Report Reveals €1.3 Billion Generated Yearly By UCD
The Delivering Impact: Economic Cultural and Social Impact of University College Dublin Report was launched on the 26th of May, 2015, at Government Buildings last Tuesday. There to present the new report was Professor Orla Feely, UCD Vice-President for Research, Innovation and Impact, An Taoiseach Enda Kenny TD and Professor Andrew J. Deeks, UCD President.
The report highlights the economic, cultural and social impact that University College Dublin (UCD) makes annually in Ireland and especially in Dublin. The report found that the students and staff at UCD generates €1.3 billion annually and that 8,914 students are employed yearly, adding to the country’s recovering economy. The report was carried out by Viewforth Consulting, and aimed at delivering a report that determines the economic progress UCD and the influence, students and staff are making in Ireland. It was found that almost 9,000 students are making it into the workplace, using their education to work in society as volunteers, teachers and entrepreneurs.
“This report highlights that University College Dublin, as Ireland’s largest University, is playing a key role as an economic force in Dublin and in Ireland overall. UCD is not only creating economic activity, stimulating and supporting over 8,900 jobs but generating output across a wide range of economic sectors. UCD also has a key role to play in Ireland’s ongoing economic recovery. The best international companies are attracted to Ireland because of the range of talent and skills available to them here. UCD is at the forefront in Ireland in educating the next generation of leaders in all disciplines,” An Taoiseach Enda Kenny said at the launch of the report on Tuesday.
The Report utilised case studies to determine the economic advancements the university has made in recent years and how this has been reflecting economically on Ireland. One such case study used, was the 2003 University College Dublin Volunteers Overseas Project (UCDVO). This project involves the education of children, who are placed in education programmes. Donations to schools include computers and meals, amounting to almost €800,000 in charitable contribution. UCDVO works with countries like Haiti, India, Nicaragua, Tanzania and Uganda where 125 UCD volunteers are employed yearly. So far, the project has provided these countries with 19 houses, 5 schools and 2 health centres.
According to Professor Orla Feely: “This report demonstrates that as well as the significant financial contribution UCD makes to the Irish economy, the work we undertake also has a substantially broader social and cultural impact.”
UCD is not only a university but a business that accumulates wealth through research, foreign investment and sports. UCD earns an income of €421 million yearly generated from teaching, research and innovation. This proves that UCD as a university, generates more money that the GAA and the Irish Rugby Football Union, and accumulates a similar income as the Irish Times and RTE put together. UCD is a big export earner and in 2013-14 an estimated €97.5 million in international expenditure was added to their income. Since 2004, UCD secured €1 billion in research grants and in 2013-2014 €114 million was secured from national and international funding agencies, companies and foundations.
The report also found that UCD staff are engaging in additional services they provide for free and over 1,500 UCD staff gave of their own free time last year, to work with the public and improve and add to social and research activities worth €10 million. The Taoiseach also added: “We will use these impact results over the next few years to realise our strategic vision for 2020.”
Educational institutions like UCD are important economical drivers in Irish society and we compliment them for a job well done.
