Economic Impact Analysis
There’s no question that Saskatchewan Polytechnic plays an essential role in the provincial economy, but have you ever wondered how significant this role is? An economic impact analysis created by Emsi, a labour market analytics firm, shows that from a taxpayer perspective, Saskatchewan Polytechnic is a good investment.
For more information, please review the documents created by Emsi. To open or save a report, click on the report cover.
Economic impact analysis 2018-19 – executive summary
Economic impact analysis 2018-19 – fact sheet
Economic impact analysis 2018-19 – infographic
Frequently Asked Questions
How was Economic Modeling Specialist International (Emsi) chosen as the supplier?
Why did Sask Polytech commission the economic impact analysis?
What is economic impact analysis?
What is investment analysis?
How long did the economic impact analysis report take to complete?
Are the Emsi report results specific to a province?
How will Sask Polytech use this information?
How does Sask Polytech’s economic impact report compare to other post-secondary institutions?
Sask Polytech’s economic impact analysis results should be seen as unique to Sask Polytech. Labour market analytics firms use different methodologies and comparison of reports can result in discrepancies.
For example, many post-secondary institutions do not measure the economic impact of their alumni. The report completed by Emsi for Sask Polytech does measure the impact of our alumni.
What is net present value (NPV)?
Which would you rather have: a dollar right now or a dollar 30 years from now? That most people will choose a dollar now is the crux of net present value. The preference for a dollar today means today’s dollar is therefore worth more than it would be in the future (in most people’s opinion). Because the dollar today is worth more than a dollar in 30 years, the dollar 30 years from now needs to be adjusted to express its worth today. Adjusting the values for this “time value of money” is called discounting and the result of adding them all up after discounting each value is called net present value.
What is internal rate of return (IRR)?
Using the bank as an example, an individual needs to decide between spending all of their paycheck today and putting it into savings. If they spend it today, they know what it is worth: $1 = $1. If they put it into savings, they need to know that there will be some sort of return to them for spending those dollars in the future rather than now. This is why banks offer interest rates and deposit interest earnings. This makes it so an individual can expect, for example, a 3% return in the future for money that they put into savings now.
What is total economic impact?
Big numbers are great, but putting it into perspective can be a challenge. To add perspective, find an industry with roughly the same “% of GSP” as your Institution. This percentage represents its portion of the total gross state product in the region (similar to the nationally recognized gross domestic product but at a regional level). This allows the institution to say that their single brick and mortar campus does just as much for Saskatchewan as for example the entire Utilities industry, for example. This powerful statement can help put the large total impact number into perspective.