LUT’s annual impact on the Finnish economy is over 469 million
A recent report reveals that Lappeenranta University of Technology (LUT) plays a vital role in generating economic growth in Finland and maintaining the country's competitiveness on the global markets.
Through its operation, LUT contributes over 469 million euros in gross value added to the Finnish economy. In other words, a euro invested in LUT means a return of 6.02 euros to the Finnish economy. In addition, for every person LUT directly employs, five jobs are created in Finland. Therefore, LUT's employment impact is 4500 jobs nationally. Globally, the same figures are roughly 527 million euros and 5100 jobs.
LUT exceeds the national average in terms of both euros and jobs; on average, every euro invested in Finnish universities generates 5.26 euros in gross value added to the national economy. In addition, for every person Finnish universities directly employ, four jobs are created in Finland.
LUT achieves its greatest economic impact through corporate collaboration and innovations. The contribution in these areas is 153 million euros and 1800 jobs in Finland, and 180 million euros and 2200 jobs globally.
As an employer, LUT contributes 124 million euros to the economy and creates 1700 jobs in Finland. These figures are based directly on how the university's employees spend money both beyond the university and in projects on the university campus.
Also the university's students have an economic impact throughout their studies and after graduation through their spending, employment, and high-level expertise. During their studies, the students' employment outside the university, volunteer work, spending, and internships create 56 million euros in economic value and 1000 jobs in Finland. Similarly, the impact of graduation is 134 million euros in Finland and 145 million euros worldwide.
In addition to the measured and estimated impacts, LUT benefits individuals and the society in many other ways:
The report mentions that LUT also contributes to individuals and the academic world in ways that are more extensive, albeit difficult to measure, including social cohesion, improved social mobility, better health and well-being, and greater civic activity.
BiGGAR Economics conducted an independent review of the economic impacts of Finnish universities in spring 2017. The assessment was coordinated by Universities Finland UNIFI, and its objective was to determine the contribution of Finnish universities to the society in gross value added. The report was based on student, staff and financial statistics from 2015-2016.
Director of Administrative Services Anne Lankinen, +358 400 549 690, firstname.lastname@example.org
Images of the university: https://lut.pictures.fi/kuvat/LUT+Press+Images/LUT/