New Atlantic Technological University will deliver €700m to Ireland’s economy per year

New research from the Northern and Western Regional Assembly (NWRA) has confirmed the major contribution that the new Atlantic Technological University (ATU), which includes the Letterkenny Institute of Technology campus, will make to Ireland’s economy, with the university expected to contribute €700 million in economic output and support just over 3,100 jobs per year.

Such an economic impact represents an improvement on previous estimates, in terms of operating expenditure and staff wages.

It is also expected that the value of the new TU to the economy will rise significantly in the coming years.

The NWRA has found that every €1 of expenditure by the new Atlantic TU is likely to result in an overall increase of nearly €4 in output to the Irish economy, highlighting how future investment in the university represents value for money to the exchequer.

Furthermore, the Atlantic TU will contribute to around 3% of the region’s economy while just under 10% of third-level students in Ireland will be in enrolled in the Atlantic TU, highlighting the importance of the TU to delivering balanced regional development in Ireland.

Commenting, John Daly, economist at the NWRA and author of the research, said the designation of the Atlantic TU represents far more than a name change.

"It will support the recovery of the Northern and Western region’s economy, by improving productivity levels, expanding the region’s ability to develop innovative products and services, and supporting the creation of high-value jobs.

“The designation will also deliver much wider benefits to the region. For example, the new TU will improve the quality of third-level teaching in the Northern and Western region of Ireland, as the Atlantic TU will be required by legislation to ensure that at least 90% of full-time academic staff hold a Level 9 Qualification or higher.

"Likewise, at least 45% of full-time academic staff will be legally required to hold a Level 10 Qualification or the equivalence in professional experience, with the university required to increase this ratio from 45% to 65% in 10 years.

“The new TU will also enhance the regions skills base – as the new university will have to ensure that at least 4% of full-time students are awarded a Masters degree – while such a designation will improve the ability of the northern and western region to attract private and public research funding through economies of scale and collaboration.”

The designation of the Atlantic TU could not come at a more important time for the regional economy according to Daly.