New UNCF Study Confirms that Oakwood University Contributes to Local and Regional Economies
Oakwood University is an important economic engine in its community, generating substantial economic returns year after year, and a new landmark study commissioned by UNCF (United Negro College Fund) confirms it.
HBCUs Make America Strong: The Positive Economic Impact of Historically Black Colleges and Universities, documents the significant economic contributions of Oakwood 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 are below:
Total Economic Impact: $96 Million
•Oakwood University generates $96 million in total economic impact for its local and regional economies. This estimate includes direct spending by Oakwood University on faculty, employees, academic programs and operations-and by students attending the institution, as well as the follow-on effects of that spending.
•Every dollar spent by Oakwood University and its students produces positive economic benefits, generating $1.20 in initial and subsequent spending for its local and regional economies. Communities and regions hoping to foster a more robust and diversified economic climate find HBCU-connected spending a critical component of that effort.
Total Employment Impact: 916 Jobs
•Oakwood University generates 916 jobs for its local and regional economies. Of this total, 389 are on-campus jobs, and 527 are off-campus jobs.
•For each job created on campus, another 1.4 public- and private-sector jobs are created off campus because of Oakwood University-related spending.
•Looked at in a different way: Each $1 million initially spent by Oakwood University and its students creates 11 jobs.
Total Lifetime Earnings for Graduates: $850 Million
•Oakwood University 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. In fact, the 333 Oakwood University graduates in 2014 can expect total earnings of $850 million over their lifetimes-that's 72 percent more than they could expect to earn without their college credentials.
•Or viewed on an individual basis, an Oakwood University graduate working full time throughout his or her working life can expect to earn $1.1 million in additional income due to a college credential. This estimate reflects incremental earnings averaged across degree and certificate programs.
The presence of Oakwood University in this area means a $96 million boost to the area's economic activity, on-campus, off-campus, and well beyond the campus, contributing to stronger growth and stronger communities.
This study makes clear that while benefits flow to Oakwood University 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 Oakwood University.
"HBCUs like Oakwood University stand out as vibrant institutions in their communities. They create jobs, they increase the economic viability of our cities, they educate and prepare our students for the 21st century through their career pathway programs and they contribute knowledge to the history and culture of their local environments," said President Dr. Leslie Pollard.
"This new report changes the narrative and demonstrates that HBCUs, like Oakwood University 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. It is clear to see, however, that the value of Oakwood University is not solely confined to educational impacts. HBCUs Make America Strong: The Positive Economic Impact of Historically Black Colleges and Universities demonstrates that Oakwood University matters not only to its students, but also to the local, regional and national economies.
inside Oakwood is published by the Office of Integrated Marketing & Public Relations at Oakwood University
Executive Editor: Kenn Dixon | Managing Editor: Debbe Millet | Photographers: Anthony Chornes, II | Intern: Bresean Davidson
www.oakwood.edu | pr@oakwood.edu
Posted By: How May I Help You NC
Thursday, November 30th 2017 at 11:28AM
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