Prescott City Council adopted a new Prescott Economic Development Strategic Plan at its Nov. 19 meeting.
The report on the final draft was given by consultants Steven Pedigo and Laura Huffman of Civic Solutions. Notably, Prescott’s population is, on average, older than the typical American community, with a smaller percentage of residents in the workforce and a smaller percentage of residents in the “prime labor-pool age group.”
Over the past five years, Prescott has seen a population growth of 9.5%, which is approximately three times the U.S. average. The population is currently 46,000 residents. A large portion of the growth stemmed from residents aged 55 and older. Prescott’s median age is 60.5.
The study compared Prescott to eight other cities around the country, from Lexington, Ky, to Casa Grande. It then compared the cities’ livability, talent and prosperity.
Livability regards median house price/rent value; talent compared the talent pool of residents aged 25-years-to-44-years, as well as education. Prosperity focused on job growth, median household income and labor force participation.
Prescott reportedly has a high quality of place assets and benefits from a strong regional and state economy. Prescott’s biggest challenge is its prime labor-pool age group is 47% smaller than the U.S. average. Labor participation is also low, sitting at 41%, versus the U.S. average of 63.5%.
It was determined that Prescott must attract younger professionals to maintain a positive economic trajectory. One of the ways Prescott can attract younger professionals is by establishing more affordable housing.
The City is attempting to get a grant to help fund a consultant’s opinion on the housing issue. The City is also planning to “establish sector partnerships between local colleges and targeted innovation sectors; invest in workforce housing options that support young professionals, service works, and middle-income families; engage and align Prescott High School’s Career and Technical Education programs (with) local industry needs; and launch a mentorship marketplace connecting retirees with young professionals.”
The City will now create stakeholder groups to discuss the challenges and potential solutions. (Source)