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College contributes millions to local economy: report

The College of New Caledonia is a significant contributor to the regional economy, according to a recent report commissioned by B.C. Colleges. BC Colleges is a consortium of B.C.'s 11 public, post-secondary colleges.
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College of New Caledonia

The College of New Caledonia is a significant contributor to the regional economy, according to a recent report commissioned by B.C. Colleges.

BC Colleges is a consortium of B.C.'s 11 public, post-secondary colleges. The Economic Modeling Specialists International document identified more than $200 million flowing to the regional economy in 2012-13 from CNC students and alumni.

The school's region received about $57.9 million in added income due to CNC's operations and spending of out-of-region students.

According to the report, approximately 1,666 CNC students relocated to the CNC region to attend the school in 2012-13, including about 300 international students.

The study states expenditures of these students for room and board, transportation, and other personal goods and services added approximately $5.9 million in income to the region during the analysis year.

Former students generated another $143.8 million in added income through higher earning and increased employer productivity.

"Aside from the obvious measurable financial impact, I think it's important to note that a more educated, knowledgeable, critical thinking and skilled society is better for everyone," said Randall Heidt, CNC external relations executive director, in a press release.

The report suggests CNC graduates from diploma programs in 2012-13 will earn about $1.3 million during their working lifetime, which is about $442,000 more than those with a high school diploma.

"The report states that by the end of the students' working careers, the provincial government will have collected a present value of $87.2 million in added taxes," Heidt said. "It shows that college graduates are more employable, so the demand for income assistance is reduced."