Nipissing University News Release ******************** Nipissing University and Canadore College combine to form a powerful economic engine for North Bay, injecting more than $172 million into the local economy over the past year, according to a repo
Nipissing University and Canadore College combine to form a powerful economic engine for North Bay, injecting more than $172 million into the local economy over the past year, according to a report released today by Nipissing University economics professor Dr. Chris Sarlo.
Canadore College has an economic impact of $67,772,151. The economic impact of Nipissing University is $104,089,367.
The report outlines the many ways that the two post-secondary institutions contribute to the local economy, from employee wages and student expenditures to visitors’ spending and capital projects.
Specifics of the report indicate that last year Nipissing and Canadore together had a total of 827 full-time equivalent employees, making the Education Centre the third largest employer in North Bay. Student spending for both institutions is estimated to be $47,583,709, and visitor spending is estimated to be about $3,648,600. As well, the college and university spent an estimated $25,360,244 on local purchases, including materials, supplies and capital projects. The combined employee payroll is $35,241,063.
The economic impact of Nipissing and Canadore will continue to rise as both institutions have planned growth strategies. Canadore projects a two per cent overall annual growth in enrolment. Nipissing’s strategic plan (2005 – 2010) calls for significant enrolment growth of about three per cent per year.
There are also a number of substantial capital projects that will be built in the next three years including the new Learning Library, a Student Centre, Canadore’s Centre for All Media, Nipissing’s Research and Academic Wing, upgrades to Nipissing’s Robert J. Surtees Student Athletics Centre and Playing Fields, upgrades to Canadore’s Commerce Court campus, and the beginnings of a new Canadore residence. The cost of these projects combined, a total of about $66 million dollars, will almost double the pace of capital spending for the next three years and will inject about $100 million into the local economy.
In two years, the total economic impact of Nipissing and Canadore combined is expected to be in the range of $200 million per year.
“This report employs standard methodology to create an accurate document that stands up to academic rigour,” notes Sarlo. “Determining the economic impact of our two post-secondary institutions on the local economy is quite complicated as there are numerous factors and many ripples of activity. The impact is measured by examining what would be lost to the local economy if Nipissing and Canadore were no longer here.”
“Canadore College has added ten new programs over the past four years, and we continue to actively support the social, cultural and economic sustainability of the municipalities and First Nations of the Nipissing and Parry Sound districts,” said Canadore College president Barbara Taylor. “Through our partnership with Nipissing University here in North Bay, we maximize the options and services for our students in a unique environment for learning, while also contributing significantly to the regional economy.”
“Nipissing has experienced some significant growth in recent years and will continue to grow. We are very proud of our partnership with Canadore College and to be one of the leading engines helping to drive the North Bay economy,” said Nipissing University president Dr. Dennis Mock. “Our home community is one of the factors that make Nipissing such a wonderful place for students, faculty and staff. The university and the City enjoy a very successful symbiotic relationship.”
“North Bay is very proud of the success of both Nipissing University and Canadore College,” said North Bay Mayor Vic Fedeli. “They attract students and visitors to our city from all over the world. Our population grows by an astounding 10 per cent each September when students arrive for classes. As Dr. Sarlo’s report demonstrates, they are clearly one of the region’s economic engines and we are certainly happy they call North Bay home.”
Nipissing and Canadore are unique in the post-secondary landscape in that they share a common physical facility, the Education Centre, as their main campus. The two institutions share a library, cafeteria, bookstore, student centre and gymnasium, and offer a collaborative Nursing degree program. As well, there are a number of articulated programs in which students attend both institutions.
