MTU generated almost €1bn for Irish economy in its first year

Formed by a merger between Cork and Tralee institutes of technology, Munster Technological University's economic impact in 2022 to 2023 is estimated to have been worth €979m 

MTU president Maggie Cusack with (left) Enterprise Ireland regional director Dan Barry and MTU head of strategy & performance Tim Daly at the publication of MTU's Economic and Social Impact Study for 2022/23. Picture: Domnick Walsh

Munster Technological University (MTU) generated almost €1bn for the Irish economy in the year after it was first formally established.

The technological university was the first designated in the State, following an official merger between the former Cork Institute of Technology (CIT) and the Institute of Technology Tralee (IT Tralee) in January 2021.

A report published on Monday finds that the total economic impact associated with MTU’s activities in 2022 to 2023 was estimated to be worth €979m.

This includes €574m across teaching and learning activities, €343m through university and student expenditure, €44m in research and development, and €18m from international students.

The report, which was carried out in collaboration with Indecon, also found that MTU has been responsible for the creation of more than 1,750 direct jobs or full-time equivalents.

Almost 85% of graduates found employment within three months, and the total lifetime earnings premium for 2022 graduates was found to be more than €351m.

This equates to exchequer returns of more than €222.5m.

The report also found how for every €1 invested in the New Frontiers programme, €5.63 was returned to the economy. The programme, launched in collaboration with Enterprise Ireland, is a development programme for early-stage entrepreneurs.

Almost 85% of those who completed the programme are still in business, and it plans to deliver 75 new companies in the South-West region over five years by 2027.

As part of the report, students were asked if they would have gone to university or college if MTU did not exist. 

Almost 5% of respondents indicated that they would have been very unlikely to go to college if MTU did not exist.

A further 7% indicated that they would have gone to college outside of Ireland if MTU did not exist.

The report published on Monday demonstrates MTU’s exceptional impact Ireland’s economy, according to its president Professor Maggie Cusack.

"Since our establishment in 2021, we have transformed lives and provided world-class opportunities for study and employment across the South-West region," she said. 

“We take immense pride in fostering graduate success, driving regional growth, and enhancing Ireland’s global competitiveness.”

“MTU has grown to more than 18,000 students across six campuses, and we are committed to delivering on our mission to lead change and empower people through education for a successful future in a globalised world.”

Separately, the Teachers’ Union of Ireland (TUI) has expressed concerns at a recent decision by the Department of Further and Higher Education to sanction for the advertising of equivalent senior posts at different salaries in different technological universities.

There can be no regional variations in pay or conditions in the sector, according to the union which represents 4,800 academic staff.

The union and the department have been engaging under the auspices of the Workplace Relations Commission and the next meeting scheduled for February.

In 2017, union members at third level voted in a national ballot to accept a collective agreement relating to the establishment of unions. However, the union has accused the department and institute management of failing to adhere to this agreement.