The financial impact of Lincoln College on the local economy has been revealed in a report published by a team of top international analysts.
According to the report – aimed at assessing the economic impact of Lincoln College on students, society, taxpayers and the local business communities in Lincolnshire and Nottinghamshire – the college contributes an impressive £185.5 million each year.
EMSI (Economic Modelling Specialists International), which conducted the study, also found that the majority of the £185.5m can be attributed to the skills, training and support the college offers to local employers by providing them with staff development opportunities and supplying the workforce with qualified, trained workers.
As well as traditional academic qualifications such as GCSEs, A-levels and degrees, learners can also study for vocational qualifications such as BTECs and NVQs which give them the sector-specific skills and knowledge that employers are looking for.
In addition Lincoln College, which currently works with 1,200 businesses, also delivers training programmes tailored to the needs of individual organisations, apprenticeships, assessment-led qualifications in the workplace and short courses.
As one of the county’s largest employers, the college is also a large-scale buyer of local goods and services and spent over £12.5 million in 2011-12. This expenditure supports the college’s suppliers, many of which are located within Lincolnshire and Nottinghamshire.
Commenting on the outcome of the study Lincoln College’s Principal and Chief Executive John Allen said: “Lincoln College is the cornerstone of skills and training in Lincolnshire and the experiences that our students receive at the college have the power to shape the rest of their lives and put them on the path to becoming happy and productive members of society.
“They add value to local businesses by increasing their level of outputs and generating a need for further jobs, creating additional income.
“The college’s mission is to deliver excellence to learners and as long as we continue to do this, all other stakeholder groups will see the positive impacts the college has, not just on the economy but on the local communities too.”