Belleville, Ontario, September 11, 2014 – A new economic impact report has found that students who enrol at Loyalist College receive an excellent return on their investment in their post-secondary education. The report, by EMSI (Economic Modeling Specialists International), shows that students at Loyalist College will get a 17.5 percent return on their investment in college education.
EMSI, which is world-renowned for its economic analyses of post-secondary education, conducted its assessment of Loyalist College from December 2013 to July 2014. The report is available at loyalistcollege.com. It finds that, “In return for their investment, students of the Ontario colleges develop the skills required for an increasingly globalized workplace and receive a stream of higher future wages that will continue to grow throughout their working lives.”
“College education continues to be a terrific investment, particularly in this new economy,” said Loyalist President & CEO Maureen Piercy. “Our students acquire the qualifications and advanced skills necessary to pursue meaningful and rewarding careers.”
The report also found the Ontario government gets a huge return on its investment into the College. It shows that Loyalist College delivers a return of 15.4 percent for every dollar the province invests in the College. President Piercy said the report’s findings are important as Ontario looks for solutions to the skills mismatch and the daunting challenges of youth unemployment and underemployment.
“Greater numbers of people must have access to college education, including combinations of college and university programs,” she said. “It is equally important to ensure that colleges have the resources to continue delivering the high-quality programs that provide excellent returns to government.”
“Loyalist has a history of strong community involvement and this study reinforces the importance of the College to the economy of our region. College education is more important than ever to the local economy and to helping people find long-term success.”
Key findings:
- The Loyalist Service Region received approximately $60.5 million in added income in 2012-13 due to the operations of Loyalist and the spending of students.
- Former Loyalist students who were active in the regional workforce in 2012-13 generated another $470.4 million in added income through their higher earnings and increased productivity of their employers.
- Altogether, Loyalist and its students added $530.8 million to the Loyalist Service Region economy, equal to the sum of the College operations effect, the student spending effect, and the past students’ productivity effect. This added income was equal to approximately 5.4 percent of the region’s Gross Regional Product.
About Loyalist College
Located on 212 acres in the beautiful Bay of Quinte region, Loyalist College is a close-knit community where students and their success come first. Internationally renowned for its enriched student learning and living experiences, Loyalist provides personalized attention in small classes, rewarding field placements and superior success services. To prepare students for in-demand careers, Loyalist offers 65 full-time programs; apprenticeships; and more than 500 online, distance and in-class courses, as well as opportunities for continuing education through more than 70 university transfer agreements. The College’s wide selection of advanced diplomas, diplomas and certificates aligns with market-driven disciplines including applied sciences, biosciences, building sciences, business and management studies, health sciences, human studies, justice studies, media, arts and design, and skills and technology. In Ontario, the College’s new Digital Media Centre and the LEED® Silver certified Sustainable Skills, Technology and Life Sciences Centre are training centres of choice for students, as well as College business and industry partners. For more information on the College’s Belleville and Bancroft campuses, visit loyalistcollege.com.
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For more information:
Dianne Spencer, Executive Director College Advancement & External Relations, Loyalist College, dspencer@loyalistc.on.ca, 613-969-1913, ext. 2235