Montréal universities: drivers of wealth creation
October 6, 2016
A new study released by the Board of Trade of Metropolitan Montreal and Montréal International demonstrates the importance of teaching and university research for the wealth of Montréal and Quebec as a whole.
According to the study, the contribution of university graduates to increasing the GDP of Greater Montréal was an estimated $22.7 billion for 2014–2015. This is in addition to economic spinoffs from university spending, which produced $3.5 million in added value that same year, and those of foreign students, which were $367 million.
“Universities play a decisive role in the future of society. In addition to being the drivers of a knowledge economy and incubators for skilled labour, they are central to industrial research and development strategies,” said Michel Leblanc, President and CEO of the Board of Trade of Metropolitan Montreal.
For HEC Montréal Director Michel Patry, the important role played by universities is bound to grow. “We expect them to recruit talented people, educate our citizens, train workers and entrepreneurs, mobilize the public and private sectors, promote innovation and knowledge transfer, extend the scope of research and enlighten debates on local and global issues.”
Universities not only stimulate the knowledge and innovation economy, but they are active in their community, improving the quality of life of Quebecers.
“In addition to being partners in our economic development, universities take an active part in their community by putting their talent and high-quality facilities at the disposal of Montrealers,” said Montréal Mayor Denis Coderre.
University initiatives take the form of legal, tax and dental clinics; services to integrate cultural communities and at-risk youth; contributing to cultural life and sports; free online courses on such platforms as EDUlib, created by HEC Montréal, and more.