Munster Technological University (MTU) has published its Economic and Social Impact Study for 2022/23.
The report finds that the total economic impact on the Irish economy associated with Munster Technological University’s activities in 2022-23 was estimated to be almost €1bn.
In total, the reported year saw MTU generate €979m in economic impacts. This includes an impact of €574m across teaching and learning; €343m through university and student expenditure; €44m in research and development; and €18m in international students.
Creation of more than 1,750 direct jobs
The report, which was carried out in collaboration with Indecon International Economic and Strategic Consultants, found that MTU has been responsible for the creation of more than 1,750 direct jobs or full-time equivalents (FTEs).
A total of 84% of undergraduates found employment within three months, showcasing the employability of MTU graduates in the job market. The report also reveals the total lifetime earnings premium for 2022 graduates was found to be more than €351m, with exchequer returns of more than €222.5m.
The report outlines a number of initiatives and programmes that MTU has delivered, including the New Frontiers programme in collaboration with Enterprise Ireland. The report found that for every €1 invested in the programme, €5.63 was returned to the economy.
The initiative, in place for a number of years, boasts a strong success rate, as 83% of those who completed the programme are still in business. The programme promises to support hundreds of entrepreneurs and deliver 75 new companies in the southwest region over five years from 2022.
MTU has also had a significant impact on society and communities in Ireland through student and staff supports, community engagement, and a genuine commitment to equality, diversity and inclusion.
Would have been very unlikely to go to college if MTU did not exist
As part of the report, students were asked if they would have gone to university or college if MTU did not exist. Almost 5% of respondents indicated that they would have been very unlikely to go to college if MTU did not exist, and 7% indicated that they would have gone to college outside of Ireland if MTU did not exist.
As part of MTU’s commitment to enriching the southwest’s society, culture and sport, the report details the multi-purpose MTU Arena which opened on the Bishopstown Campus in 2023 and is anchored by a 1,340m² hall, two studios, a café and a spacious state-of-the-art gym.
The university’s €19m Kerry Sports Academy on MTU’s Kerry North Campus in Tralee opened in 2019 and was the largest sports capital project to ever have been undertaken in Kerry.
MTU president Professor Maggie Cusack said: “Today’s report demonstrates MTU’s exceptional impact of nearly €1 billion to Ireland’s economy in 2022/23. Since our establishment in 2021, we have transformed lives and provided world-class opportunities for study and employment across the southwest region.
"We take immense pride in fostering graduate success, driving regional growth, and enhancing Ireland’s global competitiveness. MTU has grown to more than 18,000 students across six campuses and we are committed to delivering on our mission to lead change and empower people through education for a successful future in a globalised world.”
MTU’s head of strategy and performance, Tim Daly, added: “This Economic and Social Impact Study signifies the impact, economic, socially and culturally which MTU has on our region and beyond.
"The outputs of the report reinforce the quality of the teaching, learning and research delivered and supported by MTU, and detail how MTU’s activities are enriching the lives of people and our region both economically and socially.”