SETU delivers €1 billion economic and social impact

South East Technological University’s total impact on the Irish economy has been valued at €1.05 billion, according to the University’s Economic and Social Impact report published on Wednesday, November 26th.

The report, commissioned by SETU and prepared by Indecon International Economic and Strategic Consultants, was officially launched at SETU’s Cork Road Campus in Waterford.

The study represents the most comprehensive assessment to date of SETU’s economic and social contribution, independently examining its operations and employment outcomes, social impact, employment prospects and lifetime earnings of its graduates, and the far-reaching effects of its research and innovation activity.

Among the students surveyed by Indecon, 16% said they would have been unlikely or very unlikely to pursue higher education without SETU. A further 10% indicated they would have studied outside Ireland had SETU not existed. SETU is playing a key role in retaining its graduates with employment patterns showing 37% of graduates remain in the region to work.

With SETU’s current 18,000 student population forecast to grow significantly by 2040, the report emphasises the University’s role in widening educational access and anchoring talent in the South East. Welcoming the attendees to the launch, Professor Patrick Prendergast, Chairperson of SETU’s Governing Body said the study “captures, in clear and objective terms, the scale of SETU’s contribution to the South East and to Ireland as a whole since its establishment three years ago”.

Noting that Indecon’s findings recognise that SETU delivers major educational, economic, and social benefits, Prof. Prendergast said, “The total estimated economic impact of the University stands at an extraordinary €1.05 billion.” Prof. Prendergast outlined the need for continued funding to realise SETU’s strategic ambitions and future capital projects, noting that this investment is critical to driving economic development in the South East.

Professor Veronica Campbell, SETU’s President, said the figures highlight the profound and lasting impact of a university that is “transforming lives, powering enterprise, and shaping Ireland’s sustainable future”.

The study shows that our 2023 graduates alone will generate €634 million in lifetime returns. Nearly 70% of those surveyed told Indecon that studying at SETU has significantly improved their employment prospects, and just over 60% reported greater earning potential as a direct result of their degree,” Prof. Campbell said. Prof. Campbell noted that SETU’s wider operations are delivering substantial returns of €350m to the region.

“SETU supports over 3,600 jobs both directly and indirectly, employing a network of staff across disciplines and professions at its campuses spanning the South East. We are one of the region’s largest employers. Our international students also enrich our campuses and communities, contributing €28 million every year to the regional economy,” she explained.

 

Prof. Campbell said SETU’s research and innovation engine is equally important to the South East’s future.

“Our innovation activity now generates €35 million in economic value, supporting new jobs, new discoveries, and a growing pipeline of commercial spinouts. We are the leading technological university in Ireland for Horizon Europe funding, having secured €12.8 million to date, and with eight active spinouts, we are supporting an innovative and entrepreneurial region,” she said.

Prof. Campbell said the findings reflect SETU’s ambition to become a leading global technological university and a catalyst for innovation and regional growth.

“Our graduates are significantly enhancing the region’s skills base and competitiveness. Our research collaborations are expanding the innovation capacity of both Irish and international firms, and our partnerships are directly influencing investment decisions,” she said.

The University is empowering people and communities with the annual value of volunteering efforts of staff and students reaching €1.4m. “Overall, SETU’s regional presence contributes to community wellbeing, civic leadership and cultural vibrancy,” Prof. Campbell added.

Alan Gray, Managing Partner of Indecon, and Chairman of London Economics, described SETU as “a cornerstone of regional development”. 

Alan noted that,

“Due to its unique position as the only university in the region, SETU is likely to hold greater regional significance than many universities elsewhere in Ireland. SETU plays a vital role in building skills, enabling individuals to achieve their potential, enhancing enterprise capacity, and strengthening the region’s attractiveness for foreign investment and high-skilled employment.”

Based on population change alone, Indecon projects that there will be over 3,000 additional students in the South East region by 2040, according to projections from the National Planning Framework (NPF), representing an 18% increase in the student population.

Alan added, “The research presented today provides a foundation for SETU to measure the progress of the University and its graduates. As the University advances its ambitions, it remains essential to continue measuring its performance and its contribution both nationally and within the region.”

Bringing the event to a close, Dr Colm O’Reardon, Secretary General at the Department of Further and Higher Education, Research, Innovation and Science, delivered a keynote address acknowledging the importance of research for Ireland and the economy.