|By PR Newswire||
|February 25, 2014 12:30 PM EST||
EDMONTON, Feb. 25, 2014 /CNW/ - The Northern Alberta Institute of Technology (NAIT) has a substantial impact on the provincial economy, providing students and all Albertans with a generous return on investment, according to a new economic impact report released today. NAIT's annual economic impact on the province alone is greater than $1.5 billion.
"As one of Canada's leading polytechnics, NAIT is essential to Alberta," said President and CEO Dr. Glenn Feltham. "Investments in education at NAIT provide huge returns, both to the province and to our students."
According to the study, for every government dollar invested, NAIT graduates provide an average annual return of 30 per cent through additional tax revenues. Nearly all NAIT grads - 91 per cent - stay in Alberta, and 98 per cent of those are in the labour force.
Grads see an average annual return of 29 per cent on their tuition based on a 40-year career, while apprentices' tuition investments are paid back 154 times through their career. Compared to those with high school certificates or equivalent, there is an increase in annual earnings of 32 to 54 per cent through a NAIT education - representing an extra $13,000 to $22,000 per year.
Industry also wins when hiring career-ready NAIT grads who have the skills and training to advance quickly. Apprenticeship returns to employers range from five to 48 per cent per year, depending on the trade and hiring strategies of the employer. As well, applied research at NAIT brings new knowledge into classrooms, shops and labs, and develops timely solutions for industry.
NAIT commissioned this economic impact report from Gardner Pinfold Consulting, a leading academic-based economic consultant. It focuses on the economic impact NAIT had on the Province of Alberta in the 2011/12 fiscal year. To view the complete report, click here or visit http://www.nait.ca/44764.htm
The Northern Alberta Institute of Technology is a leading Canadian polytechnic, delivering education in science, technology and the environment; business; health and trades. With more than 60,000 credit and non-credit students and a 98 per cent employer satisfaction rate, NAIT grads are essential to Alberta's prosperity. Known for hands-on, technology-based learning, NAIT engages with business and industry in applied research and innovation and provides corporate training around the world. Recognized as one of Alberta's top employers, NAIT provides outstanding returns on investment for its graduates, partners, the provincial government and the people of Alberta.
- NAIT's annual economic impact alone is greater than $1.5 billion.
- For every government dollar invested in NAIT, graduates provide an average annual return of 30 per cent from additional tax revenues.
- The average annual return on tuition investment is 29 per cent for a NAIT graduate over a 40-year career.
- Apprentices' tuition investments are paid back 154 times through their career earnings.
- Compared to those with high school certificates or equivalent, there is an increase in annual earnings of 32 to 54 per cent through a NAIT education representing an extra $13,000 to $22,000 per year.
- 91 per cent of NAIT grads stay in Alberta.
- 98 per cent of these grads are in the labour force.
SOURCE Northern Alberta Institute of Technology
Image with caption: "New study reinforces that NAIT is essential to Alberta's economy (CNW Group/Northern Alberta Institute of Technology)". Image available at: http://photos.newswire.ca/images/download/20140225_C7019_PHOTO_EN_37108.jpg