April 30, 2026
Every giant leap begins with a first step. For UC Berkeley’s Department of Economics, which is preparing to construct a new building to house its faculty and students, that first step is a generous launch gift from Dr. Stephen Luk.
Earlier this semester, Luk gave an impactful gift to create the New Economics Building Success Fund. The Department of Economics will use Luk’s gift to advance the building project through architectural renderings, feasibility studies, site assessments, donor events, promotional materials, and other activities.
“Stephen Luk's launch gift is exactly the kind of leadership that turns a vision into a campaign,” said Shachar Kariv, the Benjamin N. Ward Professor of Economics who is chairing the Economics Building Committee. “He understood before most that the case for this building is really a case for Berkeley Economics itself — the six Nobel laureates, the thousands of students whose lives have been changed, and the research that reshapes policy worldwide. We are deeply grateful to him for stepping up.”
Luk received his Ph.D. in economics from UC Berkeley in 2001. Formerly a faculty member at the Hong Kong Polytechnic University, he is now the managing director of a luxury watch retailer in Hong Kong and oversees a 12-campus kindergarten chain. In addition to his philanthropic contributions, Luk has served in a leadership role as honorary chair of a leadership giving society for Berkeley Economics.
Luk noted that there’s a significant amount of groundwork that has to be done behind the scenes before a building campaign ever becomes visible to the broader community. He wanted to help his beloved department take these important early steps to think ambitiously about how Berkeley Economics will serve students and faculty for generations to come.
STEPHEN LUK AND THE CURRENT HOME OF ECONOMICS, EVANS HALL
Photos by Hagit Caspi and Alexander Rony
“This transformative project will strengthen Berkeley's position as the nation’s — and the world’s — top economics program, attracting leading scholars and bright students to learn, discover, conduct groundbreaking research, and shape public policy,” said Luk. “A modern, well-equipped facility will provide a healthier, more collaborative environment for faculty research and student learning, fostering innovation, mentoring, and interdisciplinary work.”
Evans Hall currently houses economics classrooms and offices along with those of several other academic units. Structural engineers have declared the 10-story building a seismic safety risk, and UC Berkeley is planning to tear it down in the near future. Advisors and staff in the College of Letters & Science are moving into the new Undergraduate Academic Building this semester, with the Department of Statistics moving into the Gateway Building, home to the College of Computing, Data Science, and Society. Finding a new home for Evans Hall’s economists and mathematicians is a top campus priority.
The new economics building will be located on the southeastern corner of campus near the Haas School of Business. The Department of Mathematics will have an adjacent building with a shared courtyard. This academic nexus of economics, math, and business will improve collaboration between the closely linked disciplines, a boon for faculty and graduate students.
UC Berkeley plans on turning the current Evans Hall site into an open area that extends a stunning east-west viewscape from Hearst Mining Circle to Memorial Glade. Many students and professors are excited to find a new home for economics. Evans Hall was often criticized for its bulky design and dark, bland hallways. In contrast, a new building, custom-made for economics, would feature natural lighting for its modernized classrooms and collaboration spaces. Conceptual floor plans anticipate around 85,000 square feet spread across five floors. There will also be general assignment classrooms and a large auditorium capable of seating 700 people.
Ultimately, UC Berkeley anticipates it needs to raise around $400 million in private philanthropy for the economics and math buildings. Administrators recognize that figure is a tall order, but Berkeley Economics alums have stepped up to the plate many times before. Economics remains one of the most popular majors on campus, graduating the second-most degree recipients over the past eight years. Its graduates have gone on to successful careers in business, academia, banking, and policymaking.
STEFANO DELLAVIGNA (LEFT), STEPHEN LUK (CENTER), AND SHACHAR KARIV (RIGHT) TOUR THE FUTURE ECONOMICS BUILDING SITE.
Photo by Hagit Caspi
“Berkeley Economics has transformed the discipline for decades,” said Stefano DellaVigna, the current chair of Berkeley Economics. “Our faculty, graduate students, and research centers are doing this work in facilities less than half the size of comparable departments. A new building won't change who we are; it will finally give us the space to do what we do at the scale the work demands.”
For his part, Luk hopes that his gift will inspire others alums to help make this meaningful project come to life.
“Never underestimate the impact of every dollar one donates,” said Luk.
This is an exciting moment for Berkeley Economics, and early support will play a critical role in shaping the project and accelerating progress. Alumni and friends are invited to join the 1903 Society and help bring this vision to life. If you would like to discuss supporting the new building, contact anya.essi@berkeley.edu or mhjelm@berkeley.edu.
