A recent economic impact report by EY shows that the University of Waterloo adds close to $7 billion to Ontario’s GDP thanks to its co-op program, alumni activities, and research initiatives. For every dollar put into Waterloo, there’s a return of $8.16 in economic activity for the province.
“This independent analysis reinforces Waterloo’s role as an economic engine for Ontario,” says Vivek Goel, Waterloo’s president and vice-chancellor. “From our founding, Waterloo was built to connect education, research and industry. That model continues to translate talent and entrepreneurship into measurable economic value and deliver strong returns on public investment.”
Waterloo’s innovation ecosystem, fueled by Canada’s largest co-op program, advanced research, and a culture that supports creator-owned intellectual property, keeps driving business growth throughout Ontario.
In the Waterloo Region alone, the University contributes $1.7 billion in GDP and creates over 14,000 jobs. This includes collaborations with municipal governments, the Waterloo Regional Health Network, and local industries.
Entrepreneurs from Waterloo generated $405 million for the provincial economy while creating more than 3,350 full-time positions. It makes sense that the 2025 Unicorn Report named Waterloo as Canada’s top institution for producing unicorn founders.
Alumni entrepreneurs have started over 67,000 companies-both for-profit and nonprofit-that together employ 1.7 million people and bring in $397 billion in annual global revenue.
Waterloo graduates are also reinvesting back into Canada. Alumni have contributed $7.5 billion to Ontario and another $6.2 billion nationwide-often focusing on rapidly growing fields like artificial intelligence, quantum technologies, and advanced manufacturing.
The EY analysis took a thorough approach to evaluate all aspects of Waterloo’s economic presence.
Waterloo stands out as one of the province’s key contributors to workforce development. According to EY data, for every $1 spent on hiring a Waterloo co-op student, employers create $2.29 in economic output-amounting to a total of $505 million across Ontario.
Students from Waterloo come equipped with job-ready skills and fresh insights along with research-informed problem-solving abilities that benefit their workplaces. They help address critical labor shortages while gaining valuable experience that prepares them for future leadership roles.
Alumni are more prevalent in knowledge-based sectors compared to the national average. More than 94 percent of Waterloo’s 263,000 alumni work in positions related to their university-acquired skills-and most earn an annual income above $100,000.
Through its Global Futures framework, the University is leveraging expertise from various fields to tackle major global challenges-from developing sustainable communities and advancing health systems ready for the future to ensuring ethical tech development. This forward-thinking approach guarantees that Waterloo’s impact is measured not just by today’s GDP but also by long-term community prosperity worldwide.
The EY analysis utilized data sourced from Statistics Canada alongside information from the University of Waterloo while employing its proprietary economic impact model grounded in input-output principles. This method captures everything about how deeply Waterlooo influences-not only through direct operational spending but also via indirect impacts created by students, alumni efforts, and research activities.
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