Algoma University's economic impact on the province was a whopping $577.6 million in 2022-23, including a $145.4 million on Sault Ste. Marie alone.
That data comes from a new study conducted by economists at Lightcast Professional Services.
"This independent study reveals that Algoma U significantly boosts the local economies of Brampton, Sault Ste. Marie, and Timmins. The University generates millions of dollars in economic activity, and supports thousands of jobs in our communities," said Algoma University President and Vice-chancellor Asima Vezina, PhD. "Algoma University is more than an educational institution; it is a catalyst for economic and social prosperity in the communities we serve."
Lightcast also concluded that Algoma University's economic impact is equivalent to supporting 5,597 jobs across the province, including 1,645 jobs in the Sault Ste. Marie region. This impact takes into account Algoma University's operations, research, construction, student, visitor, and alumni spending.
"Algoma University has grown over the last year, and by the fiscal year 2025-26, the institution aims to expand its Sault Ste. Marie campus to 3,000 students. We now know that is expected to elevate its total economic impact to $200.6 million, supporting 2,235 more jobs across our region," said Vezina. "This report reminds us of why we're here we're committed to having a positive and lasting impact on our communities."
QUOTES
Anna Brown, Economist, Lightcast Professional Services
"Algoma University plays a crucial role in the regional and provincial economy and this study helps prove the value the university, its employees, and its students bring to local and provincial businesses. For Sault Ste Marie in particular, this impact will only grow as the Sault Ste. Marie campus expands to serve more students."
Below are links to the Economic Impact reports:
