Universities make a vital contribution to the economic, social and cultural development of Wales. Universities have an important part to play in their localities and in an international context. It is by being globally competitive that universites can contribute most effectively for Wales.

The HE sector in Wales is already an economic powerhouse, with a £1.1bn annual turnover which, in turn, generates a further £1.1bn for local communities in Wales. About 33,000 jobs are either directly or indirectly created by universities and they also bring in £238m in export earnings to Wales through international students and research income.

A UK-wide survey of university/business links has demonstrated that Welsh universities outperform the HE sectors in most English regions in their collaborative research with partners and in learning in the workplace. Wales will only succeed in creating a high performance knowledge-based economy if universities continue to be at the centre of the Assembly’s educational and economic development priorities. 

The Universities in Wales represent a fast growing sector of the Welsh economy. The HE sector in Wales: 

• has a turnover of £1.1 billion.
• generated a £2.2 billion expenditure to the Welsh economy, including direct multiplier effects, in 2007/08.
• gained export earnings for Wales of £238 million, including £111 million in international revenue and ‘knock-on’ expenditure of £127 million from international students in 2007/08.