News Release - March 30, 2007
INNOVATION PLACE RESEARCH PARKS HAVE GROWING IMPACT ON THE ECONOMY
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).
“We are proud of the role played by our research parks in supporting and promoting the growing technology sector of our economy,” Minister responsible for SOCO Eric Cline said. “The parks are nationally and internationally recognized as Saskatchewan success stories.”
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 1890 jobs in the city and 2174 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 3692 jobs in the city and 4246 jobs in the province are attributable to the presence of the 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 The Forest Centre.
“We continue working with start up companies and supporting the growth of our existing tenants,” Innovation Place president and CEO Douglas Tastad said. “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.”
Innovation Place, with more than 177 client companies in Regina, Saskatoon and Prince Albert, 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.
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EI backgrounder.pdf (26.7 KB)