Our Contribution

• Reducing the productivity gap by generating innovation-led growth and addressing the demand for skilled professionals, which will support emerging growth sectors and create the high value-add jobs which will retain our students in the city and attract businesses.
   
• Levelling up and inclusive growth agenda by fostering inclusive growth within our community and local economy, making future-oriented education accessible to all, applying innovation and using the university’s expertise to tackle the social challenges and inequalities which limit people’s potential.
   
• Local regeneration and place-making agenda – by being a key player in Birmingham regeneration programme, making a direct contribution to the East Birmingham Levelling Up Zone, fostering positive change to local community and economy.
   
• Net Zero agenda and the overall transition towards a greener economy - by actively supporting businesses in adopting sustainable practices and business models to achieve net-zero emissions; undertaking world-leading research projects to drive innovation and develop cutting-edge solutions for a sustainable future and equipping students with the carbon skills and literacy needed.

In 2022-23, the principal impact channels outlined above show that Aston University’s total economic output was £1.42bn [Metro Dynamics]. This represents its impact on the national economy, measured as a combination of the university’s core operations (expenditure and salary payments), research, teaching, student expenditure, and student placements.

Projected 2030 contribution

Although the university already makes a significant contribution to the local and national economy, the 2030 strategy is an opportunity to do more. As the university continues to grow its operations, research outputs, and reputation – attracting more local and international students, creating the opportunity for more research and business partnerships, and continuing to grow its role as an anchor institution – there is an opportunity to increase economic contribution as well as drive the wider social benefits which are important to local communities.

Based on aspirational but achievable targets that the university has set for itself, an estimate of the potential impact by 2030 has also been calculated. The infographics illustrate the overall economic impact of Aston University and also the total economic impact that will be realised from the B-IQ, through our work in strategic partnerships and joint ventures with the city and private sector.

By 2030, if the university’s targets can be achieved, through the activity set out in this strategy, then Aston University’s economic impact could grow to £2.37bn by 2030, a growth of just under £1bn from the 2023 level described. A breakdown of the potential 2030 impact is shown.

The total economic output of Aston University has been estimated based on its effect on Skills, Jobs, Investment, and Gross Value Added (GVA); grouped under the following principal areas of impact:

Core operations:

• Direct output of the university based on net income.
• Indirect impact on the wider economy and supply chain as a result of procurement spend and staff wages spent in the economy.

Research and innovation:

• Value of funded research (with an impact multiplier applied).
• Turnover of businesses supported by the university including graduate start-ups, formal spinoffs, and social enterprises.

Teaching:

• Wage premia experienced by graduates (compared to non-graduate baseline).
• Student Expenditure:
• Student expenditure in the economy (50% of spending attributed to the University).

Placements:

• Output contributed by students to the businesses in which they are working (assumed to be 1/3 that of standard output per worker based on the sector in which the placement is occurring).

Enabling strategies

• Education strategy
• Research strategy
• Enterprise strategy
• College strategies
• International strategy

Measures

• Research Excellence Framework (REF) / THE GPA Ranking
• Knowledge Exchange Framework (KEF)
• International Reputation - QS World University Ranking
• International Reputation - Times Higher Education Ranking
• International Reputation - Times Higher Education Impact Ranking
• National Reputation - Guardian
• National Reputation - The Times / Sunday Times
• Number of revenue generating business partnership agreements
• Number of community partnership agreements
• Number of revenue generating international partnership agreements
• Number of commercial / corporate Joint Ventures (JVs)
• Number of active Knowledge Transfer Partnerships (KTPs)
• Digital inclusion - Digital Skills Academy provision
• Health equity - Health Services Hub community access to clinical services on campus (external, staff, students).