By Barnett Wright | The Birmingham Times
Miles College, the Historically Black College and University (HBCU) based in Fairfield, Alabama, generates nearly $70 million in total economic impact for its local and regional economies and creates hundreds of on-campus and off-campus jobs, according to a recently released report.
The 2024 HBCU Economic Impact Report from the UNCF (United Negro College Fund), the nation’s largest minority education organization states that Miles generates $69.3 million in total economic impact; and 286 on-campus jobs and 355 off-campus jobs.
The report also shares that a Miles College graduate working full-time throughout his or her working life can expect to earn $1,255,978 in additional income due to a college credential.
“It is clear that institutions like Miles College continue to serve as powerful engines of economic growth and opportunity,” said Miles College President Bobbie Knight. “For generations, Miles College has been a cornerstone of progress in our community, even during periods of underfunding by state and federal administrations.”
Through the resilience of students, faculty, and alumni, “our graduates not only uplift themselves but also their families and communities, with the potential to earn over $1.2 million in additional lifetime income,” Knight added.
Dr. Steven E. Hairston, Vice President of Institutional Advancement & Development Miles College, said the work continues. “We look forward to continued growth and advancement as we work together to create new opportunities for generations to come,” he said.
The 2024 HBCU Economic Impact Report is a comprehensive, data-driven analysis highlighting the substantial contributions that HBCUs make to students, local communities and the nation.
The report says that HBCUs have long been pillars of educational excellence and economic engines, driving prosperity across the nation, but warns that despite these contributions, chronic underfunding threatens the ability for some institutions to maintain a high level of impact.
“This report reaffirms what we have always known about the resilience of HBCUs: despite a deadly pandemic … and the economic uncertainties 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.
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.
To explore the full report of Transforming Futures: The Economic Engines of HBCUs, visit: 2024 Economic Impact Report – UNCF
