Delaney O’Kray-Murphy, EBRC research economist
Prescott ends 2024 strong
Exhibit 1 presents current Prescott MSA economic indicators.
In 2024, the seasonally adjusted civilian labor force in the Prescott MSA grew by 0.6% (8,501 workers), reaching 1,325,680. However, in December, the labor force experienced a slight dip, declining by 174 to 110,378. Prescott’s growth in 2024 was slower than in 2023 when the labor force expanded by 2.1%. It was also outpaced by the state overall, which saw a 1.5% increase in the civilian labor force over the year.
In the Prescott MSA, seasonally adjusted resident employment saw a slight increase in 2024, rising by 0.9% (11,173 jobs). However, employment dipped slightly over the month, declining by 138 to 106,673 in December. Arizona followed a similar pattern, with employment growing 1.5% over the year but dropping from November to December by 8,747, bringing total employment to 3,601,490.
Seasonally adjusted unemployment in the Prescott MSA declined by 5.8% (-2,672) over the year in 2024. Unemployment also edged down in December, falling by 36 to 3,705. Arizona saw a similar year-over-year decline of 5.3% (-91,877), but unlike Prescott, the state experienced a rise in unemployment in December, increasing by 1,987 to 142,591.
The average seasonally adjusted unemployment rate for the Prescott MSA in 2024 was 3.3%, down 0.2 percentage points from last year’s average of 3.5%. In December, the rate stood at 3.4% over the month. Statewide, Arizona’s average seasonally adjusted unemployment rate was 3.7% in 2024, a decline of 0.2 percentage points from the previous year’s 3.9%. However, Arizona’s unemployment rate rose slightly to 3.8% over the month.
In 2024, non-seasonally adjusted hourly earnings in the Prescott MSA averaged $25.78, reflecting a modest 1.1% increase from the 2023 average of $25.49. December hourly earnings saw a more significant year-over-year rise, increasing by 4.5% ($1.14) to $26.68. This December rate translates to an estimated annual salary of approximately $55,494.40.
Seasonally adjusted total nonfarm employment in the Prescott MSA grew by nearly 1.0% in 2024, with December employment rising by 700 jobs compared to December 2023. In December, total employment reached 71,500, an increase of 100 jobs from November. Arizona’s growth outpaced that of Prescott, with statewide employment increasing by 54,800 jobs, or 1.7%, over the year. Additionally, Arizona added 3,400 jobs in December, bringing total employment to 3,283,500.
In 2024, non-seasonally adjusted nonfarm employment in the Prescott MSA averaged 71,300 jobs per month, reflecting a 1.4% increase (1,000 jobs) over 2023. December employment followed a similar trend, rising 1.0% (700 jobs) over the year to 72,000.
Among industries in the Prescott MSA, the federal government saw the strongest average growth in 2024, expanding by 8.2%. In contrast, professional and business services experienced the largest average decline, falling by 2.0%, followed closely by leisure and hospitality, which declined by 1.8%. The information sector saw no change, while other industries reported growth ranging from 0.5% in manufacturing to 4.9% in state and local government.
Retail sales, excluding food and gasoline, in the Prescott MSA saw slight gains in 2024, rising by $28 million—a 0.9% increase over the previous year. December sales showed much stronger growth, climbing 5.0% year-over-year to nearly $300 million.
Total housing permits in the Prescott MSA saw remarkable growth in 2024, rising 21.0% from the previous year, an increase of 346 permits, to reach 1,992. Single-family permits surged even more, climbing 33.9% (438 permits) to 1,731. However, December saw a slight slowdown, with total permits declining 21% (-26) year-over-year and single-family permits falling 14% (-16). This followed a particularly strong November, when total permits more than doubled, jumping 103.0% to 274, while single-family permits surged 111.0% to 268.
Exhibit 1: Prescott MSA Monthly Economic Indicators
