HBCUs Generate $14.8 Billion in Economic Impact
Historically Black Colleges and Universities (HBCUs) generate $14.8 billion in economic impact annually, which is equivalent to a ranking in the top 200 on the Fortune 500 list of America's largest corporations, according to a stunning new report by the United. Negro College Fund (UNCF). The report, conducted by the University of Georgia's Terry College of Business Selig Center for Economic Growth, revealed that the 1,634-student Alabama school generates $67 million for its local region. • In total, the nation's HBCUs generate $14.8 billion in economic impact annually; that's equivalent to a ranking in the top 200 on the Fortune 500 list of America's largest corporations. This estimate includes direct spending by HBCUs on faculty, employees, academic programs and operations, and by students attending the institutions, as well as the follow-on effects of that spending. • Public HBCUs account for $9.6 billion of that total economic impact, while private HBCUs account for $5.2 billion. The economic impact of Historically Black Colleges and Universities (HBCU) on their local communities has never been stronger, especially at Miles College in Fairfield, Ala. A new report funded by the United Negro College Fund (UNCF) and Fact sheets for the economic impact of individual HBCUs are available at https://www.uncf. org/programs/hbcu-impact. "It's the first time that we've had a study conducted by such a professional institution to recognize the importance of HBCUs and particularly the impact on our community," Miles College President Dr. George T. French, Jr., told the NNPA Newswire. "We've talked in general terms, but to quantify this is important so that our partners can understand the value of our institution. It's a win-win for our region and for government partners who look to partner with us.- The landmark study titled, "HBCUs Make America Strong: The Positive Economic Impact of Historically Black Colleges and Universities," makes clear that the benefits also flow to the local and regional economies connected to Miles College. The study is a precursor to a larger report that UNCF plan to release on Tuesday, November 14, about the overall impact of all 105 of the nation's HBCUs.