Fleming College

Education is always a good investment and now, thanks to a new study on the economic impact of colleges and institutes, we know just how beneficial those investments are to our graduates and our economy.“At this time of year, when students are graduating and assessing the value of their education, we’re proud to say that a college diploma is a solid, worthwhile investment for our students, said Dr. Tony Tilly, President of Fleming College. “We hope tomorrow’s students will see a college education as a guaranteed investment in the future – something they can take to the bank along with their first pay cheque.”The study, by U.S.-based economic forecasting firm EMSI, drew data from 61 colleges and institutes in nine provinces to generate economic impact projections for the 150 colleges and institutes in Canada. The annual return college students earn on their investment of time and money is 15.1 per cent per year, according to “Economic Contribution of Canada’s Colleges and Institutes,” the report released by the Association of Canadian Community Colleges. Altogether, Canada owes about $123.2 billion of its current total income to the past and present efforts of Canada’ colleges and institutes.The study also found that investing in a college education makes good economic sense for governments and taxpayers, thanks to a rate of return of 15.9 percent on every taxpayer dollar spent. Students generate about $3.7 billion annually in higher earnings due to their college education, expanding the tax base and easing the tax burden.In 2002 Fleming College conducted its own study on its economic impact. It found:• Business sales in the Fleming College region are estimated to be $310.2 million greater, and labour income is $155.2 million greater due to past and present operations of the college.• The benefits translate into job and investment opportunities, increased business revenues, greater availability of public funds, and increased tax revenues.• For every $1 Fleming College pays in earnings, there is an additional $0.18 in earnings generated off-campus in the Fleming region economy – commonly known as the multiplier effect.• 92.7 per cent of all gross pay goes to people living in Fleming’s catchment area. • Skills from current and former students increased earnings in the Fleming College region by $94.2 million directly and by another $15.5 million indirectly.• About 50 per cent of students stay in the region after graduation and contribute to the local economy. The students who leave with a two-year diploma, on average, will earn 12 per cent more than someone with a high school diploma and 35 per cent more than someone without a high school diploma.• Student labour equalled 100,000 hours of labour offered in local labour markets each month, or about 1.3 million hours annually.• Jobs (full and part-time) by campus: Peterborough – 1,700, Lindsay – 675, Haliburton – 100.However, Dr. Tilly cautioned that this essential economic contribution could be jeopardized if governments under-fund investments in colleges.“It is important we maintain and improve on the current level of funding for colleges in Ontario and across Canada. Graduating college students are entering rewarding careers at the same time as filling vital, high-demand jobs and workforce shortages that ensure a strong, competitive economy.” said Dr. Tilly.For a copy of the full ACCC report, visit www.accc.ca     – 30 -For more information: Laura Copeland, Communications Officer, 705-749-5530 ext. 1370 or copeland@flemingc.on.ca