A study into the economic impact of WCG has shown that the college group makes a massive £705.8m contribution to the regional economy each year.
The report, by economic specialists Emsi, found that WCG – which has seven colleges across Warwickshire and Worcestershire – creates significant positive benefits for its main stakeholder groups including learners, society, taxpayers and the local business community.
Key highlights include:
- For every £1 invested by a learner at WCG, they get back £4.40 in higher future wages
- For every £1 businesses invest in apprenticeships, they receive a 41.3% average monthly rate of return
- For every £1 invested by an apprentice at WCG, they get £7.70 back in future earnings
- For every £1 invested by the taxpayer, WCG returns £3.90 in benefits
- Taxpayers see an average annual return of 17.1% on their investment in WCG – higher than 71.4% of the 105 other institutions Emsi has analysed
WCG Principal and Chief Executive of WCG Angela Joyce said, “We have always believed that our colleges impact positively on the regional economy, so I’m delighted to see this success quantified by the report.
“The £706m contribution is a result of our commitment to the communities we serve, in terms of providing educational opportunities and business support, and it’s great to have this additional evidence of how we support job creation and the regional economy by spending our money locally.
“We’ve always felt that we have a positive contribution to make in terms of supporting businesses and developing apprenticeships across the region and the facts from this specially commissioned report really back that up. It’s clear that it’s worth businesses and young people investing in apprenticeships and training.”
WCG offers a range of courses and apprenticeships at its seven colleges in Warwickshire in Worcestershire. For more information, go to www.wcg.ac.uk or call 0300 456 0047.