Thompson Rivers University (TRU) is a significant economic driver for the B.C. Interior, injecting $2.2 billion into the provincial economy and $885.2 million into the regional economy through operations spending, construction, student spending and alumni impacts.
An economic impact report compiled by independent consultant Lightcast maps out the financial benefits that the university, its employees, students and alumni have within the province and the region* that TRU serves, as well as some figures specific to the Williams Lake campus.
Key findings from the Lightcast report were presented to TRU's Board of Governors on Friday, Oct. 4, and highlighted the university's substantial economic footprint for the fiscal year 2023-24.
TRU vividly illustrates the transformative impact a higher education institution can have on society and the economy. This broad and profound influence underscores the necessity of sustaining and supporting such vital educational and community pillars.
"The presence of a university such as TRU boosts the region's reputation as a place where people can build successful careers and enjoy a high quality of life, ensuring a steady influx of educated, skilled professionals that strengthens the long-term economic prospects of the BC Interior and fosters sustainable growth," said TRU President and Vice-Chancellor Brett Fairbairn.
"This study illustrates not only TRU's significant role as one of the largest employers in the region, but also highlights how our graduates strengthen the local and provincial economies through their skills that are valued in increased incomes, improved workplace profitability and effectiveness, and reduced reliance on government-supported services."
As a major employer, TRU's day-to-day operations added $242.6 million into the provincial economy and contributed $234.6 million regionally. The university's investments in its infrastructure through new buildings and upgrades to existing structures generated new jobs and supported construction services by $21.1 million throughout the province and $19.6 million in the region.
TRU's alumni have gone on to start businesses of their own or have contributed to the economy in other ways that added $1.8 billion to the B.C. economy and $558 million regionally.
The social and economic benefits that TRU creates for society stand out; the cumulative returns from TRU's operations amounted to $3.8 billion over the course of graduates' working lives. That's a return of $7.20 for every $1 that society invested in TRU, through such means as increased income for graduates, reduced health-care costs, lower crime rates and enhanced productivity.
Students invested $168.5 million for their education, which is anticipated to result in $586.2 million in future earnings over their lifetime. From the taxpayers' perspective, the $96.7 million invested into TRU, translates to a substantial return of $496.7 million.
Beyond these direct and indirect economic contributions, TRU bolsters Kamloops' livability and attractiveness. By drawing students and faculty from across Canada and the globe, TRU enhances the cultural and demographic vibrancy of the city making it a desirable place to live, study and work.
The Lightcast report also provided details on the university's impact in the Williams Lake area, where TRU's campus there added $27 million to the regional district's economy. In total, the provincial government invested $12.7 million to support the Williams Lake campus, with ensuing benefits of $39.6 million over the course of students' working lives (increased taxes from them earning higher incomes) and $815,600 from reduced social costs. That's a return of $3.20 for every $1 spent by the province.
To read the full report, please visit www.tru.ca/economic-impact
*Note: the regional area referenced spans the school districts around Kamloops, Williams Lake, Merritt and Cache Creek/Ashcroft.
