The new Atlantic University of Technology will provide 700 million euros to the Irish economy a year
New research from the North and West Regional Assembly (NWRA) has confirmed the major contribution that the new Atlantic Technological University (ATU), which includes the campus of the Letterkenny Institute of Technology, will make to the Irish economy, with the university expected to contribute €700 million in economic output and support just over 3,100 jobs per year.
Such an economic impact represents an improvement over previous estimates, in terms of operating expenses and staff salaries.
The value of the new UT to the economy is also expected to increase significantly in the coming years.
The NWRA has found that every €1 spent on the new Atlantic TU is likely to result in an overall increase of almost €4 in output for the Irish economy, highlighting how much future investment in the university represents a good value for the Treasury.
In addition, the Atlantic TU will contribute around 3% to the region’s economy, while just under 10% of third level Irish students will be enrolled in the Atlantic TU, underlining the importance of UT to ensure balanced regional development in Ireland.
Commenting, John Daly, NWRA economist and author of the research, said the designation of the Atlantic TU represents much more than a name change.
“It will support economic recovery in the northern and western regions, improving productivity levels, expanding the region’s capacity to develop innovative products and services, and supporting the creation of high-quality jobs. added value.
“The designation will also bring much broader benefits to the region. For example, the new TU will improve the quality of third level education in the Northern and Western Region of Ireland, as Atlantic TU law will be required to ensure that at least 90 % of full-time academic staff hold a Level 9. Diploma or above.
“Similarly, at least 45% of full-time academic staff will be legally required to hold a Level 10 qualification or work experience equivalence, with the university to increase this ratio from 45% to 65% in 10 years.
“The new TU will also improve the region’s skills base – as the new university will need to ensure that at least 4% of full-time students obtain a master’s degree – while such a designation will improve the region’s capacity for north and west to attract private and public research funding through economies of scale and collaboration.
The designation of the Atlantic TU could not come at a more important time for the regional economy according to Daly.