University in Waterford ‘would create 2,000 jobs’

A UNIVERSITY in Waterford would generate 2,000 jobs and up to €100 million for the local economy, economic consultants have found.

Their report recommends that the Waterford Institute of Technology be given full university status and says the move would generate €96.7 million annually for the economy of the South-East.

The report, commissioned by Waterford Chamber of Commerce and carried out by Goodbody Economic Consultants, has found that more than 2,000 jobs would also be generated either directly or indirectly by the upgrade.

The study shows the South-East is suffering from a lack of investment, particularly in education, and, as a result, the region has fallen behind the rest of Ireland in terms of economic development and the number of graduates it produces.

According to data from the Central Statistics Office, per capita income in the South-East region is only 89.5% of the national average. The region is also overly reliant on poorly paid self-employment.

The South-East also suffers from a lack of multi-national investment, despite its position on the eastern seaboard and improving infrastructure links. In addition, the study found there was a relatively low proportion of the labour force with third level qualifications.

The region also suffers from a brain drain, as those taking up university courses move outside the region.

Waterford Chamber of Commerce president Dr Frank Dolphin said the development of a university in the South-East was crucial.

“Universities in Ireland and abroad are becoming more and more an integral part of the economic and social development of the region in which they are situated.

“Universities provide locally available knowledge, creative workforces, research capability and access to global expertise. They provide strategic analysis and leadership, assist in attracting critical foreign direct investment and help to create ‘clusters’ of economic activity,” Dr Dolphin said.

“In worldwide studies of regions which have lagged behind their national counterparts, the presence of a university in the region consistently proved to be the catalyst in the revitalisation of these economies,” Dr Dolphin said.