research specialists, EMSI has estimated that together the Colleges contribute 1.8bn to the local economy.
This is the country’s first ever group study which utilised data from all further education colleges in West Yorkshire. The results powerfully demonstrate the impact the FE sector has on a region.
Whilst Colleges have often been recognised for the positive outcomes they achieve for individual students, and for work in specific communities, this research proves that they also make a significant contribution to the local economy.
Calderdale College Contributes £143.9m to the Local Economy
The research shows that once students at the College complete their course they are more likely to receive higher earnings, with a reduced risk of unemployment. Every £1 spent on their education generates £2.30 in higher future wages, which translates into a 9.5% annual return on their investment.
This is combined with the fact that most FE students in Calderdale stay in their local area to work, which supports the growth of local businesses, leading to a higher regional income and a contribution by Calderdale College of £143.9m every year to the local economy.
Chris Jones, Principal of Calderdale College commented: “We are pleased to have been able to quantify the impact Calderdale College has had on the local economy. The College is focused on working with partners in Calderdale and the Leeds City Region to grow the contribution FE Colleges make by continuing to address the skills needs of local employers.”