Consultant urbanMetrics Inc. recently completed an economic impact study that clearly articulated how these developments will spark jobs, investment, reputational and social benefits – in the Downtown and across the city – bringing new opportunities for generations of Brampton residents.
Some highlights (based on an assumed 5,000 student university)
- Construction impact of 3,150 direct and indirect full time jobs and economic output of $678.8 million – about 80 per cent is expected to occur in Brampton
- Annual operational impact of 1,925 direct and indirect full time jobs and $308.2 million in economic activity
- Student and visitor spending adding 310 jobs and economic activity of $53.5 million annually
- An estimated 2.3 million annual users for a centre of education, innovation and collaboration, including almost 200,000 from outside Brampton
- A downtown location will spur local and regional transit and connections to the innovation corridor, decrease commercial vacancy and build a Brampton destination
- A university education increases earning potential – an average of $43,000 more per year for post-secondary graduates across all age categories when compared to secondary graduates
- Over an eight-month academic year, a Brampton student could save $800 and 800 hours in commuting costs and time compared to attending university downtown Toronto
- Business incubators – as currently planned for the centre of education, innovation and collaboration – help create hundreds of new jobs, help keep those jobs local, and raise millions of dollars for business ventures
Read the full economic impact study or the condensed version.
“The City of Brampton is an ideal location for a university campus as it would achieve the governments’ key priorities of addressing affordability and sustainability…(and) make postsecondary education more affordable for Brampton residents.”
(Brampton) has socio-economic characteristics that support strong demand for university education both now and in the future.
Intellectual property developed at universities results in significant opportunities for business spin-offs and commercialization within the local community.
Universities also play a key role in terms of establishing, sustaining and expanding industry clusters within their regions