Historically Black colleges and universities are known to often have deep ties to the neighborhoods and cities they occupy. They also generate millions in revenue for those local economies. According to a 2017 HBCU economic report from the United Negro College Fund (UNCF), these institutions generate over 130,000 jobs both locally and regionally for their home states and account for $14.8 billion in economic impact.
This week, new data shows that Morgan State University in Maryland released its new report showing the institution accounts for over $500 million in wages for the state economy. The new study conducted by Econsult Solutions, Inc. (ESI), a national economic consulting firm, showed in its report that locally, the school also generates over $150 million in wages, accounting for over 4,000 in Baltimore.
Morgan fiscal footprint leaves lasting economic and community impression in Maryland and Baltimore, more than $1B impact in state and $640M in Baltimore – Read More 👉🏾 https://t.co/yvMwoLBPVr
— Morgan State University (@MorganStateU) January 25, 2021
In a time when more advocates are pressuring the federal and local governments to help uphold HBCU institutions, findings like this report show how these historic educational schools are not only beneficial to the Black community but also positively impact the state economically.
“The findings of this latest Economic Impact Update Report validate what we here at Morgan know all too well, that our university is, without question, unrivaled in its ability to impact lives, transform communities and spur economic progress that elevates not only the individual but our society as a whole,” said University President David Wilson said in a press statement. “We look forward to continuing to uphold our mission by producing results that make a difference while offering a tangible and measurable return on the investment that has been made into Morgan.”