Development based on science and technology has the capacity to add jobs with higher salaries and greater staying power. Pursuing the right strategies to make these fields flourish may be the solution to generating more sustainable economic growth for Arizona.
For many years, Arizona enjoyed the Sun Belt boom. Drawn by relatively low costs and a high standard of living, new residents flocked to the state from all over the country. Arizona experienced growth not only in housing, but also in many high-tech fields. But the latest downturn has vividly demonstrated that unfocused growth is not the path to stable long-term prosperity. Like the rest of the country, Arizona is confronting tough choices as it navigates a serious recession.
Arizona’s state, regional, and university leaders have already made efforts to stimulate elements of a high-tech economy, including the creation of development plans in several key industries. This study assesses where Arizona stands in light of those previous efforts and examines the best courses of action for building on that initial momentum.
To be clear, Arizona has pivotal resources with which to pursue more aggressive technology-based development. It is home to three large research universities (Arizona State University, the University of Arizona, and Northern Arizona University) and several mature high-tech industries. The state also has in place organizations dedicated to promoting technology growth, such as Science Foundation Arizona, and boasts a unique ability to attract businesses and talent from around the country.
In order to compete on a national level—as well as with key Western rivals such as Colorado, Utah, New Mexico, and Oregon—the state will need to supply the missing pieces of the puzzle: a deeper pool of skilled, educated workers; sufficient capital to fund research and expansion by entrepreneurs; and state-level leadership that is informed and committed to implementing well-considered, long-range development strategies.
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To read the full, original article click on this link: How can Arizona develop a technology-based economy? « Office of University Initiatives Blog
Author: Kevin Klowden and Anita Charuworn with Ross C. DeVol
