Study show positive impact of research parks to Saskatchewan’s economy

Regina, SK – A recent economic impact study found Saskatchewan’s two research parks and the Forest Centre in Prince Albert contributed a combined $561 million to the province’s economy in 2006. Both research parks and the Prince Albert building are managed by Saskatchewan Opportunities Corporation (SOCO).

Clients at Regina Research Park contributed $207.5 million to the economy of the city of Regina and $269.4 million to the provincial economy. The park was also responsible for approximately 1,890 jobs in the city and 2,174 jobs in the province.

Innovation Place in Saskatoon contributed $194.9 million to the economy of Saskatoon and $259.4 million to the provincial economy in 2006. About 3,692 jobs in the city and 4,246 jobs in the province are attributable to the presence of that research park.

The Forest Centre building is in its second year of operations. Clients there contributed $12.9 million to the Prince Albert economy and $32.2 million to the provincial economy in 2006. About 264 jobs in Prince Albert and 304 jobs in the province are attributable to it.

“We continue working with start up companies and supporting the growth of our existing tenants,” says Douglas Tastad, Innovation Place president and CEO. “We are looking forward to an exciting year ahead with the opening of a new five-storey multi-tenant building in Saskatoon and plans for substantial growth in Regina.”

The study was conducted and analyzed by Insightrix Research Services of Saskatoon. By using information such as the purchase of local goods and services and staff salaries they determined the economic impact of the parks’ activities, based upon an economic model developed at the University of Saskatchewan.