PREPARING ARIZONA’S WORKFORCE OF TOMORROW
States that lead the world’s new economy will be those that develop a skilled workforce to handle jobs of the future. This is the purpose of the New Economy Initiative developed by the board in partnership with the state of Arizona - to advance Arizona’s workforce; provide financial aid for needy Arizona students; and generate capital support for the universities.
The Arizona Board of Regents’ fiscal year 2024 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 and offer a robust economic return on investment for the state.
RETURN ON INVESTMENT IN NEW ECONOMY INITIATIVE
Since 2021, the state’s investment in these initiatives has led to the following outcomes:
- Arizona Teachers Academy and Arizona Promise Program scholarships established.
- ASU Ira A. Fulton Schools of Engineering expansion to more than 30,000 students.
- ASU Advanced Manufacturing Innovation science and technology center established.
- NAU allied health and nursing expansion.
- UArizona School of Mining and veterinary medicine program established.
- Partnership with Raytheon on hypersonic wind tunnel technology.
BUILDING ON SUCCESS IN FY 2024
The fiscal year 2024 proposal builds on these successes and prioritizes workforce development initiatives to advance the state’s competitiveness and support for economic development through proven initiatives including:
- Scale the ASU Ira A. Fulton Schools of Engineering to address talent pipeline and enhance training for emerging economies of the future; expand upskilling and reskilling programs for the existing workforce in partnership with industry and the community.
- Produce a highly qualified health-care workforce with a focus on allied health and behavioral health through NAU programs; produce a workforce to support forest health and public land management.
- Double the number of UArizona medical school graduates in the next five years while training medical professionals for rural communities; accelerate research in advanced manufacturing, water reuse and more.
FISCAL YEAR 2024 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.
ARIZONA PROMISE PROGRAM
- $40 million additional funding for a total of $60 million
- Program is in second year of a four-year phase in (freshmen, sophomores, etc.) Additional funding allows continued phase in.
- Access expanded in fiscal year 2023 to allow any Arizona Pell Grant recipient to be eligible for the program.
ARIZONA TEACHERS ACADEMY
- $15 million for total of $30 million
- Academy quickly grew past its original appropriation of $15 million.
- Funding request stabilizes funding at current expenditure levels.
- $50 million one-time funding for university high priority capital needs
- The university enterprise operates and maintains a significant capital asset base including almost 28 million square feet of academic, research and support space. The statutory building renewal formula calculation in fiscal year 2023 was $201.5 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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