New report shows ASU contributes at least $6.1 billion to state’s economy

PHOENIX — Arizona State University generates a massive amount of income for the state, according to a Monday news report from university officials.

ASU’s Office of the University Economist reports that over 25% of working Arizonans with a bachelor’s degree obtained theirs from ASU.

The taxes they pay, along with the university’s investments, spinoffs and research, contribute a whopping $6.1 billion to the state’s gross domestic product, according to the report.

ASU’s economic impact is similar to multiple Super Bowls, researcher says

The office’s director, Dennis Hoffman, said the amount of cash flowing directly and indirectly from ASU has similar economic impacts as hosting a Super Bowl in the state.

For comparison’s sake, the 2023 Super Bowl’s total contribution to Arizona’s gross domestic product was $726.1 million, according to the state’s Super Bowl Host Committee.

“The Super Bowl has had a big impact on the Arizona economy,” Hoffman said in a press release.

The economic benefits of ASU dwarf the effects of a single Super Bowl, he added.

“ASU delivers about eight times as much impact every year using additional GDP as the basis for comparison,” Hoffman said.

However, his office estimated the university may actually have a larger economic impact of $32 billion. This number comes from looking at a wider variety of butterfly effects ASU has, such as alumni wages and the way businesses linked to ASU affect the state.

ASU president touts positive economic impact

ASU President Michael Crow said his university seeks to improve everyone’s lives, even if they aren’t a student or alumni.

“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,” Crow said in the release.

He expressed pride over the way ASU attracts investments and companies.

“This empowers our students, faculty, employees and visitors to bolster Arizona’s economy to new levels,” Crow said.

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