The Atlantic Technological University (Atlantic TU) will contribute €700m in economic output and 3,100 jobs per year, research from the Northern and Western Regional Assembly (NWRA) has found.
The findings exceed previous estimates for the economic impact of Ireland's newest university, which will amalgamate Galway-Mayo IT, Letterkenny IT, and IT Sligo, in terms of operating expenditure and staff wages, and NWRA said the value of Atlantic TU to the economy will "rise significantly in the coming years".
NWRA found that every €1 in expenditure by Atlantic TU will result in an overall increase of nearly €4 in output to the Irish economy, and the institution will contribute to around 3% of the region's economy while enrolling just under 10% of Ireland's third-level students.
"The designation of the Atlantic TU represents far more than a name change," NWRA economist John Daly said. "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.
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"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 & Western region to attract private and public research funding through economies of scale and collaboration.”
Daly highlighted that the European Commission considers the region a "moderate innovator," a region with an innovation index lower than the EU average, while the southern, eastern and midland regions of Ireland are all "strong innovators," exceeding the EU average.
He added, however, that additional investment would be needed to fully deliver maximum benefits, with long-term underinvestment in the west and north-west’s third-level infrastructure representing a significant challenge over the past decade.
David Minton, director of the NWRA, said: "Recent GDP figures paint a bleak picture for this region of Ireland and show why the Atlantic TU is so important. Human capital – in the form of knowledge, skills and experience – and innovation are key components in enhancing the performance of a region’s economy.
“The Atlantic TU will be key to unlocking the region’s potential in these areas, given the new university will enhance region’s skills base and innovation capacity, improve the ability of the region’s ecosystem to collaborate on product and service development and boost the region’s competitiveness and exports capabilities.
“Within this context, it is clear that the Atlantic TU will be crucial in delivering collaborative actions that will overcome the economic challenges facing the North & West of Ireland and improving the performance of the region’s economy in the coming years.”
Minister for Higher Education Simon Harris announced last November that the three north-western ITs would combine to create Atlantic IT in April, meaning this year's graduating class will do so with university honours.
Photo: Dr Brendan McCormack, president of IT Sligo; Dr Orla Flynn, president of GMIT; and Paul Hannigan, president of LYIT, whose three institutes will become Atlantic Technological University in 2022 (Pic: Mike Shaughnessy)
