UNCF Unveils 2024 HBCU Economic Impact Report Highlighting the Unmatched Contributions and Urgent Funding Needs of HBCUs

New report reveals $16.5 billion in economic impact and calls for immediate action to secure the future of America’s Black higher education institutions

Today, UNCF (United Negro College Fund), the nation’s largest and most effective minority education organization, proudly unveiled its 2024 HBCU Economic Impact Report. 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 highlighting the substantial contributions the nation’s 101 historically Black colleges and universities (HBCUs) make to their students, local communities and the nation at large.

HBCUs have long been pillars of educational excellence and economic engines, driving prosperity in their communities and across the nation. Despite these contributions, chronic underfunding threatens their ability to sustain this impact. Transforming Futures: The Economic Engines of HBCUs, underscores the urgent need for equitable and sustainable funding to ensure HBCUs can continue their vital role in promoting social mobility and economic growth and calls on the public to advocate for these essential institutions. 

“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. 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,” said Dr. Michael L. Lomax, president and CEO, UNCF.

“At this critical moment, with a crucial election on the horizon, we all must immediately actualize our commitment to these cornerstone institutions.”

Key findings in the 2024 HBCU Economic Impact Report include: 

• HBCUs generate $16.5 billion in direct economic impact nationally.
• If they were a company, the nation’s HBCUs would place in the top 50 of the nation’s Fortune 500 companies in job creation.
• Collectively, 136,048 jobs exist as a result of HBCUs.
• On average, for each job created on campus, 1.5 off-campus jobs exist because of spending related to the institution.
• HBCUs are far more accessible to students and more successful at moving students from the bottom 40% of a country’s income distribution to the top 60%, signaling social mobility.
• The 51,269 HBCU graduates in the class of 2021 can expect work-life earnings of $146 billion, 57% ($53 billion) more than the $93 billion they could expect without their degrees or certificates.

The 2024 HBCU Economic Impact Report is a continuation of the landmark 2017 study, HBCUs Make America Strong: The Positive Economic Impact of Historically Black Colleges and Universities, which showed that HBCUs’ economic benefits extend beyond the students they educate. In addition to the comprehensive report, a website has been launched where users can explore state-specific data and insights for individual HCBUs. This resource allows users to explore the localized impact, emphasizing the critical role HBCUs play in communities across the nation. 

“Transforming Futures: The Economic Engines of HBCUs represents the latest chapter in a longitudinal research initiative by UNCF’s Frederick D. Patterson Research Institute.

By leveraging robust methodology and extensive data, we highlight how HBCUs continue to be critical drivers of economic growth and social mobility,” said Dr. Nadrea R. Njoku, assistant vice president, Frederick D. Patterson Research Institute, UNCF.

“This 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.”

“Now more than ever, we must recognize the indispensable role HBCUs play in shaping not just the future of their students but the future of our nation. This report is not just a call to awareness but a call to action,” said Lodriguez Murray, senior vice president, public policy and government affairs, UNCF. “As we move forward, it is imperative that we leverage this data to galvanize our communities and demand the necessary support from our policymakers by voting for HBCUs. We urge every supporter to make their voices heard, to advocate for the equitable funding our HBCUs deserve, and to ensure that these institutions can continue to thrive and contribute to America’s future.”

UNCF will soon shift its focus towards voter mobilization efforts, leveraging the findings of the 2024 HBCU Economic Impact Report to raise awareness about the critical role of HBCUs ahead of Election Day, and the need for elected officials to commit to strengthening HBCU infrastructure, safety and student life. By highlighting the economic and social contributions of these institutions, UNCF aims to inspire voters to support policies and send letters to elected leaders at the state and federal level in support of equitable funding and resources for HBCUs, ensuring their continued impact on communities and the nation.

To view the brief and full report for Transforming Futures: The Economic Engines of HBCUs, visit: UNCF.org/HBCUImpactReport.  

For more information on how to actualize a commitment and be a voice for HBCUs, visit: UNCF.org/EquityPledge. 

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About UNCF 

UNCF (United Negro College Fund) is the nation’s largest and most effective minority education organization. To serve youth, the community and the nation, UNCF supports students’ education and development through scholarships and other programs, supports and strengthens its 37 member colleges and universities, and advocates for the importance of minority education and college readiness. While totaling only 3% of all colleges and universities, UNCF institutions and other historically Black colleges and universities are highly effective, awarding 15% of bachelor’s degrees, 5% of master’s degrees, 10% of doctoral degrees and 19% of all STEM degrees earned by Black students in higher education. UNCF administers more than 400 programs, including scholarship, internship and fellowship, mentoring, summer enrichment, and curriculum and faculty development programs. Today, UNCF supports more than 50,000 students at over 1,100 colleges and universities across the country. Its logo features the UNCF torch of leadership in education and its widely recognized trademark, ‟A mind is a terrible thing to waste.”^® Learn more at UNCF.org or for continuous updates and news, follow UNCF on X (formerly Twitter) at @UNCF.  

About Frederick D. Patterson Research Institute

UNCF’s Frederick D. Patterson Research Institute (FDPRI) is the nation’s foremost research organization focusing on the educational status of African Americans from preschool to and through college. Committed to understanding and expanding the pathways that lead to educational attainment, FDPRI conducts and disseminates research that informs policymakers, educators, philanthropists and the general public on how to best improve educational opportunities for and outcomes of African Americans and other underrepresented minorities across the pre-school-through-college-graduation pipeline.