A new study finds that Alberta colleges have added $4.8 billion to the provinces economy in 2015-2016, which is an equivalent of supporting 43,520 jobs.
The study done by Economic Modeling Specialists International (EMSI) suggests that investing in colleges creates a significant return on investments for students and tax payers. For example, students who earn more will pay more taxes. According to the study, the average annual return on tax payer investment is 16.3 per cent.
Students who have a college education will earn $49,500 at the midpoint of their careers, that is $17,300 more than someone with a high school diploma. Earning an approximate $640,100 more over their working lifetime.
The study also indicates that people with a higher education are more likely to depend less on income assistance, develop good health habits and commit fewer crimes. Based on those three things society will benefit from $87.2 million in social savings.
The total income generated through day to day operation by Alberta colleges for 2015-2016 was $599.4 million. New construction on college campuses alone equaled $24.3 million in added income.
Today, thousands of college alumni are employed across the province, adding $4.1 billion to the economy for the 2015-2016 year.
11 Alberta colleges participated in the study, including Lakeland.