The University of Guelph’s commitment to improve life through research, teaching and community-building has a total impact of $7.2 billion on the Canadian economy.
Locally, $1.6 billion of the University’s cumulative contribution is injected into the regional economy annually, including $789 million in direct expenditures, and supports more than 12,000 full-time jobs.
Students alone contribute $370 million each year in living expenses, which sustains more than 5,000 local jobs.
Those are the findings of a new economic impact study of the University conducted by KPMG.
“In a community the size of Guelph, the University provides an extraordinary lift to the local economy. It’s a lifeline,” said U of G president Franco Vaccarino.
The study, released this week, assessed and measured U of G’s economic impact locally and province-wide. Factors analyzed include the University’s operational activities for the most recent fiscal year, local spending by students and visitors to the University, and capital programs.
The study found that through investing in students, faculty and staff, the University contributes $5.6 billion a year in human capital and annual expenditures.
U of G students, faculty and staff are also engaged in community partnerships and volunteer and civic efforts, the study said.
“It is well known that the University is a key contributor to the culture and vibrancy of the city of Guelph and surrounding region,” Vaccarino said.
U of G has been enhancing quality of life through its rich educational and cultural programs, students and alumni for more than 150 years, he said. “Now this report quantifies just how significant an impact we have on the region’s economic vitality as well.”
U of G is an economic driver through knowledge translation, the study said. The University’s research productivity adds $1.6 billion a year to Ontario.
“Our discoveries and innovations are making a difference to people and the planet,” Vaccarino said.
Other report highlights are:
- U of G operations contributes $1.4 billion to Ontario’s GDP annually.
- The University’s annual capital investments exceed $61 million.
- U of G research attracts more than $146 million in external funding annually.
- More than 120,000 U of G alumni live in Guelph and Ontario, and have a $4.1-billion impact on GDP.
The University of Guelph is one of Canada’s leading comprehensive and learner-centred universities. Nearly 30,000 students are enrolled on three campuses in Guelph, Toronto and Ridgetown.