Report reveals economic impact of Network of Technological Institutes in Valencia: 775.5 million euros to the GDP and 16,047 jobs created

The Valencian Institute of Economic Research (IVIE) has published a report revealing the significant economic impact of the Network of Technological Institutes of the Valencian Community (REDIT), with figures amounting to 775.5 million euros of income contributed to the regional GDP and the generation of 16,047 full-time jobs. These data highlight the importance of the work carried out by the 11 centers that make up the network, whose operation significantly contributes to the development of the Valencian productive fabric. The study conducted by IVIE not only emphasizes the economic relevance of the technological institutes of REDIT, but also highlights the positive impact in terms of tax revenue for public coffers. According to the report, the activity of the technological institutes led to a tax revenue of 346.2 million euros in the analyzed period. To reach these conclusions, the study took into account both the benefits derived from the operating expenses and investments of the institutes, as well as those resulting from the increase in sales achieved by companies in the Valencian Community thanks to their collaboration with the Network of Technological Institutes. Regarding the investment made for the development of the activity of the technological centers of REDIT in 2022, it amounted to 147.3 million euros, generating a total impact on sales of 266.3 million euros and a contribution of 164 million euros to the Valencian GDP. In terms of employment, it was estimated that the ordinary activity of REDIT allowed the generation and maintenance of a total of 4,305 full-time equivalent jobs per year. On the other hand, the increase in sales obtained by the associated companies through the services provided by the technological institutes also had a positive impact on the Valencian economy. This higher turnover, which reached 1,011 million euros in 2022, generated a total impact in terms of turnover of 1,396.3 million euros, contributing 611.5 million euros to the GDP and creating 11,742 jobs. It is important to highlight that the report also focused on analyzing the perception of companies collaborating with REDIT, assessing the economic benefit of this collaboration and comparing it with that of companies not supported by the network of technological institutes. According to the study's conclusions, the companies collaborating with REDIT managed to increase their sales by over 1,000 million euros in 2022 thanks to the projects activated with the help of the associated technological centers. The companies that participated in the survey expressed a high degree of satisfaction with the collaboration with the technological institutes, highlighting the atmosphere of trust and transparency created. 65.1% of the surveyed companies considered that the set objectives were achieved, while 78.8% positively evaluated the relationship between the professionals of the institutes and those of the company. In summary, the technological institutes associated with REDIT not only contributed a significant sum to the Valencian GDP and generated employment, but also proved to be a key driver in promoting competitiveness and innovation in the region's companies. The collaboration between the institutes and the companies has proven to be beneficial for both parties, generating positive results both economically and in terms of development and improvement of business competitiveness in the Valencian Community.