A new report published by the University of Guelph indicates the university has an $8.6 billion impact on Canada's gross domestic product.
Commissioned by Ernst & Young to measure the economic impact across Canada and Ontario, the report on Monday shows the provincial economic impact is $8.2 billion.
This Economic Impact Report explains how the university’s teaching, research and community-building endeavours contribute to the provincial and national economies.
Across Canada, the U of G employs 21,400 individuals, with 20,100 of those individuals working in Ontario.
“This report explains how the university’s teaching, research and community-building endeavours contribute to stronger, more sustainable and more inclusive economies,” said president Charlotte Yates in the report.
It also shows how the U of G campuses are “economic engines” for their home communities, Yates added.
“From spending on local contracts and partnerships to expenditures on transit, housing and food, the U of G community’s economic impact supports a strong community, driving prosperity and success.”
The total Impact of Campuses on Regional GDP's is estimated to be $2.77 billion.
“The University of Guelph is an economic engine for communities across Ontario.
Through expenditures from the University, our students and the visitors we attract, U of G supports and promotes sustainable and inclusive economies in Guelph-Wellington, Chatham-Kent and the Toronto CMA,” the report reads. “We create jobs and opportunity for innovation and entrepreneurship. We promote civic engagement and community development. We support people and improve lives.”
Spending on local contracts and partnerships to expenditures on transit, housing and food, the U of G community generates more than $2-billion worth of GDP in Guelph-Wellington each year.
Within campus regions, 15,007 people are employed, and locally 13,423 jobs are sustained in the Guelph-Wellington region.
According to a second report from the U of G on the university's impact on the Guelph-Wellington region reported $686 million in labour-related income was generated in Guelph-Wellington.
Annual student spending topped $523 million, with the local region accounting for $444 million of this.
According to the university, students racked up 1.5 million hours of volunteering, delivered 17,000 pounds of food from landfills and $540,000 in the United Way campaign in 2020.
The U of G contributes $83.8 million to the Chatham-Kent economy based on the proximity of the Ridgetown Campus.
A report from 2018 found the U of G had a $7.2 billion economic impact.
