Colleges and institutes add over $190 billion to the Canadian economy
Ottawa, October 5, 2016 – According to a new economic impact study, Canadian colleges and institutes, and the people they have trained, generated over $190 billion in added income for the national economy in 2014-15. By improving employment outcomes and increasing business productivity, they play a critical role in supporting economic growth and prosperity for the benefit of all Canadians.
The study was conducted by Emsi, an international leader in economic modelling specialised in higher education and workforce development. It was launched in Ottawa and discussed at an iPoliticsLive event looking at the economic impact of colleges and institutes on the Canadian economy.
Emsi analyzed the contribution of graduates entering the workforce with newly acquired skills and concluded that, for every dollar spent on tuition and associated costs, they earned on average $3.80 in lifetime earnings. Meanwhile, Canadian society as a whole received $5.40 in added national income and social savings for every dollar spent on providing college education.
The study also looked at the economic impact of international students and concluded that the expenditures of the 56,500 international students enrolled at Canadian colleges and institutes during the analysis year added approximately $1.6 billion in additional income to the national economy.
“This study confirms the tremendous impact that colleges and institutes have across the country”, noted CICan president and CEO, Denise Amyot. “It is a meaningful measure of the value of a college education, both to graduates who benefit from the skills they have acquired for the duration of their careers and to society as a whole.”
For more information, see the full report at http://www.collegesinstitutes.ca/policyfocus/impact/
For video of the iPoliticsLive event on the economic impact of colleges and institute, go to iPolitics' Facebook page at facebook.com/iPoliticsCA
Colleges and Institutes Canada is the national and international voice of Canada’s publicly supported colleges, institutes and polytechnics. Its members work with industry and social sectors to train 1.5 million learners of all ages and backgrounds at campuses serving over 3,000 urban, rural and remote communities in Canada. The association operates in 29 countries via 12 offices around the world.
For more information:
Senior Strategic Communications Officer
Colleges and Institutes Canada
Tel. : 613-746-2222 ext. 3131
Twitter : @CollegeCan