NEWS RELEASE
GEORGIAN COLLEGE
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According to a recent study based on fiscal year 2016-17, conducted by Economic Modeling Specialists International (Emsi), Georgian College’s total annual impact in its catchment area is $1.2 billion. This significant impact is approximately equal to 5.3% of the regions’ total gross regional product (GRP), or approximately 12,786 jobs supported.
Emsi is a leading provider of economic impact studies and labour market data to educational institutions. The study includes two separate analyses: an economic impact analysis and an investment analysis, giving a complete picture of economic impact, while weighing the benefits of Georgian against the costs of supporting and attending the institution.
The study found that for every tax dollar invested in Georgian College, there is a $15.40 return. According to Emsi this is significant citing, “Georgian not only pays its own way, but also generates a surplus that the provincial government can use to fund other programs.”
“Georgian has benefited immensely from the communities we serve at each of our seven campuses,” said MaryLynn West-Moynes, President and CEO of Georgian College. “This study reinforces how effectively our symbiotic relationship is working by quantifying Georgian’s economic value and benefits to students, taxpayers and society as a whole.”
The study also looked at the return on investment for students. For every dollar students invest in their education at Georgian, they will receive a return of $5.10 in higher future earnings.
Locally, operational spending by Georgian, combined with the student and alumni spending impact is significant. The Orillia Campus, its students and alumni added $39.1 million in income to the City of Orillia economy, equating to 3% of the local region’s total GRP, supporting 448 local jobs in the 2016-17 fiscal year. For perspective, this means the activities of Orillia Campus and its students support one out of every 43 jobs in the City of Orillia. In addition to its economic impact, Orillia Campus contributed over $80,000 to local employers on behalf of Employment Ontario and Service Canada as hiring incentives.
“Justifiably society expects that every dollar invested in postsecondary will deliver a return; Georgian is pleased this study quantifies and validates the intrinsic value of postsecondary education, both for individual students and our communities,” added West-Moynes. “Potential students wondering about whether or not an education will change their lives can be assured a diploma or a degree will enhance their lifetime earning potential. Furthermore, taxpayers can be confident their investment in our talented graduates destined to become future leaders and innovators is helping to sustain and drive our economy.”
More information on the study and an economic summary can be found online.
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