Feb 24, 2014
Shannon van Leenen
Media Relations Officer
Bow Valley College improves the lives of its learners and benefits Calgary taxpayers
Calgary, February 25, 2014 - Bow Valley College (BVC) makes a significant financial impact on the Calgary region, adding $359.7 million to the local economy in 2011-2012 alone according to a new report. The study also reveals that attending college pays huge dividends for our learners, reduces costs for taxpayers and boosts revenue for businesses who hire BVC graduates.
The study demonstrates that a BVC education is one of the best investments an individual and the province can make. Not only does post-secondary education pave the way for a higher quality of life for learners, it also provides the much-needed skilled workforce that Calgary needs.
It makes a compelling case that BVC is an essential economic contributor to Calgary. Furthermore, a college education improves a learners' life, benefits Calgary's taxpayers, supports our workforce and creates immense value for Calgary society as a whole.
Benefits to taxpayers
Taxpayers enjoy a wide range of benefits because of their investment in BVC. As learners earn more, they pay higher taxes. Over the course of the learners' working lives, the provincial government will collect an additional $133.6 million as a result. And taxpayers receive an internal rate of return of 16.9 per cent for their investment in BVC during the analysis year.
Benefits to learners
BVC learners are much better off with a post-secondary education, raising their earning potential and increasing their employability. In fact, our learners will receive an average internal rate of return of 24.1 per centon their educational investment, and this rate of return will continue throughout their working lives. On average, individuals who complete two-year diplomas in the Calgary Region will earn $47,200 at the midpoint of their careers, $15,900 more than someone with a high school diploma, receiving a stream of higher earnings throughout their lifetime.
Benefits to society
Statistics also show that learners with an advanced education are more likely to develop good health habits, commit fewer crimes and depend less on income assistance. Better health and reduced crime rates lead to fewer claims for employment insurance and social assistance. The sum of avoided costs related to health, crime and income assistance result in a savings of $9.6 million for society.
Benefits to local economy
BVC benefits Calgary businesses by increasing consumer spending. For instance, approximately 706 students relocated to the Calgary Region to attend BVC in 2011-2012, which generated $4 million in new income for the economy. And businesses that hire BVC graduates also help the economy because as learners earn more they pay higher taxes, and their spending power increases. Businesses also benefit from the skills BVC learners provide through added productivity, which increases their company's profits. Today thousands of BVC learners are employed in the Calgary area, and in 2011-2012 they generated $294.4 million in added income to the region.
"BVC has a huge impact on people's lives"
"I'm not surprised by the results of this study. I was an actor for 16 years before I returned to school and went to BVC to obtain my Accounting Diploma. I know that the college acted as a springboard to the rest of my education and I have since gone on to obtain my Certified Management Accountant professional designation. My first year after graduation I was earning the highest income of my life, and eight years after I started my education at BVC, my annual income has tripled.
I believe the study's results about the benefits to society are clearly evident. Many of my fellow classmates were the first members of their family to attend a post-secondary institution, and you could see the huge impact BVC had on their lives. The college works the way education is supposed to work: it's accessible to everyone and it is supportive of its learners, and that leads to a better life for BVC's graduates." Gerald Matthews, CMA. Internal Auditor, Enerflex Systems
- 30 -
Editor's Note: This study was conducted by Economic Modeling Specialists International and is based on a conservative methodology. The report was comprised of data collected from Bow Valley College, Statistics Canada, and the Government of Alberta. This report is an impact study, so it focuses on the impact our college makes in the community; whereas, a contribution study would focus on the transfer of government resources to our institutions.
Demonstrating the Value of Bow Valley College: full report and fact sheets
- Executive summary
- EMSI Fact sheet
- EMSI Full report
- Benefits to provincial economy
- Benefits to society
- Benefits to students
- Benefits to taxpayers
Please note: An additional report was conducted to demonstrate the value of eight colleges in Alberta. To access the full report and fact sheets follow this link.