Register | Forgot Your Password? | Close

PHOENIX -- When it comes to funding the economy of tomorrow, Arizona should look to warfare to fund its economy, an Arizona State University professor said.

"We need to leverage off the Department of Defense's investments in the state historically and be savvy about that," Director of the L. William Seidman Research Institute at the W.P. Carey School of Business at ASU Dennis Hoffman told News/Talk 92/3 KTAR's Mac & Gaydos on Monday. "Position ourselves to do [research and development] around surveillance, new combative technologies, new technologies for warfare differently than we've done in the past."

Hoffman said Arizona needs to focus on research and development rather than manufacturing because manufacturing jobs are more likely to either be moved overseas or automated.

Hoffman also said Arizona boasts a few other bright spots, including an influx in financial services and insurance data firms along with ASU partnerships in healthcare and educational technologies.

While Hoffman said the Arizona economy of 2020 will likely look the same, the state can anticipate a few changes.

"I think you're going to see a structure of an economy -- in terms of where people work and what types of pursuits -- again much like you see today, hopefully a bit more like was saw pre-Great Recession than during the depths of the Great Recession."

A Valley resident for more than 30 years, Hoffman said the economy of the future will change as Arizona is accustomed to 50,000 to 75,000 people pouring into the state annually who wanted jobs, houses and cars.

"We were heavily reliant on construction because we led the nation or nearly led the nation on population growth for a number of years," he said.

Mac & Gaydos,

share this story:
Attention Comment Users: We have recently changed our comments boards.
We would like you to be part of the conversation and The Voice of Arizona by logging in with your Facebook, Twitter, Google+ or Disqus account. Existing KTAR (Arizona Sports) account members will need to create a Disqus account or use one of the aforementioned social media logins. Thank you.
comments powered by Disqus

World Class Arizona

  • Dignity Health

    World Class People. World Class Company. Excellent care, delivered with compassion, for all in need.
  • Family in Focus

    KTAR spends the week taking a look at the issues a modern Arizona family faces.