Civil Society Adds $4 Billion to Local Economy

 

Nov. 27, 2018, Victoria •

Today the Victoria Foundation and University of Victoria jointly announced the release of a new study looking at the economic and social impact of registered charities – also known as civil society – that revealed the sector generated over $4 billion in local economic activity in 2016.

“This research finally gives civil society organizations the credit they deserve,” said Victoria Foundation CEO Sandra Richardson. “We already knew that the sector was incredibly valuable to our community, but this study has shown definitively that it’s right up there with tourism and the tech sectors as one of the most important to our region’s economic and social wellbeing.”

Economic activity reflects the contribution the sector makes to the capital region economy, and captures the GDP income, full-time equivalent jobs, and municipal taxes that are supported by the spending of charitable organizations, most of which is spent in the region. According to the analysis, this level of spending supports 63,000 full-time equivalent jobs and over $300 million in annual municipal taxes. With multiplier effects, the economic activity rises to nearly $7 billion, supporting the equivalent of 122,000 jobs and almost $584 million in municipal taxes.

For more, read or download the full report, or view the complete media release.