UPEI economic impact report: University boosts provincial GDP by over $228M

The University of Prince Edward Island has released “A Catalyst for the Island’s Economic Transformation – Economic Impact Report”, demonstrating how the provincial institution plays a strategic role for the Island’s economy by turning out trained graduates, supporting research and development, and helping to grow key industry clusters across the province.

The report was released to the members of the University and broader Island community during a presentation and panel discussion hosted by Dr. Wendy Rodgers, UPEI President and Vice-Chancellor, on Monday, November 17. Economist  David Campbell, President  of Jupia Consultants Inc., who was commissioned by UPEI to undertake the analysis, presented key findings and insights from the report, highlighting how the University’s GDP impact is among the highest in Canada as a share of the provincial economy.

“UPEI has been a key catalyst in support of the Island’s recent growth spurt and the development of key clusters including biosciences.” said Campbell. “The University is one of the top employers in the province and is a major influence in the advancement of the economy and society on PEI.”

The report quantifies the University’s direct and indirect contributions to PEI through the recruitment and retention of highly qualified workers, contributing to the education level of the workforce on the Island, and leveraging every dollar invested by the provincial government to $3.03, the 3rd best leverage ratio among the 10 Canadian provinces.

The session was moderated by Kim Griffin, Director of Sustainability and Corporate Affairs, Maritime Electric; panelists included Dr. Jim Sentance, Professor of Economics, UPEI; Katie Arsenault, Partner, Island Capital Partners; Lauren Ledwell, Chief Executive Officer, PEI BioAlliance; and Kevin Ladner, Executive Partner and Chief Executive Officer, Doane Grant Thornton.

Dr. Wendy Rodgers emphasized how the University’s impact will continue to grow with and lead in the economic development of the province. After this period of significant growth of the university it will be important to stabilize sustainable growth trajectory in the years ahead.  Dr. Rodgers also noted that the impact of the university is so much more than economic. It influences culture, politics, and community, and attracts talent and ambitious young people to the Island, and develops the skilled workforce needed to sustain industries and innovation.

“We are pleased to release this economic impact report, just ahead of launching our new five-year strategic plan, ‘Making our World a Better Place’, also this week,” said Dr. Rodgers. “We are focusing on opportunities to leverage University-developed initiatives into larger-scale community and industry partnerships and impacts.“

The full report is now available on the Publications page of the upei.ca website.

Key Findings 

• Total economic impact on provincial GDP from UPEI operations and associated with students living off campus:  $232.4M
• Economic impact of UPEI’s capital investment program
  >Direct investment of $170M (new Faculty of Medicine/Health Sciences facility, AVC expansion, and other campus upgrades) on provincial GDP: $137.8M
  >Labour income: $78.5M / Person years of employment: 1,376 
  >Taxes: $31.6M 
• The higher education sector on PEI accounted for $44M worth of R&D in 2022, performing 48% of the total R&D in the province between 2014 and 2022. 
• University enrolment on PEI grew faster than all other provinces between 2017–18 and 2022–23, with many graduates supporting industries such as biosciences, information technology, and health care 
• There has been an 53% increase in enrolment in master’s and doctoral programs between 2012–13 and 2022–23.
• Between 2019 and 2024, PEI ranked first in Canada among the 10 provinces for the growth in university-educated people participating in the workforce. 
• In recent years, no other province has seen a faster decrease in the gap between male and female academic staff.
• UPEI leveraged provincial funding well, generating $3.03 in total revenue for every $1.00 of provincial government revenue, which is the third best provincial funding leverage ratio among the 10 provinces.
• UPEI supports sport tourism in Charlottetown, by attracting and hosting national events at its campus sport venues.
• As one of the Island’s largest employers, UPEI supported $157.6M in total labour income across the Island in 2024, and total employment of 1,806 (estimated). This is an amount equivalent to one out of eery 28 workers in the Charlottetown region.