Increasing student numbers at Ulster University’s Londonderry campus by 2032 will help address regional imbalance and be “transformative” for the north west, according to a new report.

It was published on Monday by the taskforce set up in March by Economy Minister Conor Murphy to develop an action plan to expand the Magee campus.

The report said boosting student numbers in Derry from 6,000 to 10,000 would help create more than 4,600 jobs across Northern Ireland, with more than half of those in the north west.

Key to the expansion was investment and addressing the shortage of student accommodation.

The report stated that establishing a 10,000-student university would see the “investment return as soon as 2029 with a £258m annual return on this investment for each year beyond that”.

The taskforce, chaired by Manufacturing NI chief executive Stephen Kelly, is made up of members from the community and voluntary sectors and from government and local government.

The 10,000 student target was included in New Decade, New Approach (NDNA), which restored Northern Ireland’s power-sharing executive in 2020.

An interim report, published in September, stated that about £700m is needed for new teaching blocks, research space and student accommodation.

Mr Kelly described the expansion of the campus as “the most important catalyst for the regeneration of the north west “, but said it had to be resourced and supported at all levels of government.

“A sense of urgency must now accompany the delivery of this plan,” he said.

• An economic analysis by auditors KPMG on the potential economic impact of developing the campus to 10,000 students
• A plan for how this could happen, as well as specific plans for new teaching facilities and confirmation of the range of subjects that could be delivered
• Proposals for widening participation to embed the new facility among the people of the city and estimates of how much this will cost
• Proposals for integrating the action plan with wider city developments

The taskforce said that any further delays in bringing forward the funding for expansion, “will result in further missed opportunities for the economy in the north west and across Northern Ireland”.

The Economy Minister Conor Murphy described the report as “a game changer” for the north west.

Speaking to BBC Radio Foyle’s North West Today programme, the minister said the report provides “clear guidance and targets” for the expansion.

“Many things have already been happening, we have already begun the journey towards 10,000 students at Magee. Our job now is to continue with that implementation, with the impetus in relation to the actions here and to make sure it is implemented over the next number of years,” he said.

Ulster University vice-chancellor Professor Paul Bartholomew has said the work of the taskforce “offers new opportunities for growth”.

Derry’s mayor Lilian Seenoi Barr said the report’s action plan set out a “positive pathway” towards expanding the student body, and addressing the “environmental and infrastructural requirements, necessary to support it”.

“The expansion of the university is a central component in the economic regeneration of our city and district and wider region,” she said.

Anna Doherty, chief executive of the city’s chamber of commerce, said it was “heartening” to see plans for the expansion of student numbers take shape.

“The delivery of 10,000 students in Derry will be an incredible boon for the north west’s economy far beyond student numbers.”

The taskforce said that to support expansion to 10,000 students, the quantity of privately-rented accommodation and purpose-built student accommodation must be increased.

Some students currently at the university told BBC News NI that finding suitable accommodation was incredibly difficult in their second year.

Isabella Zinkova is a second year personalised medicine student at the campus.

“Last year there was a few of us made friends in student accommodation,” she said.

“Moving out, if you apply early it’s OK but a lot of houses get filled up by December.

“Trying to find the right house can be a challenge and a lot of people commute.

“There isn’t enough housing for the amount of students there are here.”

Student Jessica Skelly, who is originally from Bangor, County Down, said it would be harder for students to find accommodation if student places go up without an increase in the number of student houses.

“Last year, I lived in Duncreggan Student Village so getting accommodation there was easy enough,” she said.

“Coming into second year, trying to find a house was a challenge”.

“Houses go so quickly and there are only so many student houses that are affordable.

“There is pressure – you have to get looking early, or you’re not going to get one.

“If they do want to have up to 10,000 people here [at the university] I don’t know where they are going to have to live.