UNCF Announces the Release of the 2024 HBCU Economic Impact Report, Highlighting the Critical Contributions of Shaw University

RELEASE: Friday, September 20, 2024

MEDIA CONTACT: communications@shawu.edu

UNCF Announces the Release of the 2024 HBCU Economic Impact Report, Highlighting the Critical Contributions of Shaw University

Listed Among Key Institutions Featured in the Report and Showcasing its Role as a Vital Economic Engine in Raleigh, North Carolina.

Raleigh, NC (Sept. 12, 2024)—This month, 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 Engine of HBCUs, commissioned by UNCF’s Frederick D. Patterson Research Institute (FDPRI), is a comprehensive, data-driven analysis highlighting the substantial contributions that historically Black colleges and universities (HBCUs) make to their students, local communities and the nation. Shaw University is a UNCF-member institution, and its impact on the nation’s economy is significant.

HBCUs have long been pillars of educational excellence and economic engines, driving prosperity across the nation. Despite these contributions, chronic underfunding threatens their ability to maintain this high level of 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.

Shaw University powers the economy of Raleigh, North Carolina, including but not limited to:

• Shaw University generates $88 million in total economic impact for its local and regional economies.
• Every dollar spent by Shaw University and its students produces positive economic benefits, generating $1.37 in initial and subsequent spending for its local and regional economies.
• In fact, the 305 Shaw University graduates in 2014 can expect total earnings of $781 million over their lifetimes—that’s 71 percent more than they could expect to earn without their college credentials. 

“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.”

Transforming Futures: The Economic Engines of HBCUs 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 the economic benefits of HBCUs 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 of any given HBCU, emphasizing the critical role HBCUs play in communities across the nation.

In the months to come, UNCF will 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 nationwide. UNCF encourages voters to support policies that strengthen HCBUs, and to send letters to elected leaders at the state and federal levels in support of equitable funding and resources for these crucial institutions.

To explore the full report of Transforming Futures: The Economic Engines of HBCUs, visit: https://UNCF.org/HBCUImpactReport

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

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About Shaw University:

Shaw University, located in Raleigh, North Carolina, is the first historically Black institution of higher education founded in North Carolina and is among the oldest in the nation. The University was founded in 1865 by Henry Martin Tupper. Dr. Paulette Dillard currently serves as the University’s 18th President. For more information, visit: www.shawu.edu.

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.