How HBCUs Can Accelerate Black Economic Mobility
Racial Justice and Equity

How HBCUs Can Accelerate Black Economic Mobility

The impact of HBCUs

Posted: July 28, 2021
Author(s): Frankki Bevins, Kathryn Fox, Duwain Pinder, Jimmy Sarakatsannis, and Shelley Stewart III
Organization(s): McKinsey & Company

A new report from McKinsey & Company suggests that increased funding for historically Black colleges and universities could help close the racial wealth gap, diversify the American workforce, and benefit the national economy. The report specifically shows how a strong HBCU network could increase Black worker incomes by around $10 billion in addition to strengthening the economy with $1.2 billion in incremental business profit, $300 million in decreased student-loan debt, and $1 billion in additional consumer expenditures.