As we look forward to 2024, these are exhilarating times for Saskatchewan鈥攁nd for Saskatchewan Polytechnic.
In a world yearning for reliable access to a range of natural resources and human talent, our province is blessed with abundance. Saskatchewan is the largest producer of potash in the world, the second-largest producer of oil in Canada, 40 per cent of our country鈥檚 cultivated farmland, 34 million hectares of forest and tens of thousands of crystal-clear northern lakes. As well, our province has the largest high-grade uranium deposits in the world and other critical minerals that are sought by industries around the globe as we transition to a more sustainable future.
Saskatchewan is a global leader in key economic sectors鈥攏otably mining, energy and agriculture鈥攖hat are critical to Canada鈥檚 wellbeing and high standard of life. In addition, the province is rich in human resources and boasts one of the lowest unemployment rates nationally.
Sask Polytech plays an important role in this success story. In 2023, approximately 5,000 credentials were conferred to our graduates, allowing them to fill vital roles for employers and contributing to Saskatchewan鈥檚 Growth Plan. More than 90 per cent of those grads chose to remain in Saskatchewan.
According to an undertaken by analytics firm Lightcast earlier this year, Sask Polytech added approximately $2.6 billion to the economy, equal to almost 4 per cent of the province鈥檚 total gross provincial product (GPP). This total includes salaries for employees and day-to-day expenses related to facilities, supplies, and professional services ($228 million), applied research spending on payroll and expenses ($8 million), international and local student spending ($65 million), and the spending impact of the thousands of alumni spread across the province ($2.3 billion).
The analysis also found that one out of every 19 jobs in Saskatchewan is supported by the activities of Sask Polytech and its students. Our graduates have the skills and applied expertise industry needs. That means they get hired.
Our overall graduate employment rate for the academic year ending in June was 95 per cent. Our Indigenous graduate employment rate was 92 per cent. These are remarkable numbers that reinforce the value proposition of a polytechnic education.
Further, a Sask Polytech graduate can expect to earn, on average, $14,300 more each year than someone with a high school education or equivalent. This translates to an additional half million dollars in earning power over the course of a working life.
The Lightcast analysis also considered the return on investment (ROI) provided by a Sask Polytech education.
Overall, the analysis found that for every $1 invested in Sask Polytech:
- Graduates gain $2.10 in higher future earnings;
- Taxpayers gain $4.10 in added tax revenue and public sector savings; and
- Society at large gains $8 in added provincial revenue and social savings.
These are enviable ROIs for any industry and suggest that a Sask Polytech education is not only good for students, but it is also good for employers, good for the province and an excellent return on value for the people of Saskatchewan.
鈥� Submitted by Saskatchewan Polytechnic
