Universities create the life force of many towns, cities and regional economies. They foster places for knowledge exchange both within the student and research communities, but also between these and the wider community and business. They provide the nourishment that the city needs to survive.
Many studies such as the OECD’s programme on Institutional Management in Higher Education into the role of higher education in local and regional economies, show the importance of universities in terms of knowledge creation and exchange, underpinning innovation through research and contributing to the development of skills in the local economies. Universities can also play an important role in regenerating urban areas by creating a focus for activity.