A report by Universities UK (UUK) has shown the huge economic impact of universities in the East of England and the University of Essex is leading the drive for further growth.

The UUK report, The Economic Impact of Higher Education Institutions in the English Regions, reveals universities in the East of England generated £3.5 billion for the regional economy in 2011-12, attracted more than 50,000 students and helped create 62,840 jobs.

The University of Essex has contributed to this success through its international reputation for excellence in research and excellence in education – which attracts students from around the world and delivers research which transforms the way we live our lives.

Now the University is looking to drive further economic growth by helping to foster an “ideas-led economy for Colchester and north Essex”, while developing new partnerships with businesses.

Deputy Vice-Chancellor Professor Jules Pretty said: “The Universities UK report shows what a vital asset the higher education sector is to the economy of this country. As a university with more than 5,000 students coming from outside the UK, from more than 130 countries, we particularly welcome the focus on the economic impact of international students who enrich cultural exchange on our campuses and in our communities also.

“Students are the workforce of the future and for fifty years, an Essex education has been about providing them with the skills, knowledge and cultural awareness to make a difference in their future careers.

“However, not covered in the report is how business and research activities impact the economy. Our expertise in data analytics will help to grow an ideas-led economy for Colchester and north Essex, while our Knowledge Transfer Partnerships are already providing businesses with the research expertise on which to develop their ideas and technologies. Our Knowledge Gateway, which will provide at least 2,000 new jobs, will provide premises with direct access to our researchers, and this year alone 135 students and graduates have worked as interns mainly in fast-growing micro-businesses and SMEs.”