Study shows MUN adds $627M to provincial economy

I’ve always said that Memorial University of Newfoundland and Labrador was an important economic driver for the province, and now we have proof.

We recently commissioned KPMG to conduct an assessment of the university’s economic impact and hope to release that report to the community soon.

But we’re excited by what the report found, so here’s a sneak peak.

It clearly lays out the university’s significant contributions to the local, provincial and national economy. The impact that Memorial has on the GDP, labour income and employment comes from a variety of sources attributable to Memorial and subsequently have a multiplier effect that far exceeds the university’s annual operating budget.

Specifically, it adds $627 million to Newfoundland and Labrador’s economy, not to mention all the downstream effects the university brings. That’s almost as much as agriculture, arts and entertainment, and seafood product manufacturing combined.

Every year, thousands of students graduate from Memorial and push the boundaries of new knowledge in creative and entrepreneurial ways. They are a deep pool of talent who make organizations and communities stronger.

The university supports local business through purchasing and indirectly through purchases made by employees.

When the university invests in its facilities through new construction, infrastructure improvements and investment in capital assets, we are investing in the future.

Each year, Memorial becomes home to thousands of students from within the province, across the country and around the world. These students make our communities more vibrant and also provide an economic boost.

Beyond these quantitative outcomes, the report also identifies many outcomes that are intangible in nature and reflect Memorial’s mandate in service to the province, its people, economy and environment.

This is just a small sample of the impact the university has on Newfoundland and Labrador and it will only get better. “Transforming Our Horizons,” our new strategic plan, is a blueprint to push us forward, to know Memorial as a university that listens, innovates and contributes to the province and the world by collectively shaping and inventing the future.

We can’t wait to share more good news with you, so stay tuned.