Corporate, nonprofit, political and educational leaders from around the Washington metropolitan area convened at Howard University to celebrate the institution as an economic force in the region.
“Howard University is a driver of economic progress,” Rashad Young, the university’s senior vice president and strategy officer, said to the gathering of 50 people at The Oliver, a new residential development on the main campus on Sept. 9.
Prior to his appointment at Howard, Young was the longest-serving city administrator in D.C. Government history. “The university has a role to play in the driving of economic development in the Washington area.”
The event featured Howard University President Dr. Ben Vinson III and Kathy Hollinger, president of the Greater Washington Partnership, in a discussion about the role the university plays in the economic development of the Mid-Atlantic region, which stretches from Baltimore to the north and Richmond, Virginia to the south.
The event also took place a few days before Forbes magazine announced that the university had been recognized as the number one HBCU in the nation, according to its 2024-2025 America’s Top College rankings.
In addition to its ranking as the top HBCU, Howard was also ranked among the top 100 colleges in the Northeast, at #95.
A Profile of Howard University’s Impact
Howard University data reveals 13,416 students are enrolled at the institution in its various undergraduate, graduate and professional programs.
Students spend $25 million in the local economy, with two-thirds of the money spent in the District, according to the data.
Howard University supports more than 1,900 direct and indirect jobs in the District and nearly 8,800 direct and indirect jobs throughout the region. The university and Howard University Hospital has a workforce of 4,973 employees and a payroll of $395 million.
Howard University vendors have made payments totaling over $500 million to more than 2,300 vendors, including contractors and suppliers. This includes over $235 million paid to local vendors, significantly impacting local businesses.
Overall, Howard University’s total economic impact on the District is $1.154 billion, and on the Washington metropolitan area, at large, is $1.575 billion.
Vinson, Hollinger Share Importance of HBCUs
Hollinger noted that Vice President Kamala Harris, a Howard alum, came to the university on March 29, 2022 to announce a $4.7 billion commitment by corporate giants to support minority businesses in the Mid-Atlantic region.
She said this was an example of economic growth, inclusive prosperity.
Vinson, who was not the president of the university at the time of the Harris announcement, said the Mid-Atlantic region is blessed to have multiple HBCUs.
“We are economic drivers,” said Vinson. “We create jobs. We are a stable presence in our communities. We invest in our communities. And we are hubs of innovation.”
Vinson said HBCUs, including Howard, are “looking for ways to elevate the underserved and the African American community.”
Hollinger said that 70% of the $4.7 billion has come into fruition and noted that $90 million of that is for disadvantaged firms.
“This is a smart, inclusive economic approach to growth,” she said.
Vinson spoke about the university’s real estate strategy that is expected to yield 13,254 jobs and $710.5 million in personal earnings in the District. The strategy is expected to produce nearly 250 affordable housing units, nine off-campus commercial mixed-use projects and invest over $1.3 billion in mixed-use projects.
The university president noted that when the strategy is fully realized “several years from now you will not recognize this area.”
Hollinger spoke of her recognition that HBUCs can be positive economic drivers.
“We are working on getting all of the HBCUs presidents in this region together to discuss ways we can work together to grow the region economically,” she said.