Simon Fraser University’s economic impact in the Lower Mainland is worth more than $3.65 billion a year, a recent report estimates.
Jacy Lee and Wayne Sun of SFU’s office of Institutional Research and Planning measured the economic impact of universities.
Direct spending in the local economy by SFU students, faculty, staff, visitors and alumni amounts to an estimated $1.87 billion. Spinoff spending generates another $933.8 million. An additional $851.7 million comes through SFU research and its spinoffs.
SFU president Andrew Petter said: “This report confirms the huge benefits that Simon Fraser University provides to Lower Mainland communities. Moreover, they do not include the many non-economic benefits – such as arts and culture, lectures, forums and events, and the knowledge, advice and support – that SFU faculty, students and staff regularly provide to the community.
“These wide-ranging benefits are the product of a university that prides itself on being student-centred, research-driven and community-engaged. And given the strength of these commitments, I am confident these benefits will continue to grow.”
The total of $3.65 billion in direct and indirect economic benefit includes the impact of what the report calls the “alumni education premium.” This reflects the fact university graduates have higher incomes and that “more educated employees improve the productivity and income of those that they work with.”
SFU has graduated more than 100,000 alumni in the disciplines of arts and humanities, social sciences, education, applied sciences, science and business since 1965.
The estimated education premium for those graduates living in the Metro Vancouver area is approximately $1.121 billion, based on their annual earnings in 2009.