The economic benefits of a vibrant university and Business School

Dean of Staffordshire Dr Peter Jones reflects on the start of term and the economic benefits of a vibrant university and Business School in the region.

Last month the population of Stoke-on-Trent changed and transformed as the annual autumn migration to University got underway. Students both arrived and left the city and the region to start or continue their higher education. For Stoke-on-Trent there was a sudden influx of people from not just around the country but from around the world who bring a vibrancy, culture and diversity to the six towns.
This changing demographic is vital for the city and the region. Students and associated workers spending cash on renting property, in bars, eating food and even buying books – students are important for our economy. University students also provide a transient workforce providing casual labour to the region’s businesses. Importantly they will go on to become the qualified and educated future workforce. And this is vital for Stoke-on-Trent.

For a city like Stoke where we have high employment, but typically a low skilled and low wage workforce, a strong University is key and is vital in the economic growth of the city, county and region. This is not a situation that is restricted just to Stoke-on-Trent. In the late 1990s funding of the Northern Powerhouse cities resulted in massive urban repopulation and redevelopment. The growth of cities such as Leeds, Manchester, Liverpool and also in the West Midlands / Birmingham meant that the smaller Midlands cities were somewhat overlooked and forgotten about.

However, the introduction of increased numbers of people entering higher education has to a greater or lesser extent be the saviour of many if these economically slowing towns and cities in the Midlands. Places like Coventry, Northampton, Derby, Leicester and Lincoln all now have growing economies where local and regional politicians work hand in with the local “new” university to invent themselves and their identity of place. With the changing role of councils and their declining budgets, the role of the university in developing place has become even more paramount.

I would argue that Business Schools have a key role in new universities as all businesses do business and, I would argue, need business graduates. Therefore, the key to the regional economic growth is a strong Business School. A Business School that is connected to the region’s employers and producing students who bring ideas and support innovation and growth by completing internships, placements and sandwich years with the region’s companies. In our digital age this input from millennials and generation Z is key for innovation and economic growth.

It is also vital that Business Schools are not just outward looking but also develop the business skills of students in other disciplines within their own universities such as entrepreneurship which will help them become the next generation of start-ups and business leaders.

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