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Province’s community colleges have big economic impact

June 22, 2018

Charlottetown, PE – Holland College and Collège de l’Île contribute close to $235 million annually to the province’s economy according to a recently released report commissioned by Atlantic Colleges Atlantique.

In 2016/17, Holland College’s total impact on Prince Edward Island’s economy was $228.4 million, 4.5 per cent of the province’s Gross Provincial Product (GDP), according to the report, which was conducted by Economic Modeling Specialists International (Emsi). This equates to supporting 2,971 jobs, or one out of every 26 jobs in the province.

Students who earn college diplomas earn $14,400 more than high school graduates at their career midpoint, and the impact of the increased earnings of Holland College’s alumni and output of the businesses they work for equates to $174.6 million in added income across the province. While they are still attending Holland College, the economic impact of students’ spending generates $10.6 million in new income.

Holland College students receive $3.10 in additional income for every dollar they have invested in their education. For every dollar invested by society, there is a return of $4.80 in added provincial revenue and social savings. Taxpayers received $3.60 return on their investment in the college.

Holland College vice-president Michael O’Grady said the report reaffirms the value of Holland College.

“Holland College continues to provide a high rate of return for our students, our society, and for Island taxpayers,” he said. “Our campuses and centres are in 12 communities across the province, so the economic benefits are spread across the province.”

For Collège de l’Île., this is a first participation in this major study conducted every five years. In 2016/17, Collège de l’Île’s total impact on Prince Edward Island’s economy equates to supporting 83 jobs.

The impact of the increased earnings of Collège de l’Île’s alumni and output of the businesses they work for equates to $4.4 million in added income across the province. While they are still attending Collège de l’Île, the economic impact of students’ spending generates $271,100 in new income.

Collège de l’Île students receive $4.80 in additional income for every dollar they have invested in their education. For every dollar invested by society, there is a return of $5.60 in added provincial revenue and social savings. Taxpayers received $5.30 return on their investment in the college.

“Our first participation in this major study is timely for our institution,” shared Collège de l’Île president, Donald DesRoches. “The study confirms the value of French language postsecondary education in Prince Edward Island. It also supports recent changes such as the opening of a second campus located in downtown Charlottetown.”

Atlantic Colleges Atlantique succeeds the former Atlantic Provinces Community College Consortium, and represents all seven public college in Atlantic Canada.

The executive summary of Holland College’s report and an accompanying infographic are available here. An Infographic of Collège de l’Île’s report is available here.

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Media Contacts:

Sara Underwood                                                              Dominique Chouinard
Holland College                                                                Collège de l’Île
Media and Communications Officer                             Director of Communications
902-566-9695                                                                    902-439-7615

 

 

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