A recent economic impact study by EY shows that the University of Waterloo adds almost $7 billion to Ontario’s GDP thanks to its co-op program, alumni activities, and research initiatives. For every dollar spent on Waterloo, the province sees a return of $8.16 in economic activity.
“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, backed by Canada’s largest co-op program, cutting-edge research and a culture of creator-owned intellectual property, keeps driving business creation and growth throughout Ontario.
In the Waterloo Region alone, the University contributes $1.7 billion in GDP and supports over 14,000 jobs. This includes collaborations with local governments, the Waterloo Regional Health Network and nearby industries.
Waterloo entrepreneurs have generated $405 million for the provincial economy while creating more than 3,350 full-time positions. It’s no surprise that the 2025 Unicorn Report ranked Waterloo as Canada’s top institution for producing unicorn founders.
Alumni entrepreneurs have established over 67,000 for-profit and nonprofit companies that collectively employ 1.7 million individuals and generate $397 billion in annual global revenue.
Graduates from Waterloo are also reinvesting in Canada. Alumni have invested $7.5 billion back into Ontario alone and another $6.2 billion across Canada, often targeting fast-growing fields like artificial intelligence, quantum technologies and advanced manufacturing.
The EY assessment took a thorough approach to evaluate the complete economic footprint of Waterloo.
Waterloo stands out as one of the province’s most dependable sources for workforce development. According to EY, every dollar spent on hiring a co-op student from Waterloo results in $2.29 in economic output-totaling $505 million in value throughout Ontario.
Students from Waterloo bring job-ready skills along with fresh perspectives and problem-solving abilities informed by research to their workplaces. They help fill essential labor gaps while gaining experience that sets them up for future leadership roles.
The alumni community is more represented in knowledge-based sectors compared to national averages-over 94 percent of Waterloo’s 263,000 graduates work in jobs linked to their university-acquired skills with many earning above $100,000 annually.
Through its Global Futures framework, the University is utilizing expertise from various disciplines to tackle significant global challenges-from building sustainable communities to advancing health systems ready for the future alongside ethical tech development. This forward-thinking strategy ensures that Waterloo’s influence extends beyond today’s GDP figures into long-term community prosperity around the globe.
EY based its analysis on data sourced from Statistics Canada along with information provided by the University of Waterloo using its unique economic impact model founded on input-output principles capturing all aspects of how Waterloo influences-from direct spending operations down to indirect effects created through students’ contributions alumni efforts and research initiatives.
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