Durham College (DC) announced today that, it has a strong economic impact of $913.3 million to Durham Region, according to a recent study conducted by Economic Modeling Specialists International (EMSI).
This substantial contribution is equal to approximately 4.9 per cent of the area’s total gross regional product and supports 9,558 jobs, which means one out of every 24 jobs in the Durham Region is supported by the activities of DC and its students.
The economic study reports, “The value of Durham College influences both the lives of students and also the Durham Region economy. The college serves a range of industries in the region and supplies local businesses with workers. Society as a whole in Ontario benefits from an expanded economy and an improved quality of life. The benefits created by Durham College extend as far as the provincial government in the form of increased tax revenues and public sector savings.”
“We have always enjoyed a strong relationship with the broader community,” said Don Lovisa, president, DC. “We are proud of the role we play in providing access to high-quality, post-secondary education. By producing job-ready graduates who have the knowledge and skills they need to succeed, we are also ensuring they have the ability to become community builders in their own right, both personally and in their professional lives.
The college also added $153.8 million in income to the region during the past year through its day-to-day operations, which is equivalent to supporting 2,320 jobs. Spending by DC in-region students during the same period was $34.1 million, which supports 978 jobs.
The report also touched on the accumulated contribution of DC alumni currently employed in the regional workforce, equating the value at $725.4 million in added income in the region, equal to 6,260 jobs.
“In addition to educating students, the college also offers partnerships, corporate training services and applied research services, which benefit businesses and organizations throughout the region,” said Lovisa. “In turn, the support we receive from the community plays a key role in our continued growth and development as an institution and for that we are extremely grateful.”