Trent University Provides $ 712 Million Annual Impact on Peterborough’s Economy: Study – Peterborough | The Canadian News

A new study says that Trent University has an annual economic impact of nearly $ 712 million in the Peterborough region.

The Conference Board of Canada, an independent applied research organization that focuses on economic forecasting, published a study, “How Ontario Universities Benefit Regional Economies,” which examines the economic impacts Ontario universities have on 13 census metropolitan areas. The study focused on the impact of university spending activities, impacts on human capital development, and estimated gains in regional economies due to spending on research and development (R&D).

In the Peterborough region, the study says the combined impact of Trent University spending and human capital development is $ 711.9 million annually, or about 10.1 percent of gross domestic product.

The study says that $ 360 million can be attributed to spending on university activities from 2018 to 2019, which corresponds to 5.1 percent of regional GDP. Another $ 352 million can be attributed to human capital development, equivalent to five percent of the region’s GDP.

“In addition, we estimate that investments in university R&D have increased regional GDP by $ 159.8 million compared to 1971,” the study states.

Other highlights of the study:

Works:

• In 2018-19, university activities supported 4,083 jobs, or about 6.5 percent of total regional employment, attributed to direct employment, capital projects, student and visitor expenses, and alumni expenses. “They are an important source of labor income in the region, with $ 227 million in 2018-2019.”
• In 2015, there were 12,994 Ontario college graduates working in the region; their median income was $ 65,168. High school graduates earned $ 38,079.

Tax revenue:

In 2018-19, university spending generated:

• $ 54 million in federal taxes
• $ 45 million in provincial taxes
• $ 11 million in municipal taxes

The study says that in total, Ontario universities supported $ 45.6 billion in economic activity in the province during the 2018-19 academic year, or about 5.6 percent of Ontario’s GDP, and supported more than 487,635 jobs (6.7 per cent) and generated $ 13.6 billion in government revenue.

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