Saskatchewan’s regional colleges maintained or added 4,000 jobs to the province in 2016-17 and generated over $460 million in provincial gross domestic product (GDP), according to a new economic impact assessment by Praxis Consulting.
The Regina-based management consulting firm recently released the findings of an economic impact assessment which illustrates the financial benefits derived from regional colleges in Saskatchewan. Praxis was asked to assess the economic impact of the colleges’ students, graduates, and operations on the provincial economy for the 2016-2017 school year. Impacts were assessed across four dimensions: 1) student spending while enrolled; 2) spending of salaries once students are graduated and in the workforce; 3) productivity impacts of graduates working in their fields; and, 4) college operations.
As part of the assessment, Praxis found that Parkland College contributed 461 jobs within the region in 2016-17 and more than 700 positions in the province. Parkland College also generated nearly $53 million in regional GDP ($79 million in the province).
“These statistics show the importance of Saskatchewan’s colleges to the regions in which they operate, and to the province as a whole,” said Parkland College President Dwayne Reeve. “We are proud to educate the next generation of workers and to play a key role in supporting the local and provincial economies.”
Among the other highlights in the study, Praxis found that colleges create 66 to 72 jobs per million dollars in provincial investment, which it determined is more efficient than a provincial university (56 jobs per million dollars). It also found that regional colleges generated more than $106 million in federal and provincial government revenues in 2017.
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