Canadore College provides good value for money to Ontario Taxpayers.
Feb 22, 2021 | Cindy Males, Public Relations and Communications Specialist
A new study shows Canadore College has a significant economic value to the Nipissing Parry Sound service area. The report compiled by Economic Modelling Specialists International (EMSI) showed Canadore College added $369 million to the regional economy and supported 7,466 jobs in the area during the fiscal year 2019-2020.
“Canadore’s contribution to a competitive economy goes beyond what the College spends every year,” said Canadore College President and CEO George Burton. “Students who choose Canadore earn higher wages to spend in the Nipissing Parry Sound region and beyond. That’s an economic benefit that continues long after they graduate.”
The study’s other key findings include:
- Canadore College spent $61.2 million on day-to-day expenses on its facilities, supplies and professional services.
- Most of the 408 full-time equivalent employees at Canadore College in 2019-2020 live in the area, and much of the $39.5 million annual payroll was spent in the region.
- Almost half of the credit students attending Canadore College came from outside of the region and relocated with the sole purpose of attending the College, while many local students would have left the region if not for Canadore. They spent money on groceries, housing, and entertainment at regional businesses, and added $15.4 million in income to the area economy. Of this impact, $5.4 million came from international students.
- Thousands of alumni who studied at Canadore College and entered or re-entered the workforce with knowledge and skills remain in the Nipissing Parry Sound service area. Their spending totaled $292.5 million in 2019-2020.
- The added income from Canadore College into the area economy represents approximately 8.8% of the total gross regional product.
- For every dollar Canadore students invested in 2019-2020 they will receive a return of $1.80 in higher future earnings over the course of their working lives.
- For every dollar Ontario taxpayers invested in Canadore College, they will benefit from added tax revenue stemming from students’ higher lifetime earnings and increased business output amounting to $154 million. A reduced demand on Ontario government-funded services will add another $4.8 million in benefits to taxpayers.
- The province as a whole will benefit from $15.9 million in present value social savings related to reduced crime, reduced demand for income assistance, and increased health and well-being.
- Ontario taxpayers will see an average rate of return of 37.8% on the investment made to Canadore College.
“The investment analysis shows Canadore College is a strong investment for our three major stakeholder groups,” said Burton. “Students receive a great return on their investments in a Canadore College education. Ontario taxpayers’ investment in Canadore College returns more to the government budgets than it costs and creates a wide range of social benefits throughout Ontario.”
EMSI is known around the world for its economic analyses of postsecondary institutions.
Highlights of the 2019-2020 fiscal year study are available HERE www.canadorecollege.ca/impact