£1 BILLION STUDENT SPEND – UNDER BUSINESS SPOTLIGHT
THE South West region’s estimated £1 billion+ student economy was on the agenda today – and a meeting between the chief executive of Clever Student Lets Henry Hutchins, and the chairman of the Devon & Cornwall Business Council Tim Jones.
Plymouth’s student population injects a whopping £300million into the city alone every year, research carried out by Clever Student Lets and Santander Bank revealed earlier this year.
The study also revealed parents visiting their offspring also spend a significant amount in the region and foreign students bring hundreds of millions to the local economy annually.
International students spend slightly more than domestic ones, each putting an average £10,448 into Plymouth each academic year, with student immigration numbers discussed.
Much of student cash goes on sectors such as food, entertainment, transport and, most importantly, accommodation in the region.
Mr Hutchins, said: “Our report noted the spin-off benefits for the city and the wider South West region, including increased investment and the economic impact of the educational establishments.”
“Our meeting looked at the value of our Plymouth and regional student market, and the overall strategic importance to the local economy – and how to promote the sector for the future.”
Tim Jones, said: “The valuable and unrecognised student sector offers opportunity to grow, and such a major asset to the region.”
“Clever Student Lets are offering gold star services and winning national awards, and the meeting with CSL was very positive looking at future prospects.”