Independent research has confirmed what many in the Capital Region have long known: the University of Victoria is one of the biggest economic engines in Greater Victoria and British Columbia.
A study by labor market analyst firm Emsi Burning Glass, detailed at the Greater Victoria Chamber of Commerce event on Monday (June 20), found that UVic’s activities, as well as those of its students and alumni, in 2019-2020 brought British Columbia 3.3 billion dollars. economy, a figure that translates into 40,595 jobs in the province, according to the Emsi report.
In terms of Greater Victoria, this impact was $1.8 billion and 24,725 jobs respectively, with about one in nine jobs supported by university activities. Fiscal 2020-21 data showed those numbers rose significantly to $1.9 billion (up $100 million) and 25,224 jobs.
Areas of analysis included operations, research, construction, visitor and student spending, and subsidiaries and alumni impact.
“UVic is a proud partner in the Greater Victoria and British Columbia economy,” University President Kevin Hall said in a press release. “Investing in our students, research and activities benefits local businesses, community partners, taxpayers, and society at large, creating a more prosperous economy. Without a doubt, our ability to have such an impact depends on our partners and supporters.”
The expanded influence of the university has penetrated deeply into the business community over the years.
Sam Maude, CEO and founder of award-winning software and custom application developer FreshWorks Studio, said his previous training at UVic’s MBA (Master of Business Administration) program gave him the foundation to achieve international success in his business.
“We have expanded FreshWorks to over 100 different people representing 21 countries and 31 languages in beautiful Victoria. It helped us put Victoria on the map,” he said.
Looking at the impact of UVic’s operations alone, its spending added $548.5 million to the regional economy in 2020-21, up $61.7 million from the previous year. Research spending declined year-over-year in 2020-21, mostly due to the pandemic, but still boosted revenue in the region by $78.4 million.
Construction spending rose from $14.3 million in 2019-2020 to $36 million the following year.
“UVic is an important economic engine for Greater Victoria, not only as a major employer, but because of the vital role it plays in educating the future workforce and providing experience, thought leadership and innovation,” said Emily de Rosenroll, Founder and CEO south. Partnership for the Prosperity of the Islands.
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