By AZ Business Magazine | AZ Big Media
The Novus Innovation Corridor (Novus), a 355-acre, multi-phased urban mixed-use development on the Tempe campus of Arizona State University (ASU) will have significant economic impact on the greater Phoenix area as projected by ASU’s Seidman Research Institute (Seidman).
Construction of completed and currently active projects in Novus will generate an economic impact of $1.86 billion*. Seidman also projects 33,734 jobs will be created by 2035 through office, hotel, multifamily and retail operations in Novus. Additionally, more than 20,000 temporary construction jobs related to development will also be generated.
These projections are part of a report recently completed by Seidman using the REMI economic forecast model, which estimates multiplier effects over time.