Released on February 29, 2008
The clients at Saskatchewan's two research parks and the Forest Centre in Prince Albert contributed more than $592 million to the provincial economy in 2007 according to a recent economic impact study, an increase of 5.5 per cent from last year. More than 7100 jobs in the province can be attributed to the presence of the clients in these facilities. Both research parks and the Forest Centre building in Prince Albert are managed by Innovation Place.
"The clients in our research parks are playing an important role in growing and diversifying the Saskatchewan economy," Advanced Education, Employment and Labour Minister Rob Norris said on behalf of Enterprise and Innovation Minister, and Minister responsible for Innovation Place Lyle Stewart. "We look forward to the continued growth of our research parks. These parks are recognized and respected around the world and contribute significantly to the prosperity of our province."
There are a total of 190 organizations employing more than 3700 people at Innovation Place facilities. The majority of the tenants are small organizations; 52 per cent have five employees or less; 71 per cent have ten employees or less. Eight new startup companies moved into the parks last year.
"We are pleased with the results from the economic impact study," Innovation Place president and CEO Douglas Tastad said. "We are committed to providing the infrastructure, services and support needed for our clients to be successful."
Innovation Place, the operating name for Saskatchewan Opportunities Corporation (SOCO), provides technical infrastructure and business facilities which support and encourage the growth of Saskatchewan's technology sector.
The study was conducted and analyzed by Insightrix Research Services Inc. 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.
For more information, contact:
Insightrix Research Services