Creating new shp file by drawing polygons

[CurtisShmigelsky1]

Hello again with another newbie question

I have the point shp file as shown in the attachment, but I need it to a polygon shp file with each polygon having the area calculated. I was thinking of drawing the polygons in another layer and exporting that layer as a shp file.  Is that the proper approach to this or is there another way?  If so, how can you create a new empty layer and draw the polygons on it? ( I tried add data under the map tab but I am not seeing how to create a new empty layer and drawing the polygons on it)

Thanks again for the help

[DarrenWiens2]

I know you're working Pro, but here's how you would find the unit in Desktop. I assume there's something similar in Pro.