The United Negro College Fund (UNCF) released a new report on the economic impact historically Black colleges and universities have on the nation’s economy. The study prepared by the University of Georgia’s Selig Center for Economic Growth, found that the nation’s HBCUs contribute nearly $15 billion to the nation’s economy.
Among the other findings in the report are:
- Every dollar spent by a HBCU and its students generates $1.44 in initial and subsequent spending for the institution’s local and regional economies.
- HBCUs generate roughly 134,000 jobs for their local and regional economies.
- HBCU graduates, over 50,000 in 2014, can expect work-life earnings of $130 billion — an additional $927,000 per graduate — 56 percent more than they could expect to earn without their HBCU degrees or certificates.
Michael L. Lomax, president and CEO of the UNCF, stated that “HBCUs not only provide a college education for 300,000 students every year, but they are a powerful economic engine: locally, through the jobs they create and the expenditures they make in the cities where they are located, and nationally, through the students they educate and prepare for an information-age workforce. The study demonstrates conclusively that HBCUs are not only relevant to the country’s economic health and vigor, they are necessary.”
The full report, HBCUs Make America Strong: The Positive Economic Impact of Historically Black Colleges and Universities, may be downloaded here.