UNCF Announces the Release of the 2024 HBCU Economic Impact Report, Highlighting the Critical Contributions of Miles College
Miles College, Fairfield, Alabama (Sept. 18, 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. Miles College 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.
Miles College powers the economy of Alabama, including but not limited to:
- Miles College generates $69.3 Million in total economic impact for its local and regional economies.
- Miles College generates 641 jobs for its local and regional economies. Of this total, 286 are on-campus jobs and 355 are off-campus jobs.
- 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.
"As we reflect on the findings of the 2024 HBCU Economic Impact Report, it is clear that institutions like Miles College continue to serve as powerful engines of economic growth and opportunity. For generations, Miles College has been a cornerstone of progress in our community, even during periods of underfunding by state and federal administrations. Yet, through the resilience of our students, faculty, and alumni, we have managed to generate $69.3 million in economic impact and create over 600 jobs across local and regional economies. 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. Thank you United Negro College Fund (UNCF) for crafting this report and showcasing our impact.”
– Bobbie Knight, President of Miles College
“We are truly thankful for the consistent support of the United Negro College Fund (UNCF), whose unwavering commitment to HBCUs like Miles College has been instrumental in our ability to thrive. We look forward to continued growth and advancement as we work together to create new opportunities for generations to come."
– Dr. Steven E. Hairston, Vice President of Institutional Advancement & Development Miles College
