NASHVILLE, TN — 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.