In this issue of RUN I am pleased to release the results of a study by the Conference Board of Canada (CBoC). It finds that stimulus spending on our post-secondary system will have the greatest immediate impact on enduring and inclusive recovery in our province. The executive summary of the CBoC study and the full report are available on the RUCBC website.
The CBoC assessed the impacts of investments in post-secondary against other common stimulus measures such as transportation investments and tax cuts. The report finds that for every $1M of new spending, post-secondary education yields the biggest immediate economic return in terms of jobs, GDP growth, and revenue to government. Long-term, the CBoC concludes that investments in transportation and post-secondary education top the list of stimulus measures.
In addition to calculating short and long-term economic benefits, the CBoC also took a close look at the diversity impacts of stimulus spending. It found that women, immigrants, racialized minorities and Indigenous Peoples see greater job benefits from investments in post-secondary education compared to other stimulus measures.
The CBoC study, commissioned by RUCBC, was prompted by the findings of an opinion survey of leading European economic experts which shows that investment in education and training is seen to be excellent in terms of speed of implementation, economic multiplier, climate impact potential, and overall desirability to the survey respondents. The CBoC report confirms the opinion of the European survey respondents and shows the wisdom of making post-secondary education and training a key pillar of British Columbia provincial economic strategy.
Below are some key findings from the report.
Be Safe! Stay curious!
Max Blouw, RUCBC President