Virginia Union University: Empowering Communities and Enhancing Economic Growth
April 17, 2024
At Virginia Union University (VUU), we are not just a center of academic excellence, but also a vital economic powerhouse in our community. The United Negro College Fund (UNCF) recently highlighted our significant contributions to the local and regional economy, and we are thrilled to share these impactful insights.
According to the landmark study commissioned by UNCF, titled "HBCUs Make America Strong: The Positive Economic Impact of Historically Black Colleges and Universities," Virginia Union University plays a crucial role in driving economic growth. The study, reflecting data from 2014, underscores how our institution not only benefits our graduates with enhanced earning potential but also substantially boosts the economic activity in our surrounding areas.
Key Economic Contributions of Virginia Union University:
- Total Economic Impact: VUU generates a remarkable $84 million in total economic impact annually. This figure includes direct spending on faculty, employees, academic programs, and operations, along with spending by our students. The ripple effects of these expenditures significantly benefit our local and regional economies. For every dollar spent by VUU and its students, an impressive $1.48 is generated in initial and subsequent spending, fostering a more robust and diversified economic climate.
- Employment Impact: Our university is a major job creator, generating 842 jobs in the local and regional economies. This includes 392 on-campus jobs and 450 off-campus jobs. Every job created at VUU leads to an additional 1.1 jobs in the public and private sectors off-campus, illustrating our substantial influence on employment.
- Graduate Lifetime Earnings: The economic success of our graduates is a testament to the quality of education and training they receive at VUU. The 356 graduates from 2014 can expect to earn a total of $965 million over their lifetimes, which is 47 percent more than they could earn without their college credentials. On average, a VUU graduate will earn an additional $868,000 in their lifetime, thanks to their degree from our institution.
These findings are not just numbers; they represent the tangible, positive outcomes of our commitment to education and community development. As we continue to educate and empower the next generation of leaders, our economic impact is a robust affirmation of the value that Virginia Union University adds to our community and beyond.
We are proud of our role as an economic engine and more so of the success of our graduates. As we look forward to continuing our mission, we remain committed to contributing to stronger growth, stronger communities, and a more talented workforce. At Virginia Union University, we are more than just an institution of higher learning; we are a beacon of hope and a builder of futures.
Virginia Union University and the UNCF: A Partnership for Progress
Our achievements and ongoing impact are made possible not only by the hard work and dedication of our faculty, staff, and students but also through the support and recognition by organizations like the United Negro College Fund. This partnership underscores the importance of historically Black colleges and universities in creating sustainable economic growth and equitable opportunities for all.
Join us as we continue to make a difference, fostering a brighter and more prosperous future for our community, our region, and beyond. Together, we are making America strong.
For more information on how VUU is making an impact click here!