Canadore College Education Yields Higher Future Earnings
Sep 6, 2017 | Canadore College
(NORTH BAY, ONT.) – A recent study shows that for every dollar that a student invests in Canadore College, they will receive a cumulative $3.50 in higher future earnings over the course of their working careers.
The report, compiled by Economic Modeling Specialists International (EMSI), shows that Canadore’s total impact on the regional economy amounted to $243.8 million and supported 6,068 jobs in the Nipissing-Parry Sound Area economy.
“Chronic shortages in government support and a competitive marketplace make it more important than ever before to be able to demonstrate a positive return on investment,” said George Burton, president and CEO at Canadore College. “By choosing to study at Canadore College, students benefit from added value to their wages, and also gain a broader capacity, perspective and creativity through experiential learning.”
Key economic value findings for Canadore College 2015-16 fiscal year include:
- Canadore College, its students and its alumni added $243.8 million to the Nipissing Parry Sound Service Area economy.
- The Nipissing Parry Sound Service Area received approximately $61 million in added income due to the spending toward Canadore College’s day-to-day operations and the spending of out-of-region and retained students.
- Approximately 2,751 students relocated to the Nipissing Parry Sound Service Area to attend Canadore College.
- Out-of-region and regionally-retained students accounted for $44.5 million in spending in the Nipissing Parry Sound Service Area, generating $11.8 million in new income.
- Canadore College alumni who were active in the regional workforce generated another $182.8 million in added income through their higher earnings and the increased productivity of their employers.
- For every dollar students invest in Canadore College, they will receive a cumulative $3.50 in higher future earnings over the course of their working careers.
- Society in Ontario will receive $838.8 million in added income and $7.7 million in social savings related to reduced crime, lower unemployment and improved health.
- Canadore College supported 6,068 jobs in the Nipissing Parry Sound Area economy.
- Added income is equal to approximately 6.5 per cent of the region’s gross regional product.
- Provincial taxpayers will receive a rate of return of 33.1 per cent on their investment in Canadore College.
“Canadore’s contribution to the local economy is dependent upon the College’s ability to be entrepreneurial in order to be able to generate revenue to provide the very best learning opportunities for domestic and international students. We do so in an environment of shrinking demographics, increased competition and insufficient funding from traditional sources,” said Burton.
EMSI, which is world-renowned for its economic analyses of postsecondary education, conducted its assessment of Canadore College for the 2015-16 fiscal year. Highlights from the EMSI report are available here.
About Canadore College
Canadore College trains people through applied learning, leadership and innovation. It provides access to over 75 full-time quality programs and has outstanding faculty and success services to students from nearly 400 Canadian communities and 15 international countries. The College and its students add nearly $244 million to Nipissing Parry Sound Service Area economy. Approximately 1,000 students graduate from Canadore each year, and they join 44,000 alumni working across the globe. Canadore receives less than 50 per cent of its traditional funding from the provincial Ministry of Advanced Education and Skills Development and relies on its own innovation and entrepreneurial endeavours and generous donors for the balance.
For more information, please contact: Jessica Charette at 705.475.2538 or jessica.charette@canadorecollege.ca; Carrie Richmond at 705.474.7600, ext. 5216 or carrie.richmond@canadorecollege.ca
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