Impact of Otago Polytech on economy 'staggering'

Otago Polytechnic injected almost $200 million into the New Zealand economy last year and $572.3 million over the past three years, an economic impact report shows.

Of the total, an estimated $101.9 million was kept in the Otago economy last year, and $301 million over the past three years.

The report, the first the polytechnic has completed, covers the immediate financial operations of the Dunedin and Cromwell campuses.

It also calculates the flow-on effects for businesses of spending by the polytechnic, staff and students.

The direct spend and added value figures were calculated using accepted economic multipliers and using the same methodology used in similar reports released by the University of Otago, polytechnic marketing, communications and customer relations general manager Mike Waddell said.

Presenting the report to a polytechnic council meeting last week, he said the impact the polytechnic had made over the past three years was "staggering".

"Sometimes we don't totally value the importance of the polytechnic; not just its educational value but its wider economic value as well.

"It is important for the community to understand the contribution this organisation makes to the fabric of society."

Further reports would be completed regularly, he said.

The total expenditure generated by the polytechnic last year was enough to support 2307 jobs for one year, the report said.

It was calculated 1327 of those could theoretically be attributed to the Otago region, including 89 in Central Otago.

Almost 9100 students were enrolled at the polytechnic last year, equating to 3500 full-time equivalent students (efts), the report said.