Report highlights the power of UPEI in driving growth in the province

From the Springboard Content Lab

Springboard member University of Prince Edward Island (UPEI) is playing a central role in the Island’s economic transformation, according to a new economic impact report that underscores the broader value of Atlantic Canadian universities as engines of growth, talent development, and innovation.

Prepared by Jupia Consultants, the report shows that UPEI generated more than $228 million in provincial GDP in 2024, supported over 1,800 full-time equivalent jobs, and contributed $66.4 million in tax revenue to governments across all levels. These impacts stem from the university’s annual operations, student spending, and its growing role as a hub for research, workforce development, and export revenue.

As a member of the Springboard Atlantic Network, UPEI is part of a coalition of 19 post-secondary institutions working to translate research and talent into real-world economic and social outcomes across the region. The findings from Prince Edward Island echo what Springboard sees across Atlantic Canada: universities are foundational infrastructure for regional prosperity.

A major employer and economic anchor

UPEI is one of Prince Edward Island’s largest employers, directly employing more than 1,400 people and spending over $250 million annually on operations and capital investment. When indirect and induced effects are included, the university’s activities support one in every 28 jobs in the Greater Charlottetown region.

UPEI ranks among the top employers in the province for total compensation per hour worked—56 per cent above the provincial average—reflecting the high-skill, knowledge-based nature of university employment. That translates into stronger household spending, healthier municipal finances, and a resilient local economy.

Export revenue through talent attraction

One of the most significant findings in the report is UPEI’s role as a generator of export revenue. More than 53 per cent of students come from outside Prince Edward Island, bringing tuition dollars and living expenses into the provincial economy.

In 2023–24 alone, international students contributed nearly $79 million in GDP to the Island economy. This form of “educational exports” is particularly important for smaller provinces, helping offset trade deficits while strengthening the local talent pipeline.

This talent attraction function mirrors the broader mandate of Springboard institutions, which serve as gateways for skilled people who often go on to build careers, companies, and research programs in Atlantic Canada.

Fueling research and industry clusters

The report also highlights UPEI’s outsized role in research and development. The university accounts for 48 per cent of all R&D performed in Prince Edward Island, well above the national average. Its research strengths underpin key growth clusters, including biosciences, health care, information technology, and sustainable engineering.

UPEI’s impact is set to grow further through its $170 million capital investment program, anchored by the new Faculty of Medicine and expansions at the Atlantic Veterinary College. These projects are expected to generate $138 million in GDP, support nearly 1,400 person-years of employment, and strengthen the Island’s long-term research and health-care capacity.

Value for taxpayers and communities

From a public-investment perspective, the report shows strong returns. UPEI generates approximately $3.03 in total revenue for every $1.00 of provincial government funding, one of the best leverage ratios in Canada. When tax revenues are considered, more than 60 per cent of provincial funding is effectively returned to government coffers.

Municipalities also benefit. University-related activity supported an estimated $4.3 million in municipal tax revenue in 2024, while sustaining hundreds of small businesses across retail, housing, food services, and recreation.

A regional story with national relevance

While the report focuses on Prince Edward Island, its conclusions resonate across Atlantic Canada. Institutions like UPEI—and the wider Springboard Network—are not just centres of learning. They are economic catalysts, research engines, and talent pipelines critical to Canada’s future competitiveness.

As Atlantic Canada continues to build high-value, knowledge-based industries, the role of universities in translating research into impact has never been more important.