A new Technological University in North West could deliver a €600m national economic impact and support 3,000 jobs, new research has revealed.
The proposed new Connacht Ulster Technological University (TU) is at the formal application stage with the Minister for Further and Higher Education, Research, Innovation and Science, Simon Harris TD. The new TU would comprise the Institute of Technology Sligo, Galway Mayo Institute of Technology and Letterkenny Institute of Technology.
Every €1 of expenditure by the new TU is likely to result in an overall increase of nearly €4 in output to the Irish economy, the Northern and Western Regional Assembly has said. The calculated was reveal as part of the NWRA’s submission on the new National Research and Innovation Strategy, to be published by Minister Harris.
It’s been calculated that the north west TU is’ conservatively’ set to deliver an impact of over €600m to the national economy and support just under 3,000 jobs in the wider labour market.
John Daly, Economist and lead author of the study called ‘A Future Learning Region’, said: “Our message to government is that universities represent an excellent investment in the North West’s future and provides value for money to the exchequer. They help drive economic growth and innovation – both nationally and regionally – create high-skilled jobs and higher wages for our citizens.”
The Northern and Western Regional Assembly’s submission calls on the Government to enhance the research and innovation capacity of the North West with the view of stimulating the region’s economy and assisting in its recovery following the economic impact of COVID-19 and Brexit.
NWRA Director David Minton added: “Current figures paint a bleak picture for the west and northern parts of the country. Ireland is investing in human capital and technological development, but the returns are not widely distributed. Compounded by Brexit and Covid-19 there are increasing calls for a sustained response to regional imbalance within the forthcoming National Development Plan. Enhanced investment in our higher education system is essential.”