Canadore having a huge impact on the regional economy

Going to Canadore College is paying off for students.

A recent study shows for every dollar a student invests at the local college, they receive a cumulative $3.50 in higher future earnings over the course of their working careers.

The Economic Modeling Specialists International report also shows Canadore’s total impact on the regional economy amounted to $243.8-million and supported 6,067 jobs in Nipissing-Parry Sound.

“Chronic shortages in government support and a competitive marketplace make it more important than ever before to be able to demonstrate a positive return on investment,” said George Burton, president and CEO at Canadore College. “By choosing to study at Canadore College, students benefit from added value to their wages, and also gain a broader capacity, perspective and creativity through experiential learning.”

Here’s the list of key economic value findings for Canadore College’s 2015-16 fiscal year:

– Canadore College, its students and its alumni added $243.8 million to the Nipissing Parry Sound Service Area economy.
– The Nipissing Parry Sound Service Area received about $61 million in added income due to the spending toward Canadore College’s day-to-day operations and the spending of out-of-region and retained students.
– Approximately 2,751 students relocated to the Nipissing Parry Sound Service Area to attend Canadore College.
– Out-of-region and regionally-retained students accounted for $44.5 million in spending in the Nipissing Parry Sound Service Area, generating $11.8 million in new income.-
– Canadore College alumni who were active in the regional workforce generated another $182.8 million in added income through their higher earnings and the increased productivity of their employers.
– For every dollar students invest in Canadore College, they will receive a cumulative $3.50 in higher future earnings over the course of their working careers.
– Society in Ontario will receive $838.8 million in added income and $7.7 million in social savings related to reduced crime, lower unemployment and improved health.
– Canadore College supported 6,068 jobs in the Nipissing Parry Sound Area economy.
– Added income is equal to approximately 6.5 per cent of the region’s gross regional product.
– Provincial taxpayers will receive a rate of return of 33.1 per cent on their investment in Canadore College.