Suncrest College is a key driver of economic growth in the region, adding $119.8 million in income to the Suncrest College service region in the 2023-24 fiscal year, according to a new economic impact study.
The study, conducted by Lightcast, analyzes the broad-reaching benefits of Suncrest College's operations, student and alumni contributions, along with its research activities. The report highlights the College's role as a major employer, a workforce development hub, and a catalyst for regional economic activity.
"Suncrest College is more than an educational institution, it's a powerful economic engine," said Corinna Stevenson, Board Chair. "This study demonstrates the significant return on investment for students, taxpayers, and the wider community."
Key Findings:
Operations Impact: The College employed 361 full- and part-time staff, with 86 per cent residing in the region. Combined with operational spending, this contributed $16.9 million to the local economy.
Student Spending Impact: Students attending the College generated $9 million in added income.
Alumni Impact: Former Suncrest College students who remain in the region contributed $93 million in added income, equivalent to supporting 812 local jobs.
Research Impact: Research expenditures generated an additional $900,000 in income.
Graduate Earnings: On average, a Suncrest College graduate with a bachelor's degree earns $26,200 more per year than someone with a high school diploma.
The study also found that for every dollar invested in Suncrest College, students have a return on investment of 14.2 per cent, taxpayers have a return on investment of 21.3 per cent in added tax revenue and public sector savings, and society benefits by $6.6 million through increased economic activity and social savings.
"Beyond providing high-quality education and training, Suncrest College strengthens our region's workforce, supports businesses, and enhances the economic vitality of the region," added Alison Dubreuil, Suncrest College President & CEO.
"These findings reinforce the importance of continued investment in post-secondary education."
For more details, the full report is available on SuncrestCollege.ca.
