UOIT to generate more than $1.1 billion in economic activity in Durham Region over the next five years
June 23, 2010
President Ron Bordessa presents key findings of economic impact study to Durham Regional Council
OSHAWA, ON - A recent study commissioned by theUniversity of Ontario Institute of Technology (UOIT) concludes that economic activity generated by UOIT will continue to be a vital driver of the Durham Region economy - a contribution that is valued at more than $1.1 billion over the next five years.
The detailed study by Adventus Research Inc. of Guelph, Ontario estimates the total average economic impact of UOIT through 2010-2015 in Durham Region to be $227-272 millionannually. The calculation is based on a number of factors, including enrolment projections for UOIT's north Oshawa campus and its downtown Oshawa campus, population data, faculty and staff expenditures, capital expenditures, student non-university spending and visitors to the university. The estimated total of economic activity is proportionally comparable to the impacts of other similar Ontario universities, including Wilfrid Laurier University in the Region of Waterloo and the City of Brantford.
"This survey underscores the enormous impact UOIT will have right across Durham Region," said Dr. Ronald Bordessa, president and vice-chancellor, UOIT. "People will take public transit, support local eating establishments and purchase goods and services at local retailers. The operations and expenditures of the university will sustain about 3,300 jobs and construction work will create hundreds more." added Bordessa.
The calculations in the survey examine the overall economic impact of monies forecast to be spent on UOIT through 2015 and take into account four principal factors. The first three (direct, indirect and induced) are quantitative impacts and are measurable in dollars. The fourth area is qualitative impact, which concentrates on improvements to various aspects of the quality of a community and is not usually measured in dollars.
Quantitative Impacts
- Direct: These result from initial expenditures in the local economy (including private sector construction projects planned as a direct result of investments in the university). They also included ongoing construction and renovation, associated wages and materials, along with the costs of operating expenditures;
- Indirect: These include the subsequent purchases by suppliers of services/materials to sustain the original initiative including salaries paid or jobs created from producing supplies to be used in the construction or operation of the project; the spending of full-time and part-time students, faculty and staff (on and off campus); and the spending of visitors who attend functions on campus; and
- Induced: These are the secondary economic effects that result when workers and suppliers in sectors stimulated by the direct and indirect expenditures spend their additional income on local consumer goods and services.
The total annual indirect economic impacts of the presence of UOIT to selected sectors of the Durham Region economy are as follows:
- Restaurants: $7.8 - 8.9 million;
- Retail food industry: $22.0 - 26.5 million;
- Housing & rental accommodation: $39.6 - 48.0 million;
- Retail clothing: $13.8 - 16.2 million; and
- Transportation: (including autos & public transit) $26.1 - 31.7 million.
"UOIT plays an important role in the economic development of Durham Region, attracting new companies and supporting others who recognize that the university provides a good source of potential employees and research expertise," said Roger Anderson, Regional Chair and Chief Executive Officer of Durham Region. "In turn, students are encouraged to stay in the Region because they find meaningful work here. UOIT and the Region will continue to work together to foster innovative research opportunities that may lead to spin-off companies and provide the significant long-term benefit of high-quality, high-paying local jobs."
The complete report on the economic impact is available here.
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About UOIT
As an innovative university, UOIT delivers a leading-edge learning environment that uniquely combines academic knowledge, research opportunities, hands-on skills and a vibrant student life. UOIT's more than 6,500 undergraduate and graduate students are taught by professors who are experts in their fields from around the world. As Ontario's first laptop-based university, the university offers a diverse array of challenging undergraduate and graduate degree programs through its faculties of Business and Information Technology; Criminology, Justice and Policy Studies; Education; Energy Systems and Nuclear Science; Engineering and Applied Science; Health Sciences; and Science. UOIT's commitment to research excellence has resulted in millions of dollars in grants and awards, including six Canada Research Chairs. To find out more, visit www.uoit.ca or call 905.721.8668.
About Ontario Tech University
A modern, forwarding-thinking university, Ontario Tech advances the discovery and application of knowledge to accelerate economic growth, regional development and social innovation. We inspire and equip our students and our graduates to make a positive impact in a tech-focused world. For us, it’s not only about developing the next tech breakthrough. Understanding and integrating the social and ethical implications of technology differentiates us as university. Learn more at ontariotechu.ca.
Media contact
Bryan Oliver
Communications and Marketing
Ontario Tech University
905.721.8668 ext. 2209
bryan.oliver@uoit.ca
