The world-leading developments in quantum technologies at the University of Arizona are estimated to bring in around $220m to Southern Arizona.
A recently published analysis of the economic impacts of quantum technologies has illustrated the vast financial benefits of these innovations to the area over the next ten years.
According to the Rounds Consulting Group, which produced the report, UArizona, the lead institute and host of the Center for Quantum Networks (CQN), is actively or indirectly pivotal to this economic boost.
Heath Vescovi-Chiordi, economic development director for Pima County, commented: “We are truly excited to see the results of this impact analysis.
“It clearly demonstrates the impact potential of this technology and shows the importance of UArizona’s investment.”
How CQN is galvanising quantum advancements
CQN, a distinguished Engineering Research Center sponsored by the National Science Foundation (NSF), was founded at the University of Arizona in 2020 with an initial $26m grant, and it is poised for a five-year extension worth $24.6m, supported by NSF #1941583.
Collaborating with ten universities, with prestigious institutions like Harvard, MIT, and Yale among its core partners, QCN’s primary objective is to pioneer the first quantum network in the US. This network will rapidly disseminate secure quantum information over vast distances.
QCN is establishing a groundbreaking quantum network system test bed situated within UArizona’s cutting-edge Grand Challenges Research Building (GCRB).
This facility will enable both researchers and private enterprises to explore and test emerging quantum technologies.
Julie Emms, administrative director of CQN, explained: “The University of Arizona saw quantum’s potential early on and unwaveringly supported the nascent research before it was popular.
“As the potential of quantum becomes known, funding opportunities are multiplying exponentially, to the tune of billions of dollars. Industry and government recognise the value of our early foothold and expertise in the science and are coming on board with us.”
Emms emphasised that beyond fostering economic growth in quantum technologies, the university’s objective is to shape the field towards serving the greater good.
She noted that CQN is actively engaging humanities researchers to investigate the legal and social ramifications of emerging quantum technologies.
Additionally, the QCN is providing quantum education opportunities to traditionally underrepresented students and communities.
Supporting quantum activity in Arizona
In addition to its involvement with CQN, the university has established the Arizona Quantum Initiative (AQuI) to drive the growth of quantum-related economic activity statewide.
AQuI focuses on promoting high-quality education, conducting cutting-edge research, and fostering effective partnerships across all aspects of quantum technology development.
Barbra Coffee, economic initiatives director for the City of Tucson, emphasised the transformative impact of AquI.
She said: “The City of Tucson is excited by the Rounds report findings and its demonstration of the significant impact the Arizona Quantum Initiative will have not only in Southern Arizona but the entire state.”
Economic impact of UArizona’s quantum technologies
Arizona stands to gain from an estimated $22m in annual public and private investments, $77m in labour income, and $20m in tax revenues.
Additionally, the university’s quantum initiatives are projected to create approximately 1,220 jobs in Arizona over the next decade.
This encompasses direct employment in quantum research and development, as well as indirect jobs in supply chain businesses and induced jobs from the rise in local consumer spending.
Luis Cordova, senior vice president and chief operating officer of Rounds Consulting Group, added: “Our findings indicate that the development of a quantum network hub in Arizona has the potential to create over 1,200 new jobs and generate over $250m in economic activity within a decade.
“However, given the nature of the fast-paced and evolving industry, this is likely an underestimation of the potential impact of quantum technology.”
As the quantum industry continues to evolve rapidly, the potential benefits are expected to surpass current estimations, signalling a promising future for quantum technologies in Arizona.
