The country and the region benefits hugely from the University of Waikato, with thousands of jobs created and millions of dollars generated from its operations.
Information contained in the latest economic impact report by consulting economist Dr Warren Hughes shows the University of Waikato generated $938 million in revenue for the New Zealand economy in 2013, up nearly 10% on the $860 million revenue generated in 2012.
It is expected to hit the $1 billion mark in the next two years, Dr Hughes says.
The total amounts to 0.3% of the New Zealand economy and between 2-3% of the Waikato Regional Council economy.
The report also shows University of Waikato operations generate more than 5200 jobs nationally, with every job at the university generating 0.57 jobs in the core Waikato region – which includes Hamilton and the neighbouring Waikato and Waipa district councils – and a further 0.67 jobs somewhere else in New Zealand.
“The economic impacts estimated here for sales revenue, household income, employment and added value show the University of Waikato to be extremely important for the local economy as well as nationally,” the report says.
Vice-Chancellor Professor Roy Crawford says the report confirms the key role the University plays in the region and the contribution it makes to the community and the economy.
Educating future generations
“Since the University opened in 1964, we have grown to become an integral part of the region. We are proud of what we have achieved and look forward to educating many more generations of students.”
He says the increase in revenue – up nearly 10% on 2012 - was particularly pleasing in such financially tight times.
While Hamilton and the Waikato are the main beneficiaries of the University, the Bay of Plenty also gets an annual boost to regional GDP of more than $8 million and more than 40 jobs from the 836 University of Waikato students studying there.
Contributing to the national GDP
The University adds $474m to the national GDP annually.
Every dollar spent by the University or its students generates another $1.31 for New Zealand businesses, with 99 cents of this accruing to the core Waikato region.
The report also shows the impact of international students, with each international student generating $90,000 in sales revenue somewhere in New Zealand and every two students generating a job.