Memorial is a significant contributor to the local, provincial and national economy, according to a new report from KPMG.
Memorial adds approximately $627 million to Newfoundland and Labrador’s economy each year and supports 9,922 jobs throughout the province. This includes:
- Operational activities that contribute, on average, $293 million to the provincial GDP and support 5,401 jobs;
- Capital expenditures that contribute, on average, $67 million to the provincial GDP and support 574 jobs;
- Estimated incremental impact as a result of student expenditures that contribute $210 million to the provincial GDP, and support 3,095 jobs; and
- Average local spending by out-of-town visitors that contribute $55 million to the provincial GDP and support 850 jobs.
Approximately 66,600 alumni live in Newfoundland and Labrador. KPMG calculated that this group of alumni have earned $1.37 billion in additional income annually due to their degree(s) from Memorial. The ripple effect of this additional income on the economy is $2.06 billion in GDP impact.
Read the complete Economic Impact Assessment report: