Lakeland College’s Annual Economic Impact Exceeds $130 Million
Updated: May 6, 2021
A key finding from a study recently completed by Hanover Research who analyzed Lakeland College’s notable quantifiable and non-quantifiable contributions during the 2019-2020 academic year discovered that through alumni contributions, college operations and student spending the colleges Economic Impact exceeds $130 million.
“There are multiple ways Lakeland adds value. We offer foundational to degree programming. This attracts people to the region and provides local residents with access to post-secondary education without relocating,” says Dr. Alice Wainwright-Stewart, president and CEO of Lakeland College.
Wainwright-Stewart also noted that Lakeland alumni make significant long-term contributions to the workforce. As for Lakeland’s operations, the college is a major employer in the region and its operational spending on supplies and services benefits the economy.
In a 2017 study, Lakeland’s economic impact was $120 million.
The analysis found that the Lakeland alumni impact consisted of $61 million. The figure reported includes estimated additional economic mobility and earnings power for graduates as a result of receiving a credential from Lakeland. According to Lakeland the number also accounts for increased productivity in the businesses where alumni work.
“You’ll find Lakeland alumni working throughout our region, Alberta and beyond,” says Wainwright-Stewart, who notes that 59 per cent of Lakeland alumni choose to remain and live in Alberta.
Wainwright-Stewart also commented that their alumni are ag producers, pharmacists, accountants, and carpenters, as well as power engineers, hairstylist, environmental technicians, educational assistants and firefighters, health care aides, design consultants, teachers, and welders who strengthen the workforce and enrich the communities. According to Hanover Research’s analysis, the average Lakeland alumnus earns just over $9000 more per year than people without post-secondary education.
During the 2019-2020 academic year, 3298 people enrolled in credit programs at Lakeland and almost 1,050 students completed their program during the year. With students spending on housing, food, travel, supplies and entertainment it generated $2.9 million for the region in revenue.
For Lakeland operations it adds $66.7 million to the economy. This amount is attributed to the spending on supplies and services, as well as the employment of more than 400 full-time employees, resulting in $42 million in salaries and benefits, according to Lakeland College. The college has also been named one of Alberta’s Top 70 Employers in January for the fifth consecutive year.
The college also states that it also supports the economy through its applied research efforts, particularly in crop, livestock and agriculture technology. The colleges recreation centres, performing arts theatres, residences, Equine Centre and other buildings and rooms which are used by community members, businesses and organizations are also crucial to the region.
“Lakeland’s value to our region and Alberta is indispensable. We help drive economic growth and rural sustainability,” stated Wainwright-Stewart.
To learn more, visit lakelandcollege.ca/economic-impact.