The Impact of the Nation’s Black Colleges and Universities on the American Economy

A new report from the U.S. Department of Education shows that the nation’s historically black colleges and universities have a huge impact on the American economy. According to the report, in 2001 black colleges and universities spent $6.6 billion in their local communities. This initial spending is multiplied by additional spending generated by the $6.6 billion in HBCU outlays, which amount to a total economic impact of more than $10 billion annually. In terms of total revenues and spending, the nation’s historically black colleges and universities as a group would rank 232nd on the Fortune 500 list of America’s largest companies.

The black colleges and universities employ over 180,000 workers, roughly equal to the work force of Bank of America, the nation’s 23rd largest private employer.

Copyright © 2006. The Journal of Blacks in Higher Education. All rights reserved.