The economy
The University of Oxford, including the colleges and Oxford University Press, is the county’s largest employer. It is responsible for 17,000 jobs and injects £750 million annually into the local economy.
In December 2014 the UK government confirmed that the University was responsible for the largest volume of world-leading research and impact in the UK. In October 2015 The Times Higher Education university rankings rated Oxford second overall only to Harvard, and first for the importance of its research. Much of this research is built on locally in business spin-outs.
The University of Oxford was one of the pioneers of university spin-outs. Its very first, Oxford Instruments, was established in 1959 and is now a global leader, employing 1,900 people in 13 different countries.
In May 2015 the University launched a partnership with the newly-created Oxford Sciences Innovation plc. With £320 million in funding provided by six investors including the Wellcome Trust and Landsdowne Partners, the aim is to turn cutting-edge research from the Medical Sciences and Mathematical, Physical and Life Sciences Divisions into successful applications.
Commercialisation activities by Oxford University Innovation Ltd. (the University’s wholly owned research and technology commercialisation organisation) support 1,600 jobs in Oxfordshire. In 2014 OUI filed 23 patents based on research undertaken within the Department of Engineering Science alone. OUI manages a total of 2,490 patents in all and generated £24.6 million revenue in 2015 (£14.5 million in 2014).
Through the City Deal (which provides £750,000 for University start-ups and spin-outs) the University has leveraged a further £10 million of private sector investment, to generate 90 jobs by March 2017.
The University is an active member of the Oxford Local Economic Partnership (OxLep) and works with it to ensure the maximum of investment in the region, along with appropriate planning for infrastructure development and growth.
The colleges, parks, museums, halls and libraries of the University are part of the unique draw of the city which brings 6.6 million tourists to the area, spending £574 million and supporting 12,000 jobs in the region.
