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Local Economy Assignment PDF

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Added on  2021-04-21

Local Economy Assignment PDF

   Added on 2021-04-21

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Running head: UNIVERSITY OF PORTSMOUTHDiscuss the Effect of the University of Portsmouth on the Local EconomyName of the student:Name of the university:Author note:
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1UNIVERSITY OF PORTSMOUTHEducational institutions are not just a centre to pursue the different kinds of studies; it israther a significant asset to the local economy also. It may sound strange as to how institutionscan contribute to the local economy. However, this is indeed a fact. Education in abroadcountries is now also known as study tourism. Such educational centres are not just impartingeducation to aspiring candidates but, it is also providing employment solutions to both local andoverseas personnel (Jackson, Johnson and Persico 2015). This study is purposefully aimed atunderstanding the impact of educational centres on the local economy. The purpose is beingserved with a study at the University of Portsmouth which has become an asset for the localeconomy of the United Kingdom.The study finds some very interesting facts like the University of Portsmouth is nowworth £1.1 billion to the British economy and contributes £476 million to the city itself(Uopnews.port.ac.uk 2018). It also employs 2,550 staffs which is why the university is now thefourth largest employer in Portsmouth. It supports approximately around eight percent jobs in thecity (Uopnews.port.ac.uk 2018). Factors that have contributed to the local and national economyare consultancy & research services for businesses, student placements, the conduction ofprofessional training, the provision of facilities, assistance for young businesses and industrialstudentships (Uopnews.port.ac.uk 2018). These activities have jointly added £73 million worthto the UK economy. It also supported around 1,000 jobs (Uopnews.port.ac.uk 2018). Education contributes to the local economic growth which is why the University ofPortsmouth has been a key asset for the local economy of both UK and the city itself. However,this may appear very strange to some that how education can boost the local economy. Educationindeed boosts the local economy as it is a resource to the production of a skilled workforce(Roberts, Sykes and Granger 2016). On the other hand, there are labour shortages at the global
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2UNIVERSITY OF PORTSMOUTHlevel. The workplace is ageing and hence, they are left with little opportunity in the form ofMillennials (Roberts, Sykes and Granger 2016). However, Millennials can only be productive ifthey have the proper education in them. This is where the role of education becomes moreevident. Universities as such University of Portsmouth can contribute to the economicbetterment. There are ample of reasons that explain why such universities are important for thelocal economy. One of such factors is the market value that those universities carry (Lusardi andMitchell 2014). The market value is due to various additional factors like the infrastructure inregards to learning & other facilities, quality of educators, strict compliance to disciplinaryrelated policies, technological advancement, the standard of human resource management,previous performances and others (Lusardi and Mitchell 2014). The aforesaid facts in regards to factors which help educational centres to contribute tothe local economy can also be the basis of analysis for the University of Portsmouth to find itsunique selling points. The University of Portsmouth has an infrastructure which is very biggerand accommodates not less than around 2,550 staffs (Port.ac.uk 2018). In this way, the universityis providing a direct employment opportunity in the Portsmouth city. In addition to theemployment, they have also been active with some other activities in recent times. They aretaking part in other works as well which are being conducted for the benefits of the localeconomy. The University now also takes part in the various kinds of strategic initiatives that arebeing designed to improve the economic status of the city (Port.ac.uk 2018). One of the biggest contributions of the university has been the production of a workforcethat supports the local economy. They have quality educators who help aspiring students tosucceed their domain with good grades and knowledge skills (Port.ac.uk 2018). In doing so, theyare actually gifting a collection of skilled professionals to the city and the nation. Additionally,
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