Essex University's support of companies through its business engagement contributes $40.5m to the university per year on average.

Essex University’s “Economic Impact Report” has shown that business engagement with the university is responsible for the generation of £21.7m ($40.5m) in revenue per year on average.

Business engagement includes knowledge transfers partnerships, consultancy, research and facilities and equipment contracts. In 2013-2014 there were 14 knowledge transfer partnerships that fed into the overall figure.

The university supports companies looking to access expertise and graduate talent by providing accommodation at the Parkside Office Village, located within its Knowledge Gateway, that opened in 2014.

The university has already started building work on the next phase of Parkside as well as beginning construction of a £10m Innovation Centre.

The report shows that Essex University contributes a total of £464m to the regional economy each year. It directly employs more than 2,000 staff and creates a further 2,900 jobs in the east of England.

On a UK-wide scale, the university contributed £489.1m to the economy in 2014-1015. The report was written by Abhijit Sengupta from Essex Business School.

Anthony Forster, vice-chancellor at Essex University, said: “This is a defining moment for us. This report shows the huge contribution the University of Essex already makes to the regional and national economy and we are absolutely committed to increasing our economic impact.”

David Finch, leader of Essex County Council, said: “Essex University is a recognised asset to the county of Essex. It indirectly supports many jobs and businesses across the county, and attracts thousands of staff and students nationally and internationally, who make a significant and valued contribution to the local economies of Colchester, Southend and Loughton.”