University College Cork (UCC) is making waves in the Irish economy, contributing an astounding €3.2 million every day, according to a newly published report, Economic and Societal Impact of University College Cork. The independently verified study reveals that UCC plays a pivotal role in supporting Cork’s economic vitality, sustaining 1 in every 13 jobs in the region and delivering an impressive return of €6 for every €1 of state investment.
Launched at UCC by European Commissioner Michael McGrath, the report delves into the university’s broad economic and societal contributions. UCC emerges as not just an educational powerhouse but also a key driver of innovation, sustainability, and community engagement. From addressing local and national employment needs to conducting groundbreaking research, the university is deeply embedded in shaping Ireland’s economic and social future.
Key Highlights from the Report:
- UCC contributes €1.18 billion annually to the Irish economy.
- Over 21,000 jobs are supported through its direct, indirect, and induced impacts.
- Every €1 spent by the university generates €6 in economic benefit.
- The university’s teaching, research, and engagement deliver wide-ranging cultural and societal benefits.
Professor John O’Halloran, President of UCC, emphasised the university’s commitment to educating the workforce of tomorrow while addressing global challenges, as UCC makes significant societal contributions, driving progress and powering positive change.
The report, which reflects rigorous analysis and best practices in economic impact studies, has been praised by Professor Mike Danson, Professor Emeritus of Enterprise Policy at Heriot-Watt University. He commended the document for its clarity and comprehensive insights, underscoring UCC’s growing influence locally, nationally, and globally.