HBCUs have long been pillars of resilience and empowerment, fostering education, leadership, and economic mobility for Black Americans.
In the face of chronic underfunding, threats of violence, and a recovery from the global pandemic, these institutions continue to demonstrate their significance—not only to their students and communities but to the U.S. economy as a whole.
According to a new report released by the United Negro College Fund (UNCF), HBCUs contribute a staggering $16.5 billion to the national economy.
The 2024 HBCU Economic Impact Report, titled “Transforming Futures: The Economic Engines of HBCUs,” was commissioned by UNCF’s Frederick D. Patterson Research Institute (FDPRI).
This comprehensive, data-driven analysis highlights the contributions that 101 HBCUs make to their local communities, states, and the nation. The report reveals that HBCUs generate more than 136,000 jobs and $146 billion in lifetime earnings for graduates.
Despite facing underfunding—estimated at $13 billion in missed funding for some HBCUs—these institutions continue to do “more with less,” said Dr. Michael L. Lomax, president and CEO of UNCF. “HBCUs continue to do more with less—not only in preparing the next generation of leaders but also in contributing to our nation’s economic impact,” Dr. Lomax stated.
HBCUs are uniquely positioned to offer college access to low- and middle-income students, often serving as launchpads for social mobility. The report shows that HBCUs have been especially effective in moving students from the bottom 40% of the income distribution to the top 60%.
Key findings in the report illustrate the sheer magnitude of HBCUs’ influence:
– HBCUs generate 136,048 jobs across the U.S.
– Public HBCUs account for $10.8 billion, or 65% of the output impact, while private HBCUs contribute $5.7 billion, or 35%.
– Every $1 million initially spent by an HBCU creates 12 jobs.
– The 51,000 graduates of the class of 2021 will generate $146 billion in lifetime earnings—an astonishing 57% more than they could expect without their degrees.
In North Carolina alone, HBCUs have a $1.8 billion economic impact, creating more than 16,000 jobs, and the class of 2021 in that state is expected to generate over $22 billion in lifetime earnings.
The report not only celebrates the contributions of HBCUs but also highlights the challenges they face, including threats of violence and underfunding. In response to these challenges, the UNCF and HBCU advocates are urging for increased federal and state support.
“At this critical moment, with a crucial election on the horizon, we all must immediately actualize our commitment to these cornerstone institutions,” Dr. Lomax said.
The UNCF aims to raise awareness of HBCUs’ contributions, encouraging voters to support policies that will ensure equitable funding for these institutions.
This week the Biden-Harris Administration announced $1.3 billion in additional funding to support HBCUs. A record total of $17 billion in federal investments has now been allocated to HBCUs, per the Biden-Harris Administration. There is momentum, but there is also much more to be done.
As Lodriguez Murray, UNCF’s senior vice president of public policy and government affairs, emphasized, “We urge every supporter to make their voices heard… and ensure that these institutions can continue to thrive and contribute to America’s future.”
While HBCUs represent only 3% of all U.S. colleges and universities, they have produced 40% of all Black engineers, 50% of all Black teachers, 70% of Black doctors and dentists, and even the first Black U.S. Vice President, Kamala Harris.
HBCUs have long been trailblazers in higher education, creating leaders who shape industries and contribute to their communities.
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