Arizona State University is helping bring new high-wage jobs to Arizona and increase the state’s economic output through the New Economy Initiative.
The New Economy Initiative’s goals are to create 40,000 new high-wage jobs by 2041, increase economic output to $6.9 billion by 2032 and double the return on the state’s investment by the same year. The endgame is to pivot Arizona’s economy away from housing growth and tourism to something that is resilient regardless of economic downturns.
“Our goal is to create jobs, and not just any jobs, but high-paying jobs that are resilient to downturns in the economy,” Dr. Morton said.
Dr. Sally Morton, the Executive Vice President of ASU Knowledge Enterprise, describes the initiative as an “exciting and forward-thinking investment by the state to build the future new economy of Arizona.”
ASU, along with Northern Arizona University and University of Arizona, have each been given big roles in the initiative that play to their specific strengths. Dr. Morton said that ASU’s assignment is connected to engineering and technology. The initiative also expects to grow Arizona’s health care workforce by expanding programs at NAU and UA.
The Initiative is a bi-partisan effort- politicians from both sides of the house and the Governor supported it, Dr. Morton said. Civic groups from around the state came together and collectively decided that this is the best thing for our state, she said.
Science and Technology Centers are being developed, and will be used as “intellectual hubs of the Initiative.” At these hubs, faculty, industry partners, and students will come together to discuss real-world problems and the future of the Arizona economy.
On top of educating students, they are also providing courses for employers to give to their employees, and for members of the community who are interested in learning more about specific fields.