This paper provides a review of studies that examine the extent to which university research promotes local economic growth and development. The primary focus of the paper is on economic impacts that derive from the innovative outputs of faculty. this paper evaluates Arizona State University and the Phoenix metropolitan area in terms of factors that enhance the local economic impact of university research. The potential for local impacts from ASU’s research and graduate programs is greatly aided by the fact that ASU is located in a major metropolitan area with a climate and other natural amenities that mobile professional workers find attractive.