The University of Guelph’s Ontario Veterinary College (OVC) contributes more than $125 million to Ontario’s economy each year, according to a new economic analysis by Deloitte LLP.
The global consulting firm reviewed the vet school as part of a process supporting reaccreditation.
OVC provides the government with an excellent return on its investment, and contributes to the province and country in critical ways besides educating veterinarians, the report noted.
“We’ve always known that the University of Guelph and Ontario Veterinary College contribute to the quality of life in our province, and this report shows just how significant an impact OVC has on Ontario’s economic vitality,” said Franco Vaccarino, Ph.D., president of the University of Guelph. “It emphasizes the broad-based value OVC brings to the province and beyond, particularly in animal health and food production, food security and safety, emergency preparedness and infectious diseases.”
“This report highlights the necessity and economic importance of Ontario having its own accredited veterinary school,” said Elizabeth Stone, DVM, dean of the OVC. “In addition to training veterinarians, OVC plays a critical role in developing and disseminating research to industry and is a vital link in the public health community, ensuring issues are tackled from both human and animal perspectives.”
The report analyzed OVC’s socio-economic contributions to Ontario from 2008 to 2013. During this period, the veterinary school and its graduates created more than 4,000 jobs in Ontario and generated more than $218 million in labor income.
Each year, OVC receives about $34.4 million in operating funding from the provincial government and generates an additional $29 million through research, hospital revenue, endowments and donations.
Leveraging government funding from other revenue sources, such as research and donations, contributes significantly to the total impact of the college on the province, the report noted.
The report also said that it’s doubtful that society’s need for veterinary services in the province could be met without OVC.
OVC is Ontario’s only veterinary school and one of five in Canada.broad-based value OVC brings to the province and beyond, particularly in animal health and food production, food security and safety, emergency preparedness and infectious diseases.”
Almost one-third of veterinarians educated in Canada graduate from OVC, and the majority of them stay in Ontario. Private businesses established by these graduates have an estimated annual economic impact of $1.3 billion to the province, according to the report.
OVC-trained veterinarians also provide key support for Ontario’s meat, dairy, poultry and egg industries—a sector that is worth about $20 billion annually, according to the report. They also help ensure regulatory and protocol standards, safeguard against diseases and provide essential veterinary services.