Post-secondary education (PSE) is a growth industry in Canada. The real GDP of Canada’s universities and colleges grew by over 17 per cent between September 2007 and September 2013, and growth in full-time enrolments far outpaced growth in the Canadian population in the first decade of this century. Although most people agree that Canada needs a relatively large PSE sector, policy-makers are asking strategic questions about how to maximize the contribution of PSE institutions to Canada’s economy and society. This report seeks to quantify this impact in three areas: direct and indirect spending, human capital, and intellectual property. The economic impacts alone are significant; over $40 billion in direct spending flows through Canada’s colleges and universities each year, which generates up to $77 billion in indirect economic activity, after multiplier effects.