NS universities drive more than $2 billion annually in economic activity – St.FX president tells business audience
From the Springboard Content Lab
Nova Scotia’s university sector is Nova Scotia’s second-largest export industry after seafood, contributing more than $2 billion annually to the economy, business leaders heard at the Halifax Chamber of Commerce Fall Dinner Nov. 12.
Dr. Andy Hakin, President of Springboard member St. Francis Xavier University, told the audience that universities represent essential economic infrastructure that deserves the same recognition as roads, ports, and power grids.
“Nova Scotia’s university sector provides a powerful competitive advantage for this province—an advantage that for decades has been central to our ability to grow, diversify, and modernize our economy.”
– Andy Hakin, President of St.FX
Economic impact by the numbers
- Universities are Nova Scotia’s second-largest export industry, trailing only seafood
- $2+ billion contributed annually to the provincial economy
- Nearly 41,000 students studying at ten universities—more than the entire population of Bedford
- $300 million annually in research funding attracted to the province
- 90% graduate employment rate post-graduation
- 71% of international students choose to stay and build careers in Nova Scotia
- $200+ million generated in provincial tax revenues each year
Addressing federal policy challenges
Dr. Hakin, also chair of the Council of Nova Scotia University Presidents, said the sector has faced headwinds, particularly from the federal cap on international students introduced in 2023. Since that policy took effect, international enrollment has declined by nearly 38 percent.
“That represents more than a loss in tuition revenue; it’s a direct hit to one of our province’s most effective strategies for economic and population growth,” he said.
Despite the challenges, Hakin argued the moment has clarified the importance of universities as infrastructure worth protecting and reinvesting in.
Healthcare and Innovation Partnerships
The university sector is also responding to provincial priorities, particularly healthcare. Recent initiatives include a new medical school at Cape Breton University, additional nursing seats at Acadia University, healthcare data analytics programs at Saint Mary’s University, and a youth-focused Doctor of Psychology program at Mount Saint Vincent University.
Dalhousie University has established a new Nova Scotia Lung Wellness Clinic, while St.FX has invested in a centre for health innovation focused on rural healthcare solutions.
Universities also attract nearly $300 million annually in research funding, driving innovation and commercialization that launches new products, technologies, and start-ups across the province.
“As a united sector, we have a proven ability to meet workforce demands in critical areas such as healthcare, life sciences, education, clean energy, and natural resources. When this is combined with our collective strengths in research, creativity, and innovation, we unlock powerful opportunities to drive economic growth and productivity for Nova Scotia.
– Andy Hakin, President of St.FX
A strategy for Population Growth
Hakin framed universities as a “cost-efficient immigration strategy” aligned with the province’s goal to double Nova Scotia’s population by 2060. The sector attracts young, higher-income, and better-educated workers while reducing healthcare system strain associated with an aging population.
“When universities thrive, Nova Scotia thrives,” Hakin concluded. “When we invest in universities, we’re not funding an expense—we’re fueling an economic flywheel that keeps Nova Scotia and its economy moving forward.”
The evening continued with remarks from other university presidents, including Saint Mary’s University’s new president, Dr. Michael Khan, MSVU president Dr. Joël Dickinson, and Dalhousie president Dr. Kim Brooks.
Nova Scotia universities and colleges are members of the Springboard Network of 19 post-secondary institutions in Atlantic Canada. Our mission is to grow the economy through industry collaborations and the commercialization of research.