University brings €1.05bn economic impact, says report

SETU has campuses in Waterford, Carlow, Wexford, and Wicklow.

Colm O’Reardon, Secretary General at the Department of Further and Higher Education, Research, Innovation and Science, Alan Gray, Managing Partner of Indecon, and Chairman of London Economics, with Veronica Campbell, President of SETU, and Patrick Prendergast, Chairperson of SETU’s Governing Body. Picture: Patrick Browne

Ireland benefits from the impact of South East Technological University (SETU) to the tune of €1.05bn, a report published on Wednesday said.

South East Technological University is Ireland’s fifth technological university following its establishment on 2022. SETU's current student population stands at 18,000, with campuses in Waterford, Carlow, Wexford, and Wicklow.

The university’s Economic and Social Impact report, commissioned by SETU and prepared by Indecon International Economic and Strategic Consultants, was launched at SETU’s Cork Road Campus in Waterford on Wednesday and examines SETU’s economic and social impact.

"The total estimated economic impact of the university stands at an extraordinary €1.05bn," said SETU governing body chairperson Prof Patrick Prendergast.

SETU president Prof Veronica Campbell said the university is “transforming lives, powering enterprise, and shaping Ireland’s sustainable future”.

“The study shows that our 2023 graduates alone will generate €634m 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,” she said.

The report said that SETU’s wider operations are delivering returns of €350m to the region, and supports over 3,600 jobs both directly and indirectly.

“Our innovation activity now generates €35m 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.

Indecon managing partner Alan Gray, who is chair of London Economics, described SETU as “a cornerstone of regional development”. 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.

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.