The United Negro College Fund (UNCF) released the results of a study showing that Historically Black Colleges and Universities (HBCUs) provide economic sustenance for the communities in which they are located.
In a report called, “HBCUs Make America Strong,” findings indicate that $14.8 billion generate between public and private HBCUs, annually. With much of the money circulating in areas of the country that fall under the radar of economic empowerment.
Mostly located in black communities or rural areas of the south, HBCUs serve as essential institutions that give communities some type of economic footing. According to UNCF’s report, the institutions are “economic engines” with monetary influence “that’s equivalent to a ranking in the top 200 on the Fortune 500 list of America’s largest corporations.”
“[The data] shows that money spent in, around, and by the nation’s HBCUs and their students drives economic growth on-and-off-campus—and the effect of that spending is multiplied over time. Each dollar spent creates far more than a dollar’s worth of productive activity as it moves through the economy,” says UNCF president and CEO, Michael L. Lomax, Ph.D.