University of Manitoba injects $7.3 billion into Manitoba’s economy
Research, education premiums have enormous economic impact for 2022-23
The University of Manitoba contributed an estimated $7.3 billion to Manitoba’s economy in 2022-23, greater than 9 per cent of Manitoba’s recent GDP. This number is supported by the far-reaching impacts of UM’s research efforts, along with the growing alumni education premium.
The University of Manitoba Economic Impact Study 2023 (produced by Malatest and commissioned by UM), demonstrates the various ways UM both directly and indirectly contributes to Manitoba’s economy, while returning real value to the province and our communities.
For every dollar of funding the Province of Manitoba invests in UM, it receives a return of $4.10, and that doesn’t include the larger impacts associated with alumni and research contributions.
“This economic impact study reinforces that the University of Manitoba is indeed the university for Manitoba,” said UM president and vice-chancellor Michael Benarroch. “We don’t take our responsibility as stewards of public funds lightly at UM. Our goal is to train, prepare and inspire the next generation of leaders in Manitoba to enrich our communities through cutting-edge research and education, advancing Reconciliation, and workforce-ready skills.”
UM trains the talent Manitoba needs
The study found that nearly three-quarters of UM graduates stay and contribute to Manitoba’s economy. Additionally, workers with a degree from UM earned significantly more than those without a post-secondary degree and had an estimated direct economic impact of nearly $1.75 billion.
“When we look to hire top talent, we want to hire a UM grad,” said Paul Soubry [BComm(Hons)/84], President and Chief Executive Officer of NFI Group Inc. “The University of Manitoba’s economic and research contributions make it a major player in the growth and success of our province and our ability to develop and retain an innovative workforce here in Manitoba.”
As Manitoba’s only research-intensive university, with graduates employed as leaders in every sector of the economy, UM’s value to the province can be felt by every Manitoban in some way.
“I’m not surprised to see such impressive numbers in this economic impact report. I truly believe UM’s impact in our province is immeasurable.”
-Paul Soubry, President and Chief Executive Officer of NFI Group Inc.
UM research spurs innovation and economic growth
UM is responsible for half of all research and development that takes place in Manitoba, and the research impact attributed to UM for 2022-23 is nearly $3 billion.
UM research is vital to our communities and plays a crucial role in flood mitigation, agricultural best practice, stemming the spread of Ebola and COVID-19, stalling the progress of Alzheimer’s and helping prepare for climate change in the North.
“The University of Manitoba is critical to the success of our province and its people. I am convinced that investments into post-secondary education pay significant dividends to our economy, our communities, and our quality of life in Manitoba,” said Jeannette Montufar-MacKay, Founding Partner & CEO, MORR Transportation Consulting, Ltd.
Some key findings from the report include:
- The research impact attributed to UM for 2022-23 is nearly $3 billion
- The Province of Manitoba sees a $4.10 return for every dollar invested in UM
- Nearly three-quarters of UM graduates stay and contribute to Manitoba’s economy
- UM generated an estimated $1.2 billion in direct spending in 2022-23
- UM’s direct annual economic contribution to the province is estimated at just under $1.8 billion
- UM’s estimated total economic impact for 2022-23 was greater than 9 per cent of Manitoba’s 2021 GDP
- The university brought in $124.9 million in revenue from federal sources in 2022-23
- The direct impact of the UM alumni education premium was estimated at $1.75 billion in 2022-23
“I’m not surprised to see such impressive numbers in this economic impact report. I truly believe UM’s impact in our province is immeasurable,” said Soubry.
Read the full report and learn more about UM research and programs on our economic impact web page.