University of Dundee contributes £740m to economy, study reveals

The University of Dundee contributes more than �740 a year to the economy. Picture: Jane Barlow

The University of Dundee contributes more than �740 a year to the economy. Picture: Jane Barlow

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THE University of Dundee contributes more than £740 million to the Scottish economy each year and supports 8,000 jobs across the country, a new report has found.

The economic and social impact study by the Fraser of Allander Institute found one in 12 jobs in Dundee - and a total of 4,000 in Angus, Dundee, Fife, and Perth and Kinross - are supported by the university’s activities.

READ MORE: EU referendum: Nine in 10 university staff backing Remain

In the past decade, the university has created 33 spin-off companies in the local area, many involving commercialising the university’s scientific expertise.

The study, commissioned by the university, also found for every £1 of Scottish Government funding, the university generates more than £7 for the Scottish economy.

The university’s principal, Professor Sir Pete Downes, said the institution is a “major employer and a vital driver of business and innovation”.

He said: “This report shows just how vital the University of Dundee is in helping drive the economy of east and central Scotland.

READ MORE: Unemployment in Scotland falls by 11,000

“We are absolutely central to Dundee and Scotland’s ambitions, particularly in areas such as biosciences and healthcare, but also in culture, design and renewables.

“We attract students and staff from over 140 countries to the city and are helping to attract significant inward investment to Dundee and Scotland.”

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