Not only do the institutions educate tomorrows workforce, they also research, develop and commercialize game-changing innovations and add immensely to the cultural fabric of the community, said a study released by Calgary Economic Development. The study concluded taxpayers benefit from a 17.6-per-cent rate of return on investments in Calgary post-secondary institutions. It also determined that for every dollar invested, $3.50 was generated in economic benefits. The CED report reminds us that as a top comprehensive research university, we not only provide a wide range of opportunities for our students to shape their future and become productive citizens and leaders in a complex world, but we also contribute significantly to the local economy, said Elizabeth Cannon, president and vice-chancellor, University of Calgary. These benefits are created through employment, research activities, alumni activities, student spending and visitor spending. The University of Calgary is one of the citys largest employers with more than 5,000 full-time employees, and the university attracts visitors to its academic and non-academic events that have a positive impact on the local economy. According to the report, the combined impact of research for Calgary post-secondary institutions amounts to $663.3 million, including $278.6 million in research spending, $50.5 million in startup companies and $334.2 million in productivity gains. The impact of post-secondary institutions as economic engines in our city is extraordinary, and underappreciated, but the benefits of higher education that inspires Calgarians to the innovative thinking drives our progress as a great place to make a living and a life is immeasurable, said Mary Moran, president and CEO of Calgary Economic Development. The University of Calgary is one of seven post-secondary institutions in Calgary that participated in the study, which also included: Mount Royal University, Southern Alberta Institute of Technology (SAIT), St. Marys University, Ambrose University, Bow Valley College and Alberta College of Art and Design (ACAD).
For the original version including any supplementary images or video, visit https://ucalgary.ca/utoday/issue/2017-05-05/calgarys-post-secondary-institutions-have-significant-impact-economy
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