Prescott is regarded as the region's trade center. Government is the dominant sector for the economy. Construction, real estate, healthcare, tourism, education, accommodation and food services and durable goods manufacturing are significant contributors for employment in the city. Professional, scientific and technical services also provide jobs. In addition, Flagstaff is home to Arizona's second busiest airport.
Prescott's enterprise zone offers state income tax credits and/or property tax reductions. Another program, the Arizona Job Building Program, was designed to produce quality employment opportunities, increase the per capita income of the residents of Arizona and to increase the skill levels of the employees. Reimbursement grants are also provided to companies that are expanding their business or are newly locating in the city.
Notable pieces of information about Prescott: The city was included in Money Magazine's "Top Ten Western Towns" list. The cost of living compared to the rest of the country is about 19% higher. For residents over the age of 25 about 30% have a bachelor's degree or higher.
Shown below are the percentages of the employees that work in the major sectors:
- Professional and Related Occupations - 25%
- Sales and Office 25%
- Service - 18%
- Management, Business and Financial Operations - 12%
- Production, Transportation and Material Moving - 9%
- Construction, Extraction and Maintenance
The major employers in Prescott are shown below:
- Yavapai Regional Medical Center - Hospital
- Yavapai County - Government
- Veterans Administration Medical Center - Hospital
- Prescott Unified School District - Education
- Walmart - Retail
- City of Prescott Government
- State of Arizona - Government
- Fann Contracting - Hwy/Heavy Construction
- Yavapai College - Education
- Embry-Riddle Aeronautical University
- Chelton Avionics
- Fork in the Road
- Paul Johnson Drywall
- Fortner Aerospace Manufacturing
- Sturn Ruger
Helpful business organizations for Prescott companies:
- Prescott Downtown Partnership
- Prescott Chamber of Commerce
- Yavapai College Small Business Development Center
The Prescott Daily Courier covers the current business activities in the Prescott area.