Sheffield College worth £282million to the region, new report shows

And for every £1 invested in it, there is a benefit to society of £4.60.

Angela Foulkes, chief executive and principal of The Sheffield College, said: “We know that we have a major impact on students, inspiring them to go further in their careers, as well as businesses in the city. This report illustrates the financial value of that.

"Many of our students originate from and stay on in Sheffield. Their enhanced skills and abilities bolster the output of local employers contributing to higher regional income and a more robust economy."

‘Demonstrating the Value of The Sheffield College’ was produced by research consultancy Economic Modelling Specialists International.

The report is based on annual data from 2017/18.

During the analysis year:

- The overall impact of the College during was worth £282.5 million, which is equivalent to one per cent of Sheffield City Region's (SCR) Gross Regional Product (GRP).

- For every £1 learners invested in their education at the College (in the form of out-of-pocket expenses and forgone time and money) they will receive £5.20 in higher future earnings.

- On average, students who achieved a Level 3 qualification will earn £6,888 a year more than someone with no formal qualifications in SCR. This equates to approximately £261,000 in – higher earnings over a working lifetime.

- For every £1 that society invested in the College, it generated £4.60 in benefit to society – the equivalent of an average of 16.1 per cent annual rate of return.

- Employers received £1.30 in return for every £1 invested in the ollege's apprentices, as those apprentices became more competent, skilled and productive.

- For every £1 that learners forgo whilst undertaking an apprenticeship, they will receive £6.20 in higher future wages.

Emily Moncuit, of the Confederation of British Industry, said: “It's great to see the impact of The Sheffield College on learners' skills and career prospects. This is testament to the vital role of the further education sector in supporting employers and the regional economy.”

The College had more than 16,000 students and apprentices during the academic year 2018/19.

Of those, 2,800 were apprentices.