UNB releases study showing $1.8-billion impact on provincial economy
Author: UNB Newsroom
Posted on May 15, 2020
Category: UNB Fredericton , UNB Saint John
The University of New Brunswick has released The Economic Value of the University of New Brunswick: Analysis of the Economic Impact and Return on Investment of Education, an independent analysis conducted by Economic Modeling Specialists International (EMSI).
The research and analysis conducted by EMSI reveals that the university has a total economic impact of $1.8 billion on the New Brunswick economy over the course of one year.
This total impact includes:
- operations spending impact of $224.9 million;
- direct research spending impact of $43.6 million;
- start-up and spin-off company impact of $125.5 million;
- student spending impact of $45.9 million;
- visitor spending impact of $8.6 million;
- alumni impact of $1.4 billion.
The report also evaluates the university’s value as an investment. It shows that for every $1 spent on UNB, students, society and taxpayers more than double their investment:
- $2.50 is returned in lifetime earnings for students;
- $6.00 is returned in added provincial income and social savings for society;
- $4.30 is returned in added taxes and public-sector savings for taxpayers.
“UNB is deeply committed to advancing economic and human progress, here in New Brunswick and beyond. UNB’s positive contribution is a source of real pride for our people and our province. UNB’s unique combination of teaching, research-driven innovation and public engagement is transforming our future potential,” said Dr. Paul J. Mazerolle, UNB’s president and vice-chancellor. “This independent analysis is an important tool in validating UNB’s high performance in serving New Brunswickers.”
Data and assumptions used in the study are based on several sources, including the fiscal year 2018-19 academic and financial reports from UNB, industry and employment data from Statistics Canada, outputs of EMSI’s Canadian Regional Input-Output model, and a variety of studies and surveys relating education to social behaviour. The study applies a conservative methodology and follows standard practice using only the most recognized indicators of investment effectiveness and economic impact.
About UNB
The University of New Brunswick (UNB) is Canada's oldest English-language university, and New Brunswick’s only national comprehensive university. Founded in 1785, the multi-campus institution has a rich history as well as a dynamic focus on innovation, experiential learning and entrepreneurship. UNB has more than 9,500 students from nearly 75 countries while several thousand more take UNB courses online and at partner institutions around the world.
About EMSI
Economic Modeling Specialists International is a leading provider of economic impact studies and labour market data to educational institutions, workforce planners and regional developers in North America and the UK. Since 2000, EMSI has completed more than 1,200 economic impact studies for educational institutions in four countries.
Media contact: Sonya Gilks