McGill's economic impact in Quebec: $5.2 billion
McGill University plays an essential role in attracting and training the human capital that Quebec needs to develop a productive and prosperous economy. Each year, the University and its world-class faculty members train more than 35,000 students, approximately a quarter (21%) of who are graduate students. McGill’s top-quality teaching and innovative programs, which include the latest advancements in learning, attract more than 15,000 students from outside Quebec; they also contribute to the province’s economy through their living expenses and the differential tuition fees they pay. Renowned for the excellence of its Faculty of Medicine, McGill has contributed to Quebec’s healthcare system in the past 10 years by attracting approximately 320 doctors and researchers combined from outside Quebec and by training new doctors. McGill contributed an estimated $923.7M towards improving Quebec’s human capital in 2008.
Creating valuable knowledge
As an internationally renowned hub of excellence in university research, McGill University is central to the development and dissemination of the knowledge needed to make Quebec’s economy innovative and competitive. The quality of the research conducted by thousands of its researchers enabled McGill to attract a total of $334M in funding to Quebec in 2008. Industry funding for research contracts amounted to more than $30.3M in 2008, up 73% in five years. In Canada, McGill is ranked second among the G13 universities for American patents obtained between 2004-2005 and 2006-2007. Internationally, McGill is the only Canadian university to be ranked among the 20 most innovative universities in the field of biotechnology. In the past 10 years, McGill has issued 322 licences that have generated revenues totalling $18.2M and has supported the launch of 50 new businesses, 38 of which are still operating in the biopharmaceuticals, information and communications technologies, medical technologies and manufacturing, etc. industries. Lastly, McGill’s contribution towards the development and dissemination of knowledge in Quebec in 2008 is estimated at $3.2B.
Added value and top-quality jobs
Quebec’s economy is based on major institutions, such as McGill University, that can generate significant economic benefits, such as the creation of added value and top-quality jobs. The university generates $1.0B in added value and 13,448 job-years through its operating and capital expenditure as well as spending by the visitors and students it attracts. Its operations generate revenues totalling $88.5M and incidental taxation (QPP, CSST, FSS) amounting to $92.7M for the Quebec government as well as $58.8M in revenues and $16.5M in incidental taxation (employment insurance) for the federal government.
McGill's 2008 economic impact on Québec
|McGill's contribution to the increase in productivity in Quebec through improved human capital.||923.7|
|McGill's contribution to the increase in productivity in Quebec through the creation and dissemination of knowledge.||3,221.9|
|Added value created through spending by McGill University, international students who have stayed as well as visitors the university has attracted.||1,011.3|
Besides its contribution to Quebec’s economy, McGill University is actively involved in building a Quebec society that is more open, more citizen-focused and more equitable through its work within the community. McGill University awarded scholarships totalling $5.4M in 2008-2009 (up 157% since 2003- 2004). The University’s faculties awarded $4M in prizes for excellence in 2008-2009 ( 111% more than 2003- 2004). McGill gives the community access to its cultural and athletics facilities and organizes cultural activities that are open to all. In addition to this, its staff, students and faculty members are involved in many programs aimed at making a concrete improvement in the lives of Montrealers and Quebecers as a whole through better education, healthcare, social integration or sustainable development. Many of the University’s community programs have an impact abroad thereby raising Quebec’s international profile.