The United Negro College Fund (UNCF) released its 2024 HBCU Economic Impact Report, detailing how historically Black colleges and universities (HBCUs) have been drivers for social mobility and economic growth throughout the nation.
The report, “Transforming Futures: The Economic Engines of HBCUs”, commissioned by UNCF’s Frederick D. Patterson Research Institute (FDPRI), is a comprehensive, data-driven analysis pointing out that HBCUs generate $16.5 billion in direct economic impact nationally.
“As UNCF observes its 80th anniversary, one of the highlights of our yearlong celebration is the release of the sequel to our groundbreaking 2017 report,” said Dr. Michael L. Lomax, president and CEO of UNCF. “This report reaffirms what we have always known about the resilience of HBCUs: despite a deadly pandemic, social unrest caused by the murders of George Floyd and Breonna Taylor, and the economic uncertainties of the past seven years, 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. Nadrea R. Njoku, assistant vice president, Frederick D. Patterson Research Institute at UNCF, said that the report “not only underscores the substantial economic benefits generated by HBCUs but also contextualizes the broader challenges they have faced over the past three years, including the far-reaching impacts of the COVID-19 pandemic and the threats of violence that have been levied against many of these institutions.”
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