Leicester Space Park boosts economy by £89m

An economic impact assessment of the space research and development campus has been carried out to mark the anniversary of its opening in March 2022.

The calculation represents the impact of 607 jobs whose employment is supported by the pioneering space hub, that builds on the University of Leicester long-established expertise in space research, innovation and education.

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It comes as Space Park Leicester joins the new Space City cluster in Leicester that will create one of the largest and most connected Enterprise Zones for space-related activities in the UK.

Space Park Leicester, officially opened by British astronaut Tim Peake in March 2022, is a unique single-site science and innovation park dedicated to – and specifically designed for – space-related companies and researchers, covering enterprise, innovation and teaching. A strategically placed space sector cluster with a national and international focus, it is forecast to contribute £750 million a year to the UK space sector over the next decade.   

A new rapid assessment of the space sector in Leicestershire by space economics consultancy know.space estimates the Gross Value Added (GVA) of Space Park Leicester, representing the labour productivity of its employees, as £89.1m.

Since opening, it has landed 5 major Foreign Direct Investments, created 125 new jobs and hosted more than 200 events and visits. Over 20 leading organisations with a wealth of experience collaborating with industry and public sector bodies, both in the UK and globally, now reside at Space Park Leicester, including Rolls Royce, Airbus, Northrop Grumman, Satellite Applications Catapult, CGI, EarthSense and Maxar. The NERC funded National Centre for Earth Observation also has its headquarters at Space Park Leicester.