The economic impact that communications firm KCOM brings to Hull and East Yorkshire has been valued at £187m, supporting close to 1,600 jobs.
The figures are significantly higher than in previous research and demonstrate the substantial impact KCOM has on the local economy through direct and indirect employment and spending with local suppliers.
The report, “The Economic Impact of KCOM in Hull”, by commercial real estate services, research and consulting firm Cushman & Wakefield, found KCOM employs 1,011 people (937 FTEs) in its Hull and East Yorkshire operations,
including permanent contractors. Of these, 944 (871 FTEs) live in Hull or East Yorkshire, indicating the significant extent to which KCOM operations draw upon a local workforce.
KCOM spends £14.3m with suppliers to support its activities in Hull and East Yorkshire, well over 50 per cent of which is with companies based in the region. This supports a further 170 FTE jobs.
In addition, the report finds spending by KCOM employees and those of its suppliers supports 485 more FTE jobs in Hull and East Yorkshire.
Gary Young, who heads up KCOM’s operations in Hull and East Yorkshire, said: “This report confirms the positive impact we have on the local economy and the lives of people across Hull and East Yorkshire.
“As a business founded in Hull and a mainstay of the local economy for many decades, we are proud that we make such a significant and growing contribution to local employment and economic wellbeing.”
The analysis of KCOM’s operations in the year ended March 31 2015 concludes the company is more closely integrated economically into the community than other employers, due to its largely local workforce and the high proportion of total procurement that is with Hull-based suppliers.
Other key findings of the research include:
Mr Young said: “Our core contribution comes from being one of the area’s biggest employers, with a workforce of around 1,000 people.
“Almost all of these live locally and spend much of their income in local shops and businesses.”