AI-assisted summaryArizona State University contributed an estimated $32 billion to Arizona’s economy from 2023 to 2024, a new report says.The university’s impact on the state’s economy is eight times greater than the Super Bowl, ASU official says.ASU President Michael Crow emphasized the university’s commitment to serving as an economic driver for Arizona.A new economic report from Arizona State University has found the institution likely contributed $32 billion to the state’s economy between 2023 and 2024, including $6.1 billion to the state’s gross domestic product last year in operations and construction. These findings were made by ASU’s Office of the University Economist and issued in a report titled “The Economic Impact of Arizona State University on the Arizona Economy, Fiscal Year 2024.” The report’s findings are based on spending by visitors and students, business-to-business transactions and employee spending in the state, according to ASU.The $32 billion figure stems from alumni wages and business tied to the university, according to ASU.”The Super Bowl has had a big impact on the Arizona economy,” said Dennis Hoffman, director of the Office of the University Economist, in a statement. “ASU delivers about eight times as much impact every year using additional GDP as the basis for comparison.”A study conducted by the L. William Seidman Research Institute at ASU’s W.P. Carey School of Business found Super Bowl LVII in 2023 netted host state Arizona a gross output or total economic activity of $1.3 billion.ASU had 80,000 undergraduates and graduates during campus immersion in the fall semester, according to Kent Hill, a research professor at the W.P. Carey School of Business. Student spending on housing, food, entertainment and expenses other than tuition contribute to an estimated $1.7 billion and support 11,700 jobs in the state, Hill detailed. There are 21,800 payroll employees at ASU, according to the university, which said there are nearly a total of 56,000 when taking into account spending by employees, students and visitors. The university mentioned an estimated 306,000 ASU graduates are employed in health care, engineering, teaching, arts and other fields within the state. The report found there was about $24.1 billion in aggregate earnings by ASU grads working in the state leading to about $1.8 billion in state and local taxes. Arizona enjoyed a $2.5 billion economic impact, including 13,270 jobs, from businesses forwarding ASU-owned intellectual property from 2014 to 2023, according to the university. The report found that for fiscal year 2024, the Sun Devil 100 — described as the fastest-growing ASU alumnus-owned or -led organizations — accounted for $1.8 billion in the state’s GDP.”Arizona State University recognizes its responsibility to serve as an economic driver for Arizona,” ASU President Michael Crow said in a statement. “Our state has a vast capacity to grow in success and resilience, fueled by ASU’s ongoing investments as a leader in educational access, workforce development, research, entrepreneurship and innovation, partnerships, technology and more.”Awarded funding:ASU-related projects nab $1.2 billion for new research tied to semiconductor packaging …
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