Howard University President Ben Vinson III, Ph. D., joined with business leaders and economic partners to emphasize Historically Black Colleges and Universities’ vital role in regional development. The “HBCUs as Catalysts for Regional Inclusive Economic Growth” forum presented a study revealing Howard’s substantial economic impact. It estimated the university contributed $1.575 billion within the Washington, D.C. area and showcased the impact of HBCUs nationwide.
“Howard University has long been an engine of economic equity in the District of Columbia and the surrounding Washington metropolitan area,” stated President Vinson. He underscored the findings as a reflection of Howard’s commitment to uplift its community and highlight HBCUs’ integral role in society. Vinson expressed confidence that as Howard attracts more research investments, it will continue to be “a matchless force of intellectual and economic energy.”
The study stemmed from comprehensive data, including expenditures from Howard’s nearly 18,500 employees and students. For fiscal year 2024, Howard contributed $395 million to its workforce through payroll. The university engaged over 2,300 vendors in transactions exceeding half a billion dollars. Moreover, student spending on essential goods and services surpassed $25 million in 2019.
A Collective Effort
Vinson emphasized the collaboration among the nine HBCUs located within a 150-mile corridor from Baltimore to Richmond. He highlighted collaboration with the University of the District of Columbia, represented by UDC President Maurice D. Edington, Ph.D.
“We are anchor institutions, but at the same time, we are institutions that set sail to a city and a region, and we need to be thinking about the impact not just in grounding a region, but in animating a region,” Vinson noted.
Additionally, the university provides programs to educate business owners and connect them with essential resources. “This is smart economics,” asserted Kathy Hollinger, CEO of the Greater Washington Partnership. “Taking on an inclusive approach to growth propels not only our region’s businesses but also our communities.”
Nina Albert, deputy mayor for planning and economic development, acknowledged Howard’s significant contributions beyond academia and praised the university’s legacy in educational and medical fields crucial for local development.
Continuing To Make An Economic Impact
Looking ahead, Howard University anticipates enrollment to surpass 15,000 students by 2030, with faculty and staff numbers growing to over 7,500. Initiatives are projected to support approximately 28,280 full-time jobs throughout the D.C. metropolitan area.
Howard’s real estate strategy aims to develop 250 affordable housing units through a $1.3 billion investment in nine off-campus commercial mixed-use projects. Four projects have either been completed or are nearing completion, generating over 13,254 jobs and $710 million in earnings.
Vinson expressed the university’s commitment to improving the quality of life in surrounding neighborhoods through intentional engagement with local residents and minority businesses.