Community colleges major contributors to economy
5/7/2009 12:52:59 PM
Halifax, Nova Scotia – The presidents of the Atlantic community colleges are pleased by a recent study that demonstrates that community colleges are a significant economic engine in Atlantic Canada. The results of the study demonstrate that the Atlantic colleges are a sound investment from multiple perspectives. Students benefit from improved lifestyles and increased earnings. Taxpayers benefit from an enlarged economy and lower social costs, and society as a whole benefits from increased job and investment opportunities, higher business revenues, greater availability of public funds, and an eased tax burden.
The study, Economic Contribution of the Atlantic Community Colleges, which analyzed data from the Nova Scotia Community College, the New Brunswick Community College, College of the North Atlantic in Newfoundland and Labrador, and Holland College in Prince Edward Island, was released today by the Atlantic Provinces Community College Consortium (APCCC).
Atlantic colleges serve as an economic engine by injecting nearly $2.9 billion of income per year, which represents 3.1 percent of the region’s total annual income. This sum includes direct college operations, student spending, the higher income created by college students joining the workforce, and associated business productivity gains.
Community colleges across Atlantic Canada also leverage social savings. The study reveals that community college graduates will generate savings associated with improved health, lower crime costs, and reduced welfare and unemployment. These graduates will also benefit from higher earnings, which will lead to a higher tax base.
From an investment perspective, the study shows that taxpayers and provincial governments benefit from a 13% return on their college investment, while students enjoy an impressive 17% rate of return on their investment of time and money, thanks to superior lifetime earnings. "This report clearly demonstrates that Atlantic Canada''''s colleges play a vital role in keeping our region prosperous and competitive, as well as benefiting students and their communities." said Dr. Brian McMillan, president of Holland College and current chair of the APCCC. "Colleges more than repay the investment that students and governments have made."
The report confirms that colleges are essential partners to government and industry in the development of the regional economy. Dr. McMillan noted that "Colleges equip people with advanced skills and are the key to addressing the skills shortage and to building the sustainable knowledge economy that Atlantic Canada needs. Further investment in college programs is essential and, as this study shows, it is an investment that is well placed and it pays huge dividends.”
The APCCC is an inter-provincial organization supporting collaboration, coordination, and sharing of resources among the Atlantic community colleges. Community colleges in Atlantic Canada operate in 50 campus locations throughout the region and serve approximately 75,000 full and part-time students.
The executive summary of the report is available online at www.apccc.ca/about/reports.html.
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For more information contact:
Stephen Lee
Manager of Marketing and Communications
College of the North Atlantic
(709) 643 7721
stephen.lee@cna.nl.ca