Fredericton, NB – An economic impact assessment released by the University of New Brunswick (UNB) has students in the province applauding its recognition of the return on taxpayers’ investment in the post-secondary education system.
The study, which highlighted the positive economic impact of UNB, was undertaken by the university in collaboration with Economic Modeling Specialists International (EMSI). It found that UNB and its students generated $1.2 billion in added income for the New Brunswick economy in 2013-14, or about 4.5% of the province’s total gross provincial product.
The money was the result of various investments including student spending, start-up companies, and alumni impact.
“The positive economic impact generated by the University of New Brunswick cannot be overstated,“ said Lindsay Handren, NBSA Executive Director. “$1.2 billion is not a small number. Taxpayers’ investment in the post-secondary education system – and primarily, in its students – is generating an extremely positive return.“
While this particular assessment applied only to UNB, similar results could be expected of all four New Brunswick universities. Anticipated cuts to university operating grants in the 2016-17 provincial budget could significantly reduce universities’ overall economic impact as programs, positions, and student supports are eliminated.
New Brunswick currently ranks eighth in Canada in terms of public funding to universities. The 2015-16 provincial budget put a freeze on that funding.
“The University of New Brunswick’s economic impact assessment is further proof of the value of our post-secondary education system,“ said Katie Davey, NBSA Vice-Chair.
“Students and alumni are contributing hundreds of millions of dollars to the provincial economy; an economy that is in trouble. We hope that government will recognize the value of New Brunswick’s universities in preparing the upcoming budget, and that it will support our universities by way of increased operating grants.”