New UNCF Study Confirms that Fisk University Contributes to Local and Regional Economies
Nashville, Tenn., November 14, 2017 – In a recent study commissioned by UNCF (United Negro College Fund), research findings have concluded that Fisk University is a significant contributor to the economic growth and sustainability of the Nashville community, generating substantial economic returns year after year.
HBCUs Make America Strong: The Positive Economic Impact of Historically Black Colleges and Universities documents the significant economic contributions of Fisk University and the nation’s network of HBCUs by quantifying their impact on the economy, employment and increased earning power of their students. The study was underwritten by Citi Foundation and the economic estimates were prepared by the University of Georgia’s Selig Center for Economic Growth. Key findings of the study, based on 2014 data, are below:
· Fisk University generated $52 million in total economic impact.
This estimate includes direct spending by Fisk University on faculty, employees, academic programs and operations—and by students attending the institution, as well as the follow-on effects of that spending.
· Fisk University generated 483 jobs for the local and regional economies
Of this total, 222 are on-campus jobs, and 261 are off-campus jobs. For each job created on campus, another 1.2 public- and private-sector jobs are created off campus because of Fisk University-related spending. Looked at in a different way: Each $1 million initially spent by Fisk University and its students creates 16 jobs.
· The 2014 graduates of Fisk can expect to earn $221 million over the lifetimes, 70% percent more than they could expect to earn without a college credential.
Fisk plays a major role in the economic success of its graduates by enhancing their education, training and leadership skills. A college degree opens the door to economic prosperity through greater employment and earnings potential.
This study makes clear that while benefits flow to Fisk graduates who enter the workforce with sharper skills and vastly enhanced earning prospects, these benefits also flow to the local and regional economies connected to the university.
“This new report changes the narrative and demonstrates that HBCUs are feeding the community’s need for a college-educated workforce and driving economic growth,” said UNCF’s President and CEO Dr. Michael Lomax. “These institutions have led the way in developing and polishing the practices necessary to get underprepared, first-generation students ready for college, but they also help fill critical jobs with college-educated workers in the community.”
HBCUs have long been bastions of academic achievement and the most recent findings in HBCUs Make America Strong: The Positive Economic Impact of Historically Black Colleges and Universities demonstrates that HBCUs contribute not only to their students, but also to the local, regional and national economies.
Please visit UNCF.org/HBCUsMakeAmericaStrong to access the full report.
About the 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 pre-school 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.
UNCF (the 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. UNCF institutions and other historically black colleges and universities are highly effective, awarding 17 percent of African American baccalaureate degrees. 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 60,000 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 motto, ‟A mind is a terrible thing to waste.”® Learn more at UNCF.org or for continuous updates and news, follow UNCF on Twitter at @UNCF.
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