The New Economy Initiative: Catalyzing a future of sustained prosperity for Arizona
Rapidly emerging New Economy industries are set to redefine the way we work, learn and live—and present an unprecedented opportunity to drive job creation and prosperity for Arizona’s families.
The New Economy Initiative is a forward-thinking investment by the State of Arizona that leverages the breadth and depth of ASU’s knowledge and expertise to improve Arizona’s competitiveness in the sectors that matter most for 21st century industrial growth, including advanced manufacturing and materials, advanced communication technologies, cybersecurity, artificial intelligence, automation and robotics, digital media, virtual and augmented reality, big data and more.
As Arizona rebounds from the COVID-19 pandemic, ASU’s role as a catalyst for our state’s long-term economic expansion and resilience has never been more critical. The legislature and governor authorized the New Economy Initiative to ensure a future of high employment and economic growth for Arizona—and ASU is committed to fulfilling its mission as a public-serving institution that catalyzes this future.
new high wage jobs by 2041
economic output by 2032
return on state investment by 2032
Rounds Consulting Group analysis
The New Economy Initiative builds on the foundation ASU has laid over nearly two decades in enabling access to high-quality education and innovative research that addresses the needs of the market and society. ASU is supporting the New Economy Initiative by partnering with industry to understand emerging technological and market needs and by providing education, producing skilled workers and supporting innovation to drive sustained economic growth for Arizona.
ASU’s contributions to the New Economy Initiative are supported by ongoing investment from the state, numerous industry partners and over 40 local chambers of commerce and economic development organizations. Click here to learn more about ASU’s budget request to the Arizona legislature for FY 2023.
Science and Technology Centers:
Supporting industries of the future
The New Economy Initiative supports the development of five Science and Technology Centers (STCs) at ASU that will position Phoenix and Arizona for national and global leadership in the New Economy. STCs nurture local industries and lay the foundation for Arizona to compete for nationally and internationally significant economic development opportunities that create high-paying jobs.
As hubs that allow industry to work directly with faculty and students to take innovations from the lab to the market, STCs will support a robust ecosystem of future-oriented New Economy enterprises that enable rapid transition toward a high-tech economy. STCs facilitate collaborative research, support startups and entrepreneurs, and create the jobs of the future through training of ASU students and upskilling of the current workforce. Deep linkages with industry will help STCs to establish a virtuous cycle of university research and education informed by market needs, which in turn stimulates industrial growth that benefits from ongoing university-based education and innovation.
The STCs supported by the New Economy Initiative will produce recurring, long-term return on investment for Arizona in five key clusters of future technologies.
ASU has already launched the Advanced Manufacturing and Energy and Materials STCs and will leverage New Economy Initiative funds to establish the Extreme Environments, Future Communications and Human Performance STCs in 2022-2023.
Preparing people for jobs of the future
ASU is responding to Arizona’s need for highly skilled workers by leveraging New Economy Initiative funds to develop a robust workforce to attract and grow New Economy industries. We are preparing workers of the future by enrolling and graduating experts in scientific and technical fields and creating new opportunities for current workers to learn cutting edge skills. The New Economy Initiative provides support to:
- Enable hands-on research experiences that increase job readiness
- Accelerate development of hybrid learning and training models for workforce readiness
- Create opportunities for upskilling the current workforce, including stackable certificates, micro-degrees, badges and other credentials
- Develop and scale adaptive, AI-infused advising platforms that improve graduation outcomes and decrease time to degree completion
- Attract world-class faculty to ASU’s Fulton Schools of Engineering, increasing its capacity to serve larger numbers of students
Seizing Arizona’s opportunity for leadership in the New Economy requires a highly skilled workforce, and the Fulton Schools of Engineering is at the forefront of ASU’s efforts to produce the talent to position our state for success in attracting and growing high-tech industries. By 2025, the New Economy Initiative will establish the Fulton Schools of Engineering as a national leader in engineering education that meets local demand for skilled workers and enables sustained industrial growth that creates wealth for Arizona businesses and families.
new high wage jobs engineering graduates per year
engineering students enrolled
producer of technical talent in the U.S.
Partnering with industry to create prosperity
ASU is co-designing its approach to the New Economy Initiative in partnership with a diverse array of enterprises from local to global scales. With an eye for catalyzing long-term economic growth and resilience, ASU is pulling in big ideas from industry and translating them into high-impact products, inventions and services—creating a feedback loop between market needs, research, education and commercial application. This process is sustained by symbiotic relationships that create tangible benefits for industry, faculty, students and the community.
By 2025, the New Economy Initiative will support the development of 250+ industry partnerships across multiple sectors—building on an already strong base of industry support, including:
Arizona Public Service
Salt River Project
W. L. Gore
Daicel Safety Systems
Investing in student success
Ensuring success for learners of all kinds, at all stages of their educational and career journeys is at the heart of the New Economy Initiative. Students at ASU are not just learners: they are inventors, innovators and collaborators who are empowered to make an impact on their communities and develop solutions that solve real-world challenges.
The New Economy Initiative is enabling student success through the development of new experiential learning programs; enhanced outreach, coaching, and career services; and the development of new academic programs connected to New Economy-relevant disciplines, from computer and data science to the natural sciences, to digital culture and design, media arts, supply chain and allied health professions. These programs build on years of ASU innovation in promoting student success through adaptive learning technologies, AI-assisted advising and personalized modalities for teaching and learning that allow every learner to define and achieve their full potential. The accomplishments of ASU students demonstrate the value of investing in learners.