HALIFAX, N.S., – Atlantic Canada’s universities are a $2 billion industry according to a study released today by the Association of Atlantic Universities (AAU).

The study is now accessible on the AAU website at: www.atlanticuniversities.ca/economic .

The study offers a current view of the Economic Impact of Universities in the Atlantic Provinces, updating a previous 2006 AAU study. The AAU produced the study in conjunction with Gardner Pinfold Consulting Economists, Halifax, NS, with financial support from the Atlantic Canada Opportunities Agency (ACOA).

The Honourable Keith Ashfield, Minister of National Revenue, Minister of the Atlantic Canada Opportunities Agency and Minister for the Atlantic Gateway, noted that universities are a strategic asset in Atlantic Canada, saying, “Our Government is working in partnership with all levels of government, universities and the private sector to transform Atlantic Canada into a knowledge based economy, where innovation, science and technology play increasingly important roles. Our Atlantic universities are key drivers of research; they work to keep our young leaders in the region, to maintain healthy, progressive and competitive communities and build a bright future for Atlantic Canada. The work done at our Atlantic Canadian Universities is helping to build a stronger economy and a stronger Canada for future generations.”

Michael Gardner, Principal, Gardner Pinfold Consulting Economists, said all key indicators concerning the economic impacts of the region’s universities, “…continue to show that collectively the sector is an important economic engine in the region and that each university is a vital economic anchor and contributor in their respective communities.”

The “current view’ analyzed data from 2006-2008 furnished by the universities and Statistics Canada.

Highlights

· The universities’ direct contribution to Gross Domestic Product has increased 31% to $2.6-billion annually between 2004 and 2008.
· Direct and indirect employment generated by the universities has jumped 40% to 38,371 jobs over the same time period.
· Personal income from the universities is $1.9 billion annually.
· Total federal and provincial tax revenue generated by the universities was $496 million in 2008, up 6.4% from 2004; and
· Atlantic universities invested $110-million in construction projects (in 2008) aimed at improving education services and facilitating additional research.

Robert Campbell, President, Mount Allison University and Chair, AAU, noted the updated economic impact study further confirms the important role universities play in generating positive economic activity. “Universities create knowledge; make research breakthroughs; develop talent which in-turn stimulates the formation of new companies and high quality jobs, all of which makes a huge contribution to improving regional competitiveness, innovation and productivity.”

Unlike other regions in Canada, Atlantic Canada’s universities continue to occupy the central role for conducting regional R&D (57%). Since 1999, the region’s universities are responsible for creating 93 spin-off companies, nine percent of the Canadian total for the period.

The AAU ( www.atlanticuniversities.ca ) represents the 17 universities in Atlantic Canada. The AAU is an advocate for the important role Atlantic universities play in preparing future leaders of our communities, in path-breaking research and innovation and in contributing to the economic prosperity and quality of life across the region.

-30-

For further information, contact:

Peter Halpin, Executive Director
phalpin@atlanticuniversities.ca
(902) 425-4238 or 497-4419