BC’s Colleges Have A Multi-Billion Dollar Effect On The BC Economy
(VICTORIA) March 20, 2014 | British Columbia’s eleven public colleges create a $7.8 billion positive effect on the provincial economy and generate a large return on the investment made by students, society and taxpayers. A recent economic impact study undertaken by Economic Modeling Specialists Intl. (EMSI) found that in 2012-13 BC’s colleges and their students contributed $7.8 billion in income to the economy, equal to 4.2 per cent of the province’s GDP. This analysis demonstrates that colleges in BC have an effect comparable to entire industry sectors such as finance and insurance and accommodation and food services.The study highlights that students who attend college in BC gain valuable skills that help them to advance in the workforce thereby strengthening the provincial economy by adding $7.1 billion in provincial income annually. “Students who attend one of our colleges for just two years earn 51% more than those who have only a high school diploma,” states Angus Graeme, President of Selkirk College. “Not only do these students have the ability to earn more, they pay more taxes and therefore contribute to the social and fiscal well being of their community and the province.”The report breaks down the return on investment for students, society and taxpayers. Students can expect to see at $3.10 return in lifetime earnings for every dollar they invest in their education. Society will see a $15.40 return for every dollar invested in added provincial income and social savings such as, reduced crime and fewer demands for income assistance. And, overall taxpayers can expect a return of $2.40 for every dollar invested in BC’s colleges. “What does this tell us?” asks Jim Reed, President of BC Colleges. “That an investment in our colleges is an investment in BC’s future prosperity. Our colleges produce job-ready graduates with the knowledge and skills to be competitive in the global economy.”To review the report highlights BC Colleges has prepared an info-graphic that is available here. To read the report in its entirety, please click here.
BC Colleges is a consortium representing BC’s 11 public, community colleges serving approximately 160,000 students annually with campuses in over 60 communities throughout the province. BC’s 11 public colleges offer a comprehensive range of programs from university studies and baccalaureate degrees to career, technical and trades education. All of BC’s colleges offer programs that are accessible, affordable and responsive to the evolving needs of BC communities and industry.
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Alix Cameron, Red CAB Communications – (604) 839-2770