A new economic impact assessment by EY reveals that the University of Waterloo contributes nearly $7 billion to Ontario's GDP through its co-op program, alumni activity and research enterprise. For every dollar invested in Waterloo, $8.16 in economic activity is returned to the province.
"This independent analysis reinforces Waterloo's role as an economic engine for Ontario," says Vivek Goel, Waterloo's president and vice-chancellor. "From our founding, Waterloo was built to connect education, research and industry. That model continues to translate talent and entrepreneurship into measurable economic value and deliver strong returns on public investment."
Waterloo's innovation ecosystem, powered by Canada's largest co-op program, cutting-edge research and a culture of creator-owned intellectual property, continues to accelerate business creation and growth across Ontario.
In Waterloo Region, the University contributes $1.7 billion in GDP and more than 14,000 jobs. This includes research partnerships with municipal governments, the Waterloo Regional Health Network and local industry.
Waterloo entrepreneurs generated $405 million for the provincial economy and created more than 3,350 full-time jobs. It's no surprise that the 2025 Unicorn Report ranked Waterloo as the number one institution in Canada for producing unicorn founders.
Alumni entrepreneurs have founded more than 67,000 for-profit and nonprofit companies that together employ 1.7 million people and generate $397 billion in annual global revenue.
Waterloo graduates are also reinvesting in Canada. Alumni have directed $7.5 billion into Ontario and another $6.2 billion across the country, often in fast growing sectors, such as artificial intelligence, quantum technologies and advanced manufacturing.
The EY analysis took a comprehensive approach to assess Waterloo's full economic footprint.
Waterloo is one of the province's most reliable engines for workforce development. According to EY, for every $1 invested in hiring a Waterloo co-op student, employers generate $2.29 in economic output, totalling $505 million in value across Ontario.
Waterloo students bring job-ready skills, fresh perspectives and research-informed problem solving to their workplaces. They help fill critical labour gaps while gaining experience that sets them on a path to future leadership.
Alumni are more widely represented in knowledge-based and innovation-driven sectors of the Canadian economy than the national average. More than 94 per cent of Waterloo's 263,000 alumni work in jobs related to their university-developed skills and the majority have an annual income above $100,000.
Through Waterloo's Global Futures framework, the University is mobilizing expertise across disciplines to address the world's biggest challenges, from building sustainable communities and advancing future-ready health systems to the ethical development of transformative technologies. This forward-looking approach ensures that Waterloo's impact is measured not only in today's GDP, but in the long-term prosperity, resilience and well-being of communities at home and around the world.
EY conducted its analysis using data from Statistics Canada and the University of Waterloo, applying its proprietary economic impact model based on input-output principles. This method captures the full scope of Waterloo's influence - from direct operational spending to the indirect and induced impacts generated by students, alumni and research activities.
