It found startup companies which are part of the entrepreneurship programs produced more than $2 billion in revenue

A new study out from Deloitte Canada found the University of Waterloo's economic impact could be measured in the billions and generated around 7,500 jobs in the past decade.

Feridun Hamdullahpur, President and Vice-Chancellor, U of W, says they retained Deloitte to conduct an "arms-length" economic impact study as they were preparing to work on their "next five year strategic plan."

The third-party study measured the impact of the university's entrepreneurship and co-operative education programs. 2018 alone saw $525 million in returns from companies that hired their co-op students.

Deloitte estimated the university's economic contributions at three levels: direct, indirect, and induced contributions.

On top of that, they also analyzed the schools on three regional levels: Waterloo Region, Ontario, and Canada.

For the year 2017/2018, the institution "contributed $1,158 million to the local GDP, of which $821 million in labour income and created or sustained 8,485 full-time equivalent (FTE) job," according to the study. The region's government was able to pocket $14 million in revenue as a result.

Provincially, they estimate contribution at "$1,400 million to Ontario’s GDP, of which $949 million in labour income and created or sustained 11,017 full-time equivalent (FTE) jobs across Ontario and added an estimated $168 million to Ontario’s government revenues."

Nationwide, Deloitte found "$1,527 million to Canada’s GDP, of which $1,003 million in labour income and created or sustained 12,168 full-time equivalent (FTE) jobs across Canada and added an estimated $197 million to Canada’s government revenues."

The study further broke down the numbers into different categories.

It estimated the university's operating expenditures $1.52 billion contributed to Canada's GDP. The out of town student expenditures estimated around $412 million; co-op program impact at $567 million; and Velocity and Accelerator Centre companies at $170 million.

According to the study, university research contributed at $458 million to Ontario's GDP.

Deloitte also found a strong impact from the university's incubators and accelerators. Velocity, the school's entrepreneurship program that supports startups, was found to have helped companies create 4,268 jobs from 2008 to 2018, while producing $1.3 billion in revenue.

The university's Accelerator Centre, which supports later stage companies, created 3,300 jobs since 2006, while generating $1 billion for the region. The centre was recently name Accelerator of the Year for second straight year.

"We're very proud to be a big employer here. We are proud to be a big part of this huge economic engine of our region, but at the same time," Hamdullahpur says, "How many more jobs; how many more companies; how many more innovations are we going to be able to create from here, is much bigger and more important question."

Deloitte says "the University of Waterloo contributions to the economy are notable and extend well beyond the classical ways universities impact the economy," highlighting its co-op programs as "quantifiable gains for employers while setting students up to command wage premiums and succeed in their careers."

They even called the university a "national asset" in their conclusion.