The University of Warwick and its students bring in millions of pounds and hundreds of jobs to Kenilworth each year, a report has claimed.
As well as helping create 214 jobs in Kenilworth over the past year, the university has reportedly brought in £20million to the economy.
It also injected thousands into creating the Greenway to build stronger links with the town for its students.
The findings were revealed this week in an independent study by consultants SQW who looked at the impact the university had on the region between July 2011 and 2012.
The report highlights ‘significant benefit’ to the local economy and communities brought by the students each year as they study, live and work in the area.
And it shows Kenilworth as having had a £20million share in half a billion pounds of funding which came into the region as a result. It is thought these figures could have been even higher last year as the trend may have risen over the past 12 months.
The report found that the huge sum came into the town through a mixture of student spending and job creation and income, as well as from friends, parents and family visiting the area.
The benefits are also partly down to the average Warwick student expenditure of £6,730 in the town across the year.
But the main income may be down to the university’s entrepreneur schemes including Warwick Manufacturing Group (WMG) which helps create employment and get students’ ideas off the ground.
Vice chancellor and university president, Nigel Thrift, said: “WMG continues to strengthen its relationships with major employers in Warwickshire – attracting the very best talent to work and study in the local area.
“However, it is the extraordinary wealth of people all working, studying and thinking at the University of Warwick that is our biggest contribution to the region and local communities.”
For Kenilworth entrepreneur Stephen Collier things are still looking up after he worked alongside the WMG to reinvent the umbrella as we know it. The innovative Rainshader was created thanks to a funding from the university to help develop ideas.
The University of Warwick Science Park alone has attracted 24 businesses to the region and spawned 66 companies in the last eight years.
There are 910 graduates reported to be living in Kenilworth from the past year’s study, all who is it hoped will contribute to the economy each year.
The university contributed £200,000 to the Connect 2 Kenilworth cycle way alongside Warwickshire County Council and charity, Sustrans, for people to reach the campus.