Mac fuels Hamilton and Canadian economy – study measures billions in economic impact
McMaster is a powerful catalyst to the economies of Hamilton and Canada, according to a new impact study from KPMG. The study shows McMaster’s contribution to the local economy to be an estimated $3.9 billion.
Read more about the university’s impact on our economy in The Hamilton Spectator.
With strong academic programming, competitive research capacity, a successful and expansive alumni network, and integration with the City of Hamilton, McMaster makes a significant contribution to the local, provincial and national economies.
McMaster’s activities – including operating and capital expenditures, attracting tourism and talent to the Hamilton region, human capital development, and support for research, innovation and entrepreneurship – resulted in a Gross Domestic Product (GDP) impact of $9.2 billion to the Canadian economy.
Highlights from the report include:
- $1.6 billion of GDP and more than 14,000 full-time equivalents are created as a result of McMaster’s annual expenditures in the economy.
- An estimated $3.5 billion in annual GDP in Ontario can be linked to the cumulative impact of research and development at McMaster since 1971. This impact is estimated to be $1.3 billion in annual GDP in the City of Hamilton.
- Through McMaster’s role in human capital development, the university has generated an estimated $2.6 billion in additional income and contributed $3.9 billion of GDP impact to the Ontario economy.
- McMaster has a history of partnering with the private sector, public sector and research institutes around the world to address scientific and societal challenges through research. In 2016, McMaster received $354.6 million in sponsored research funding.