U of M pumped $2.4 billion into Manitoba economy over 5-year-span: report
A report prepared for the University of Manitoba shows the institution pumped about $2.4 billion into the Manitoba economy between 2014 and 2019 (File Image)
WINNIPEG -- While the cost of higher education is often discussed, the ways in which it pays are sometimes overlooked.
A report released Monday by the University of Manitoba attempts to address that discrepancy.
According to the report, the payoff comes in the form of jobs and economic spin-offs, which accrue to the Manitoba economy from the operations of the University of Manitoba.
The report, prepared by PricewaterhouseCoopers LLP, quantifies the economic impact of the U of M on the province between 2014 and 2019, through operating, research and capital spending, along with other contributions.
The document, titled “The University of Manitoba: Economic Impact Analysis,” shows the university injected about $2.4 billion into the economy over the period covered by the analysis.
It further defines some specific contributions:
- Generating and supporting 15,828 jobs, resulting in $922 million in labour force income;
- Producing $400 million in taxes for the government;
- The total gross domestic product impact of spending attributable to university is $1.4 billion;
- The university brought an estimated 161,146 out-of-town visitors to the city in 2017-2018 alone, who spent more than $77 million in our local economy.
- The analysis shows every dollar spent by the university generates $1.50 in economic activity.
“The University of Manitoba makes a real impact on the province of Manitoba and the city of Winnipeg,” says David Barnard, president and vice-chancellor at the University of Manitoba.
“From direct economic benefits to cultural and social interactions that enrich and enhance lives, this institution adds immense value to the quality of life of all Manitobans,” says Barnard.