Ontario universities are invaluable contributors to the economy, injecting billions of dollars into local communities each year and creating hundreds of thousands of direct and indirect jobs. Universities build the talent and skills of Ontario’s future workforce, with our graduates experiencing some of the highest employment rates and earnings across all education levels.
Contribution to Economy & Jobs
According to a 2014 Conference Board of Canada report The Economic Impact of Post-Secondary Education in Canada, Canadian universities and colleges generate more than $55 billion in economic activity, and support about 700,000 direct and indirect jobs. The largest university in Ontario contributes $15.7 billion to the economy every year, while mid-sized universities generate about $2.5 billion. Local communities benefit from off-campus student spending as well, which can generate as much as $17.5 billion in economic activity.
Ontario university graduates are succeeding in the job market, and have fared better during times of recession. According to COU’s 2014 University Works report, university graduates have low unemployment rates, are more likely to be working at a job related to their studies, and have the highest-lifetime earnings in Ontario. A 2015 HEQCO report also showed that a university degree significantly improved the odds of short-term and long-term success in the job market, and that this did not change significantly in light of the 2008 recession.