University students in Buxton are keeping 500 jobs in the area alive with the £32 million they generate each year, a new report has revealed.
The report, commissioned to mark 10 years of the University of Derby’s Buxton campus, says the institution now accounts for 1.6 per cent of all employment across the High Peak.
It also estimates that for every £1 spent by the university, a further £1.36 was generated by other industries through what is known as the ‘knock-on’ effect.
And for every 100 jobs created within the university, another 97 were generated outside it, mostly in the East Midlands region.
Professor Rod Dubrow-Marshall, deputy vice chancellor at the University of Derby, said: “The figures are a vindication of the faith that so many organisations and individuals put into the project to give the wonderful Devonshire Dome such a vibrant new life.”
Andrew Bingham, MP for the High Peak, said he was delighted to hear the news.
He said: “The students have made great efforts to integrate into the town and to play their part in the community, as well as bringing economic benefits to the High Peak. I would like to congratulate the university as they celebrate their ten years in Buxton and say that I am looking forward to the next ten.”
The total output of the university as a whole was £560 million – seven per cent of which came from the Buxton operation.
The Buxton Campus was opened in 2006 by Prince Charles after the university merged with the former High Peak College.
Scott Knowles, acting chief executive of East Midlands Chamber of Commerce, said: “Having a first-class university located here has a massive positive impact on the local economy each year, but it is not just financial benefits that the University of Derby brings to Buxton.
“Ensuring we develop higher skills among the local workforce is one of the most crucial factors in successfully regenerating our communities and the most prosperous areas have attracted outside investment partly by raising skill levels among their employment base.
“Each year, the University of Derby makes a significant contribution to the rich seam of skills, creativity and innovation in the High Peak, which not only encourages entrepreneurship and supports the area’s key industries and employers, but also plays a vital role in attracting new businesses to the area.”