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Prescott Economy Development

About Prescott

The city of Prescott, the county seat of Yavapai County, is located approximately 100 miles north of Phoenix and 130 miles south of Grand Canyon National Park. It's frequently cited as one of the Best Places to Retire in Arizona. Retirees are a significant factor in Prescott's economy, as evidenced by a median age of 42. It's well above the national average age of 37 years, according to the 2010 Census.

The economy of Prescott employs 14,600 people. The largest industries are Health Care and Social Assistance, Retail trade, Educational Services, and the highest paying industries are Utilities, Agriculture, Forestry, Fishing and Hunting, and Mining.

Prescott dwellers have access to advanced healthcare services. Prescott is home for the West Campus of Yavapai Regional Medical Center, the most significant intensive care unit, non-profit hospital in the region. Complete services, 137-bed, current technology hospital is staffed by highly skilled healthcare professionals representing a wide range of specialties.

Prescott industries

The most common industries in Prescott by the number of workers are Health Care & Social Assistance (2, 743 people). Compared to other regions, Prescott has an unusually high number of residents working as Health Technologists & Technicians (1,6 times). The highest paid jobs held by citizens of Prescott, by median earnings, along with Architectures & Engineering occupations, Health Diagnosing & Treating Practitioners (about $75,000). 93% of the people of Prescott has medical insurance. Per capita personal health care spending in Prescott shows continual growth.

Put together with other places, Prescott has an exceptionally high number of Accommodation and Food Services. The top outgoing Arizona products are Pharmaceuticals ($26,7B), Mixed freight ($23,8B) and Electronics ( $18,9B). In 2020, the total outbound Arizona trade was $177B and is planned to be $290B by 2045. To get it, Prescott will enter the top of the neighboring states with a high level of domestic outbound trade. The main partners for interstate trade are California and Texas. Goods and services from Prescott are shipped here, amounting to $25,3B and $9.4B, respectively.

Educational services are one of the most common industries in Prescott and comprise 1 633 people. Prescott is the hub for education and learning in central Arizona. The most prominent universities in Prescott are Yavapai College, Embry-Riddle Aeronautical University (world's higher education institution specializing in Aviation) and Prescott College. The average tuition costs about $31 000 for private four-year colleges. In 2017 universities in Prescott awarded 2,327 degrees.

Prescott Housing Market

As to Housing Market, the average property value in Prescott is $301,600, which is 1,31times larger than the national average of $229,700. The home sales market in Prescott is currently soft because of slow population growth, weak economic conditions and tighter mortgage lending requirements. The rental housing market in Prescott is soft because high levels of single-family home conversions continue to offset both decreasing homeownership and slow home constructions.

The medium household income in Prescott is $50, 812, which is less than the median annual income of $61,937 all over the United States. A Prescott resident's average income is $29,120 a year (the US average is $28,555 a year).

Prescott has an unemployment rate of 4.9% ( the US average is 3.9%). The most common employment sectors are Health Care and Social Assistance (2,743 people), Retail Trade (1,772 people) and Educational Services (1,633 people). 9, 44% of the population is occupied with Professional, Scientific, and Technical Services, 6,25%, - with Public Administration, 5,51%, - with Construction and only 2,76% of citizens work in Manufacturing. Some of these residents may live in Prescott and work somewhere else.

The Sales Tax rate for Prescott is 8,2% (the US average is 7,3%). The Income Tax Rate for Prescott is 4,2% (the US average is 4,6%). Tax Rates can have a significant impact when comparing the Cost of Living.

Employment in Prescott  by industries (source: DataUSA)
Employment in Prescott by industries (source: DataUSA)
Employment in Prescott by occupations (source: DataUSA)
Employment in Prescott by occupations (source: DataUSA)