New national impact study of Canada’s colleges and institutes
Canada’s colleges, institutes, and polytechnics contribute CA $123.2 billion to the country’s economy every year, according to a study recently completed by Economic Modeling Specialists Inc. (EMSI). The study, which was commissioned by the Association of Canadian Community Colleges, also showed that students who attend these institutions receive a 15% return on their investment in education, while taxpayer support of the institutions offers a return of nearly 16%.
”This report clearly demonstrates that Canada’s colleges, institutes, and polytechnics play a vital role in keeping Canada prosperous and competitive, as well as benefiting students and their communities,” said James Knight, President of the Association of Canadian Community Colleges. “They more than repay the investment taxpayers and their governments have made.”
Other key findings highlighted by the ACCC’s media release include:
- The average annual earnings of a student with a one to two-year certificate are $36,582, or 35 per cent more than someone without a high school diploma or GED, and 12 per cent more than a student with a high school diploma. The average earnings of someone with a two to three-year diploma are $41,937, or 54 per cent more than someone without a high school diploma or GED, and 29 per cent more than a student with a high school diploma or GED.
- Colleges, institutes, and polytechnics contribute nearly $123.2 billion a year to income in Canada’s economy, roughly eight per cent of a typical year’s economic growth.
- Canada’s current workforce is enhanced by approximately 512.6 million hours of past and present college, institute, and polytechnic training.
- Taxpayers see a real-money return of 15.9 per cent on their annual investments in the colleges, institutes, and polytechnics and recover all investments in 8.7 years.
- Canada also benefits from improved health and reduced welfare, unemployment, and crime, saving the public some $215.1 million per year.
ACCC has also made the full report and associated materials available online.
