Olds College impact $143 million

Few people would be surprised to hear that Olds College is a big contributor to the local economy. But the size of that contribution might raise eyebrows: $143.6 million.

Few people would be surprised to hear that Olds College is a big contributor to the local economy. But the size of that contribution might raise eyebrows: $143.6 million.

That’s the figure calculated by research company Economic Modeling Specialists Inc. (EMSI), in an 86-page report it prepared for the college.

Using data from 2011-12, EMSI determined that Olds College spent some $43 million on wages and other operational expenditures that year, while the approximately 158 students from outside the area who attended the college contributed nearly $900,000 more.

A much bigger financial impact related to the higher earnings and increased productivity of Olds College graduates working in the region. EMSI placed this figure at $99.7 million.

“In 2011-12, the college employed faculty and staff equivalent to 348 full-time employees,” said the report of the college’s direct expenditures.

“Of these, 87 per cent lived in the Olds College service area. Total payroll at Olds College was $29 million, much of which was spent in the region for groceries, eating out, clothing and other household expenses.”

It added that the college spent $24.4 million in 2011-12 to cover expenses for facilities, professional services and supplies.

The $43-million figure was reached after a multiplier effect was applied and an adjustment made for funding received from local sources.

EMSI also calculated that Alberta as a whole received $290.3 million in added income due to Olds College’s operations, and saved $2.4 million in social costs as a result of reduced crime, lower unemployment and improved health across the province.

“This report quantifies what many in our region intuitively suspected,” Kathy Kimpton, Olds College’s vice-president of student and support services, said in a release issued by the college.

“This economic impact modelling lends support to the notion that the college is another driving force in our region in what is truly a virtuous circle.”

Economic Modeling Specialists International has completed more than 1,200 economic impact studies for educational institutions since 2000. It’s based in Moscow, Idaho.

Just Posted

‘I was bawling’: Injured Bronco’s mother stunned by his progress after surgery

The mother of a hockey player paralyzed in the Humboldt Broncos bus… Continue reading

Red Deer artists celebrate the beauty of food creation — and consumption

Issy Covey and Susan Barker’s joint exhibit, Into the Kitchen, runs to Dec. 22

CAT aims for Whole-In-One in next dinner theatre comedy

It runs Nov. 29-Dec. 21 at Black Knight Inn

Isolated Iceland newly vulnerable to computer scams

REYKJAVIK, Iceland — “Hi, I hope you are not busy?” The treasurer… Continue reading

Two in five indebted Canadians don’t ever expect to escape debt, says survey

TORONTO — A new survey says 40 per cent of indebted Canadians… Continue reading

Fashion Fridays: Holiday outfits on a budget

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

Your community calendar

Nov. 19 The Mountview Sunnybrook Community Association will hold its AGM at… Continue reading

Opinion: Freeland has plenty to do, but little guidance from PM

Justin Trudeau frittered away a full month after the election to come… Continue reading

Kelowna picked to host 2021 Brier

Kelowna, B.C., is set to host the Canadian men’s curling championship for… Continue reading

Opinion: Progress at city hall provides good reason for optimism

In May, the City of Red Deer hired its new city manager,… Continue reading

Canada wins doubles match to advance to Davis Cup semifinals

MADRID — Canada has advanced to the semifinals at the Davis Cup… Continue reading

Nova Scotia’s Barbara Hannigan already has a Grammy, but this nod is especially personal

Picking up her third Grammy nomination is wonderful in itself, but for… Continue reading

Some binge-worthy options for holiday gift season

NEW YORK — Chances are there’s at least one TV binger on… Continue reading

Humphries formally selected for USA Bobsled’s national team

Kaillie Humphries is officially part of USA Bobsled’s national team. The two-time… Continue reading

Most Read