2024
UCC generates 鈧3.2 million every day for the Irish economy
University College Cork (UCC) generates 鈧3.2 million every day for the Irish economy, according to a new report published last night.
The independently verified report, Economic and Societal Impact of University College Cork, shows that the University supports almost 1 in every 13 jobs in Cork city and county and provides a return of 鈧6 for every 鈧1 of state investment.
Launched in UCC by Michael McGrath, European Commissioner for Democracy, Justice, the Rule of Law and Consumer Protection, the analysis provides an in-depth picture of the economic and social impact of UCC.
UCC celebrates a historical milestone this year, having registered its first 115 students 175 years ago in 1849. At present UCC has over 24,000 students and today鈥檚 report outlines the significant economic and social contributions of the University.
Key findings of the report
- UCC helps to generate 鈧3.2 million every day for the Irish economy.
- UCC provides a return of 鈧6 for every 鈧1 of state investment.
- UCC adds 鈧1.18 billion to the economy annually, with its students, staff and visitors significantly contributing to the local and national economies through direct, indirect, and induced spending, supporting local businesses and connecting Cork to the world.
- UCC continues to be Ireland鈥檚 leading university for industry collaboration and separately secured 鈧113 million in competitively won research and innovation funding in 2022/23.
- UCC is one of Cork鈥檚 largest employers with the University supporting almost 1 in every 13 jobs in Cork city and county.
- UCC has taken a lead role nationally in widening participation and access to third level education, with 21% of undergraduate student intake through alternative access pathways.
- UCC鈥檚 riverside campus and its Glucksman Gallery is a significant draw for thousands of visitors every year. Over 54,000 people visited the Glucksman Gallery at UCC in 2023 and over 3,500 visitors come to UCC annually to attend conferences.
- Over 7,500 students graduate annually from UCC, with 96.5% of UCC undergraduates employed or in further study 9 months after gradation
Economic and cultural powerhouse
鈥淯CC is an economic and cultural powerhouse that supports and grows our regional and national economies, while furthering insight, research and innovation. The report provides the evidence that the societal impact of UCC is as wide as the economic impact is deep. The University is a global gateway that attracts students from 126 countries and we have a long proud history of contributing talented graduates to Ireland鈥檚 national skills force鈥 stated Professor John O鈥橦alloran, President of UCC.
Michael McGrath, European Commissioner for Democracy, Justice, the Rule of Law and Consumer Protection, stated, 鈥淎s a UCC alumnus, I am very proud of the profoundly positive economic and social impact of the University. This report underlines the scale of that positive impact on all parts of the economy and on all aspects of our society. Through their daily work, those who work at UCC are helping to create opportunities for all they come in contact with and are contributing to a better future for us all. UCC is a vital driver of economic growth and innovation in Ireland, and its reach now extends far beyond our shores. This report underscores its remarkable contributions to job creation, research, and education, strengthening both our region and nation, and enhancing our international reputation. I commend UCC for its outstanding contributions and its enduring legacy in Ireland鈥檚 economy, society and culture, and I know this will continue to go from strength to strength.鈥
Chairman of UCC鈥檚 Governing Authority, Sean O鈥橠riscoll, stated, 鈥渢hese findings prove conclusively that education, research and innovation is not a cost, it is an investment in our future.鈥
The report was conducted by Professor Mark Hutchinson, Professor Justin Doran, Dr. Yuping Yin and Mr. David Hogan at Cork University Business School and independently verified by Professor Mike Danson, Professor Emeritus of Enterprise Policy, Heriot-Watt University and Fellow of the Academy of Social Sciences. The financial year end 2022 was used as the reference year for the economic analysis.