In a significant boost to Arizona's educational landscape, the W. P. Carey Foundation has committed $25 million to Arizona State University (ASU), marking a total lifetime investment exceeding $100 million. This funding, announced on August 5, 2024, is aimed at enhancing the W. P. Carey Center for Real Estate and Finance and will support the launch of a new undergraduate real estate degree program set to begin in fall 2025 [0348df9d].
The investment will also establish the W. P. Carey Distinguished Chair in Real Estate and Finance and create an executive director role for a real estate practitioner, further solidifying ASU's commitment to advancing real estate education. ASU President Michael M. Crow emphasized the crucial role of real estate in Arizona's economic development, while Ohad Kadan, Dean of the W. P. Carey School of Business, noted the underrepresentation of real estate in business education [0348df9d].
This initiative aligns with broader efforts in Arizona to enhance workforce readiness and educational attainment. Recent studies indicate that increasing postsecondary enrollment by 20% could yield over $5 billion in annual gains for the state, highlighting the importance of educational investments [37dc7a73]. As Arizona aims to meet the goal of having at least 60% of adults complete education beyond high school by 2030, partnerships like the one between ASU and the W. P. Carey Foundation are vital [464b639a].
The W. P. Carey School of Business has been recognized as one of the largest and top-ranked business schools in the U.S. since its naming in 2003, and this latest commitment is expected to further enhance its reputation and impact on the local economy [0348df9d].