Historically Black colleges and universities are uniquely positioned to inspire and support Black Americans in the five critical roles they play in the US economy.

The first higher-education institution for Black Americans in the United States was founded in 1837. Since then, historically Black colleges and universities (HBCUs) have established themselves as anchor institutions in their communities and critical platforms for the education and advancement of students of color. HBCUs confer 17 percent of all bachelor’s degrees awarded to Black students in the United States, have boosted their students into higher-income quintiles and into prominent political positions, and continue to be key sources of talent. And they are doing all of this with endowments that are seven times smaller, on average, than those of non-HBCUs.

HBCUs have an opportunity to accelerate Black economic mobility even more. Recent events have prompted philanthropists and large corporations to donate to and partner with HBCUs. If such attention and funding could be sustained—and increased—HBCUs could help to unlock not only more advancement for Black Americans but also strong economic performance for the United States. In fact, our data show that 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.

As the McKinsey Institute for Black Economic Mobility (BEM) and the McKinsey Global Institute (MGI) found in their recent report, significant economic and human value can be gained when Black Americans, playing critical economic roles as workers, entrepreneurs and business owners, consumers, savers and investors, and residents, are fully engaged in the economy. HBCUs are uniquely positioned to foster such engagement.