Denmark, SC – 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. Voorhees University 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.
Voorhees University powers the economy of Denmark, SC, including but not limited to:
• Voorhees University generates $17 million in total economic impact for its local and regional economies. This estimate includes direct spending by Voorhees University on faculty, employees, academic programs and operations—and by students attending the institution, as well as the follow-on effects of that spending.
• Voorhees University generates 287 jobs for its local and regional economies. Of this total, 196 are on-campus jobs, and 91 are off-campus jobs.
For each job created on campus, another 0.5 public- or private-sector job is created off campus because of Voorhees University – related spending. Looked at in a different way: Each $1 million initially spent by Voorhees University and its students creates 15 jobs.
“Voorhees University has always been a catalyst for change in our community, contributing to both educational excellence and economic development. This report underscores the significant role we play not only in shaping the futures of our students but also in driving economic growth locally and regionally. As we continue to grow, it is critical that we secure the funding necessary to sustain this level of impact and ensure that Voorhees remains a vital engine for prosperity in South Carolina,” said Dr. Ronnie Hopkins, President of Voorhees University.
“As UNCF observes its 80th anniversary, one of the highlights of our yearlong celebration is the release of the sequel to our groundbreaking 2017 report. This report reaffirms what we have always known about the resilience of HBCUs: despite a deadly pandemic, social unrest caused by the murders of George Floyd and Breonna Taylor, and the economic uncertainties of the past seven years, 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. “At this critical moment, with a crucial election on the horizon, we all must immediately actualize our commitment to these cornerstone institutions.”
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.
In the months to come, UNCF will shift its focus towards voter mobilization efforts, leveraging the findings of the 2024 HBCU Economic Impact Report to raise awareness about the critical role of HBCUs nationwide. UNCF encourages voters to support policies that strengthen HCBUs, and to send letters to elected leaders at the state and federal levels in support of equitable funding and resources for these crucial institutions.
To explore the full report of Transforming Futures: The Economic Engines of HBCUs, visit: https://UNCF.org/HBCUImpactReport
For more information on how to actualize a commitment and be a voice for HBCUs, visit: https://UNCF.org/EquityPledge
