Here’s something Lakeland College can bank on.
An economic impact study of Lakeland College released last week estimates the college added nearly $120 million to the local economy.
The study conducted by Emsi during the 2015-16 academic year, and completed last month, pegs the exact economic impact of spending by the college, its students and alumni, at $119.9 million.
The impact is equivalent to supporting 2,524 jobs in Lakeland’s service area.
“This study demonstrates that the difference Lakeland College makes in the lives of our students has an incredible effect in the region,” said Alice Wainwright-Stewart, president and CEO, Lakeland College.
“The Lakeland service area contributes to our quality of life in many ways, so we are grateful for the support of the community.”
The study shows Lakeland also has a positive impact on the regional economy by generating value in return for the investments made by its major stakeholder groups—students, society, and taxpayers.
Lakeland’s payroll plus day-to-day operational spending added $51.6 million in income to the local economy.
In addition, the impact of student spending during the year generated $5.1 million in new income.
Being one of 8,111 students at Lakeland during the study period will also lead to increased earnings down the road with the skills they develop.
The study shows that for every dollar they invested at the college, Lakeland students will receive a cumulative return of $4.70 in higher future earnings over the course of their working careers.
As long as those students remain active in the provincial workforce, society will receive a cumulative value of $6.10 in benefits for every dollar they spend on education from Lakeland.
Lakeland alumni from the Lloydminster and Vermilion campuses working in the regional workforce contributed $63.3 million in added income.
Over the students’ working lives, the greater community where they live in will receive a present value of $555.5 million in added income.
Society will also benefit from $5.4 million in present values social savings related to reduced crime, fewer demands for income assistance, and increased health and well-being across their home province.
Savings to the public sector add another $2 million in benefits due to a reduced demand for government-funded social services in Alberta.
The study shows for every dollar spent by taxpayers, they receive $2.40 in added taxes and public sector savings.