Belleville, Ontario, November 14, 2018 – A new economic impact report by Economic Modeling Specialists International (Emsi) shows Loyalist College students will receive a 19.4 percent average annual return rate on their investment in post-secondary studies. A Loyalist education was also found to have significant benefits for the business community in the regional economy, as well as taxpayers and society as a whole.
“In learning the skills required for an increasingly globalized workplace, our students are well-positioned to earn higher future wages that will continue to grow throughout their working lives,” said Dr. Ann Marie Vaughan, Loyalist College President & CEO. “For example, Loyalist diploma graduates are expected to earn an undiscounted value of approximately $625,800 more during the course of their career than if they had a high school diploma or equivalent.”
According to the study, Ontario will receive a present value of $1.8 billion in added provincial income over the course of Loyalist students’ working lives. Society as a whole in Ontario will also benefit from $15.5 million in present value social savings related to increased health and well-being, fewer demands for income assistance and reduced crime. Provincial taxpayers to the College are expected to fully recover the cost of the original investment and also receive a return of $7.90 in addition to every $1 they paid.
“This report reinforces the important role the College plays in driving social and economic prosperity in eastern Ontario – through the contributions of highly skilled Loyalist graduates in the workforce,” she said. “With ongoing support and involvement locally, provincially and nationally, we will continue to provide a wide range of experiences to help more students achieve their individual potential.”
Key findings:
- Loyalist contributes 5.8 percent of the Gross Regional Product, representing $465 million annually to the regional economy. This represents the sum of the operations spending impact, the construction spending impact, the student spending impact, and the alumni impact. Loyalist’s impact supported 5,496 jobs in the service region economy.
- During the analysis year, former Loyalist students generated $411 million in added income in the region, equivalent to supporting 4,457 jobs.
Data and assumptions used in the study are based on several sources, including the fiscal year 2016-17 academic and financial reports from Loyalist, industry and employment data from Statistics Canada, outputs of Emsi’s input-output model, and a variety of studies and surveys relating education to social behaviour. The economic impact study executive summary and fact sheet are available at loyalistcollege.com.
About Emsi
Emsi is a leading provider of economic impact studies and labour market data to educational institutions, workforce planners, and regional developers in the U.S. and internationally. Since 2000, Emsi has completed over 1,800 economic impact studies for educational institutions in four countries.
About Loyalist College
Loyalist is Ontario’s Destination College, a deliberate choice of students and community for quality programs and student engagement, enabled by a creative, innovative and supportive organizational and learning culture. Located on more than 200 acres in the beautiful Bay of Quinte region, the College is perfectly positioned between Toronto, Ottawa and Montreal. Loyalist prepares students for rewarding careers through more than 70 full-time diploma, advanced diploma, certificate and apprenticeship programs in applied sciences, biosciences, building sciences, business, health sciences, human studies, justice studies, media studies, skills and technology. Through the College’s 100+ university transfer agreements, many Loyalist diploma graduates earn a degree in as little as one additional year. Continuing education options are also available through LoyalistFocus.com, including hundreds of online, distance and in-class courses. Loyalist collaborates with industry partners in various fields on applied research projects, creating amazing learning experiences for students and faculty. The College’s Applied Research Centre for Natural Products and Medical Cannabis (ARC) was Canada’s first College laboratory approved to conduct research with cannabis under the Narcotic Control Regulations. For more information on Loyalist’s Belleville and Bancroft campuses and Port Hope satellite location, visit YoureGoingPlaces.com.
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Contact: Kerry Lorimer, Director, Marketing, Communications and Recruitment
Loyalist College, klorimer@loyalistcollege.com, 613-969-1913 ext. 2536