A Business Plan to Advance Arizona's Future Economy and Workforce

Fact Sheet

PREPARING ARIZONA’S WORKFORCE OF TOMORROW

Arizona is at a turning point. The pandemic has shined a light on the labor shortage and the challenges we face to build a skilled and ready workforce to meet the needs of our gr owing state. We stand ready to help the state reach its competitive potential with the New Economy Initiative.

The Arizona Board of Regents’ FY 2023 budget request presents a plan for the future of our state that affirms its promise to Arizona – to increase postsecondary access and attainment for Arizona students while increasing quality, affordability and efficiency. These requested funds will produce the workforce of the New Economy for the next decade and offer a robust economic return on investment for the state.

RETURN ON INVESTMENT IN NEW ECONOMY INITIATIVE

Strong economic momentum allowed the state to make significant inve stments in Arizona public higher education in fiscal year 2022. Tangible outcomes include:

  • Expansion of workforce development initiatives in manufacturing, engineering, health care, mining and aerospace.
  • Launch of the Arizona Promise Program, expanding college access for low-income Arizonans.

BUILDING ON SUCCESS IN FY 2023

The fiscal year 2023 proposal builds on these successes through initiatives including:

  • Increase educational attainment through guaranteed scholarships for eligible low-income students in the Arizona Promise Program.
  • Establish new ASU Science and Technology Centers that will position Arizona for national and global leadership in the New Economy.
  • Grow Arizona’s health care workforce through programs at NAU and UArizona.
  • Launch the One Health Initiative to grow and advance healthy communities throughout Arizona.
  • Increase post-secondary academic opportunities in Yuma County, bringing post high school opportunities to every corner of the state.

FISCAL YEAR 2023 NEW ECONOMY INITIATIVES INCLUDE:

Through the New Economy Initiative budget request, the board has prioritized workforce development initiatives to advance the state’s competitiveness and support economic development.

NEW ECONOMY INITIATIVE

  • $75 million – Additional NEI programs
    • Launch three new ASU Science and Technology Centers that will partner with Arizona industry and position Arizona as a semiconductor center.
    • Expand NAU’s capacity to address health care worker shortages in nursing, allied health and mental health education programs.
    • Launch University of Arizona’s "One Health" initiative that leverages the university's medical, veterinary, engineering and cooperative extension programs to address community and health care needs across the state.

ARIZONA PROMISE PROGRAM

  • $25 million - Arizona Promise Program
    • Ensure success of the program and continue to increase access to higher education for resident students by covering tuition and fees for eligible incoming resident students.

YUMA WORKFORCE EXPANSION

  • $10 million – Joint request with Arizona Western College
    • Rural availability and accessibility are acheived through expanded programs and partnerships with Arizona Western College.
    • New degree programs include Bachelors of Mechanical Engineering and Bachelors in Cybersececurity.
    • A joint community college, tri-university student success center will promote student engagement and centralized student services.

CAPITAL FUNDING (ONE-TIME)

  • $50 million – University high priority capital needs
    • The university enterprise operates and maintains a significant capital asset base that includes almost 28 million square feet of academic, research and support space. The statutory building renewal formula calculation in FY 2022 is $186.1 million and deferred maintenance needs are over $669 million.
    • Maintaining the university capital asset base is important from financial and safety perspectives. This is also a critical component of enrollment recruitment and student retention.
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