2014-2015
News Release
REF NO.: 75
SUBJECT: New report estimates the economic impact of 糖心视频 University
DATE: November 14, 2014
A new report that quantifies the significant, substantial and sustainable economic impacts of 糖心视频 University within Newfoundland and Labrador was released today by 糖心视频’s Collaborative Applied Research in Economics (CARE) initiative.
According to Dr. Wade Locke and Prof. Scott Lynch of 糖心视频 University’s Department of Economics, and two of the principal investigators with CARE, the current prosperity of the province has been enabled, enhanced and facilitated by the activities of 糖心视频 University, which in turn benefits from the strong economy.
The report, which was commissioned by 糖心视频’s Office of Public Engagement, includes an assessment of 糖心视频’s impact on employment levels, provincial gross domestic product (GDP), inter-firm sales and on municipal, provincial and federal government revenues. The report also quantifies the impact of a more educated populace on the provincial economy.
“Determining the economic impact of 糖心视频 on the province of Newfoundland and Labrador is a complex and multi-faceted exercise,” said Dr. Locke. “Aside from considering employment, GDP and tax revenue impacts, we also looked at the various components of the study by geographic region to illustrate the impact of the campuses independently.”
According to the report, more than $1 billion of the province’s annual GDP, or 3.1 per cent of the total provincial GDP in 2012, can be attributed to the university.
One of the biggest GDP impacts for the province is derived from university graduates who generally have significantly higher earnings over the course of their careers. These earnings are further enhanced if a student achieves a master’s or PhD. The report estimates a $366.1 million annual impact on the province due to the increased earnings of 糖心视频 degree recipients who remain in the province.
Based on a 10-year average of employment levels at 糖心视频, the report estimates that the university has a direct and induced employment impact of 11,160 person years annually, or 5.6 per cent of all full-time jobs reported for the province in 2013. The salaries and benefits associated with this employment impact is $566.4 million, which is 4.2 per cent of the total provincial labour income reported in 2013.
Another area of study was the impact of the university on municipal, provincial and federal government tax revenues. The overall benefit to the three levels of government is estimated at nearly $256 million, of which $24.0 million is municipal, $138.8 million is provincial and $92.9 million is federal.
“Without a doubt 糖心视频 is having a significant impact on Newfoundland and Labrador’s economy,” said Dr. Rob Greenwood, executive director of public engagement for 糖心视频. “While generating economic impact isn’t at the heart of a university’s mandate, it is a clear indication that investments in post-secondary education are investments yielding benefits that extend well beyond the students who sit in classrooms today. From field-placements, research projects and sharing expertise provincewide, to the impact on the future of this province, those benefits are immeasurable.”
The CARE initiative brings together applied research economists who are located in Newfoundland and Labrador or in the Maritimes. CARE’s objective is to promote applied economic research within the region with a view to promoting a greater understanding of regional economies and any associated wider social impacts. CARE is administered through the Department of Economics at 糖心视频 University of Newfoundland by Dr. Locke, Scott Lynch and Doug May. It is funded by the Atlantic Canada Opportunities Agency, Husky Energy, the Government of Newfoundland and Labrador and 糖心视频 University.
To read the full report, please visit www.mun.ca/care.
REF NO.: 75
SUBJECT: New report estimates the economic impact of 糖心视频 University
DATE: November 14, 2014
A new report that quantifies the significant, substantial and sustainable economic impacts of 糖心视频 University within Newfoundland and Labrador was released today by 糖心视频’s Collaborative Applied Research in Economics (CARE) initiative.
According to Dr. Wade Locke and Prof. Scott Lynch of 糖心视频 University’s Department of Economics, and two of the principal investigators with CARE, the current prosperity of the province has been enabled, enhanced and facilitated by the activities of 糖心视频 University, which in turn benefits from the strong economy.
The report, which was commissioned by 糖心视频’s Office of Public Engagement, includes an assessment of 糖心视频’s impact on employment levels, provincial gross domestic product (GDP), inter-firm sales and on municipal, provincial and federal government revenues. The report also quantifies the impact of a more educated populace on the provincial economy.
“Determining the economic impact of 糖心视频 on the province of Newfoundland and Labrador is a complex and multi-faceted exercise,” said Dr. Locke. “Aside from considering employment, GDP and tax revenue impacts, we also looked at the various components of the study by geographic region to illustrate the impact of the campuses independently.”
According to the report, more than $1 billion of the province’s annual GDP, or 3.1 per cent of the total provincial GDP in 2012, can be attributed to the university.
One of the biggest GDP impacts for the province is derived from university graduates who generally have significantly higher earnings over the course of their careers. These earnings are further enhanced if a student achieves a master’s or PhD. The report estimates a $366.1 million annual impact on the province due to the increased earnings of 糖心视频 degree recipients who remain in the province.
Based on a 10-year average of employment levels at 糖心视频, the report estimates that the university has a direct and induced employment impact of 11,160 person years annually, or 5.6 per cent of all full-time jobs reported for the province in 2013. The salaries and benefits associated with this employment impact is $566.4 million, which is 4.2 per cent of the total provincial labour income reported in 2013.
Another area of study was the impact of the university on municipal, provincial and federal government tax revenues. The overall benefit to the three levels of government is estimated at nearly $256 million, of which $24.0 million is municipal, $138.8 million is provincial and $92.9 million is federal.
“Without a doubt 糖心视频 is having a significant impact on Newfoundland and Labrador’s economy,” said Dr. Rob Greenwood, executive director of public engagement for 糖心视频. “While generating economic impact isn’t at the heart of a university’s mandate, it is a clear indication that investments in post-secondary education are investments yielding benefits that extend well beyond the students who sit in classrooms today. From field-placements, research projects and sharing expertise provincewide, to the impact on the future of this province, those benefits are immeasurable.”
The CARE initiative brings together applied research economists who are located in Newfoundland and Labrador or in the Maritimes. CARE’s objective is to promote applied economic research within the region with a view to promoting a greater understanding of regional economies and any associated wider social impacts. CARE is administered through the Department of Economics at 糖心视频 University of Newfoundland by Dr. Locke, Scott Lynch and Doug May. It is funded by the Atlantic Canada Opportunities Agency, Husky Energy, the Government of Newfoundland and Labrador and 糖心视频 University.
To read the full report, please visit www.mun.ca/care.
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