What does St. Clair mean to – and for – the community, above-and-beyond the delivery of postsecondary education?
The college set out to answer that question five years ago – and has updated the analysis annually since – with the assistance of a consulting firm that gauges the institution’s impact as an “economic engine” of southwestern Ontario.
The 2023 update from the EMSI/Lightcast labour market analytics company was presented to the college’s Board of Governors during its November 28th meeting, with this introductory report by President Patti France of Chief Financial Officer Marc Jones:
The college first engaged EMSI in 2018 to perform an economic value study.
The study assessed the impact of the college on the regional economy, and the benefits generated by the college for its main stakeholders: students, taxpayers, and society.
The study reports on two main measures: economic impact and return on investment ...
... In following through with its five-year commitment, the college had EMSI refresh the economic value study annually from 2020 to 2023 ... While this report is useful in demonstrating the current value of St. Clair College, it is not intended for comparison with previous studies conducted by EMSI. Differences between study results year over year do not necessarily indicate comparative changes in the value of the college. It only reflects that there were changes in external data or the college’s data.
The college’s 2023 study showed the following results on the report’s metrics:
The improvement from 2022 to 2023 is due to the following:
• Operations Spending: The college’s operating budget increased as we continue our pursuit of excellence in student service and support, enhance facilities, and invest in staffing resources;
• Student Spending: The student headcount at the college increased over the prior year, which inherently increased the level of student spending in the community;
• Total Jobs Supported: Due to the increase in the operations and student spending, the college’s total economic impact to the region improved, which inherently increased the number of jobs supported.
The college continues to promote economic growth in the Windsor-Essex and Chatham-Kent regions. The results of these studies were shared with our local municipal leaders and with the Ministry of Colleges and Universities through the college’s Annual Report.
Below are the fact-sheets of the Lightcast report:
OTHER MATTERS COVERED DURING THE BOARD MEETING:
• The 2023-24 budget forecast has been revised, now that mid-year “actuals” have confirmed revenue and expenditure trends: https://news.stclair-src.org/need-know-news/new-forecast-largest-surplus-colleges-history
• Grads have many opportunities to head down new educational pathways: https://news.stclair-src.org/need-know-news/plenty-pathways-st-clair-grads
