Friday 18 January 2019

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Cork Independent


UCC generates €2.3m per day for Irish economy.

Monday, 14th May, 2018 10:35am

UCC supports 14,708 jobs on an annual basis which equates to approximately one in every 15 jobs in Cork city and county, according to a new report launched this morning. 

The Economic and Societal Impact Report shows that the university generates €2.3 million per day for the Irish economy.

The report also shows that graduates and postgraduates are finding employment at rates of over 90 per cent – 94 per cent for graduates and 95 per cent for postgraduates. 

It found that the first-year retention rate of 93.4 per cent for the academic year 2017/2018 was “on a par with elite third level institutions in the US”.

UCC President, Professor Patrick O'Shea said: “We’re an acknowledged centre of academic excellence in both learning and teaching, and we aim to make a significant, sustainable and responsible contribution to Ireland and its people. 

“Beyond the jobs and the €2.3 million per day, UCC prepares world-ready and work-ready graduates and adds to the attractiveness of Cork as a place in which to live, work and to do business.”

Highlights from the study include UCC’s total economic impact (gross value added) amounting to €853 million annually. That output is produced for a €151 million state investment. For every €1 of state investment, UCC says it returns €5.68 to the Irish economy.

UCC graduates who remain and work in Ireland create extra economic value of up to €24.8 million for the economy in the first year after graduation, compared to non-university graduates, the study revealed.

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