LeMoyne-Owen College Has $40 Million Economic Impact
LeMoyne-Owen College generates a $40 million dollar economic impact for the local and regional economies.
The historically black college’s positive economic impact was among findings included in “HBCUs Make America Strong: The Positive Economic Impact of Historically Black Colleges and Universities,” commissioned by the UNCF’s Frederick D. Patterson Research Institute. The study highlights that HBCUs’ economic benefits “extend to more than just the students themselves. They are equally important to the communities and regions they serve,” said Dr. Michael Lomax, UNCF president and chief executive officer.
LeMoyne-Owen’s $40 million dollar economic impact includes direct spending by LOC on faculty, employees, academic programs and operations, and by students attending the college, according to the study. A LeMoyne-Owen 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.
Tennessee’s HBCUs – Fisk University, Lane College, LeMoyne-Owen, Meharry Medical College and Tennessee State University – generate $873 million in total economic impact for their communities and regions. Tennessee’s HBCUs generate 7,289 jobs, the study showed.
The 2,143 Tennessee HBCU graduates in 2014 can expect total earnings of $6 billion over their lifetimes – 50 percent more than they could expect to earn without their college credentials. On an individual basis, a Tennessee HBCU graduate working full time throughout his or her working life can expect to earn $928,000 in additional income due to a college credential.