Prescott Valley Economic Development Update
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Cutter Chamberlain, Economic Development Coordinator and Assistant to the General Manager presented at the Prescott Valley Chamber of Commerce quarterly breakfast in January. In his presentation, Chamberlain touched on several topics including new businesses, taxes and other economic details for Prescott Valley.
Prescott Valley Labor Force Statistics
- Effective Jan. 1, the minimum wage for Arizona increased to $12.80 per hour.
- In November, Governor Ducey announced that Arizona had recovered the full number of jobs lost during the pandemic.
- Arizona’s current unemployment rate is 4.7%.
- This is the lowest unemployment rate since 2008.
- Yavapai County’s unemployment rate is 2.6% and,
- The current unemployment rate for Prescott Valley is 2.4%
- Prescott Valley’s civilian workforce is 23,759. This number only includes able-bodied workers and does not include retirees or minor children.
Prescott Valley Demographics
Demographic information was extracted from the Environmental Systems Research Institute as well as census figures to ensure accuracy of information.
- Current population of Prescott Valley: 49,039.
- The median age is 42.6.
- The median household income is $51,985.
Prescott Valley Metropolitan Statistical Area (MSA)
The Prescott Valley Metropolitan Statistical Area (MSA) information captures demographic data for the entire county. This information is captured when people come from all over Yavapai County to shop in the Prescott Valley and this data is important in attracting the attention of potential businesses.
- The total population of Yavapai County is 251,413.
- The county’s median age is 52.9 and
- The median household income for the county is $51,749.
Important traffic detail in the Prescott Valley
The Arizona Department of Transportation (ADOT) provides information for each year on the annual daily traffic count. The numbers shown detail the amount of traffic from intersection to intersection in the Prescott Valley. Traffic details are important data for businesses that may have an interest in the Prescott Valley.
These numbers are not just for Highway 69, but include areas between intersections and adjacent roads. For example, in 2021 daily traffic in the area from Prescott East Highway to Glassford Hill Road was 45,753 and daily traffic from Glassfordill Road to Stoneridge Drive was 44,630.
Overview of transaction privileges
The City of Prescott Valley’s budget is based on retail sales tax and does not benefit from a property tax, which instead goes to the county.
From 2015 to 2021, the City has experienced continued growth in the Transaction Privilege Tax (TPT). Even in 2020, the TPT did not fall as expected but instead continued to grow. From 2020 to 2021, there has been an 18% increase in tax revenue.
Allocation of tax on transaction privileges
To further investigate the Transaction Privilege Tax, the 2021 TPT has been broken down by month showing Retail Sales Tax for Prescott Valley Hotels/Motels, Retail Businesses and Restaurants. There is a general trend that follows with a peak in January, during the summer months and from October to December with regular declines in February, March, August and September.
Tax on transaction privileges 2021 vs 2020
Looking specifically at TPT retail compared to the previous year, retail is up 11.9% at the end of 2021. On restaurants and hotels, there was an increase of 18 %.
Commercial property available in Prescott Valley
Prescott Valley Economic Development has worked to make it easy for interested parties to view available commercial properties in the city. Businesses can now look to see available lots with the City of Prescott Valley at ed.pvaz.net/available-properties-2/.
See other commercial properties available in the Prescott Valley on the Signals A Z.com commercial real estate page.
The Prescott Valley Economic Development Department has also created an online booklet that can be downloaded so that businesses and individuals can view all of the information, data and graphics presented in the Economic Development Update. Downloadable information is available online at ed.pvaz.net/downloads/.
New businesses in 2021 and 2022
In 2021, several new shopping locations opened, including Popeyes Chicken, Rosa’s second location, an A&W, and the new Maverick.
2022 expects to see the opening of new big businesses. CAL Ranch takes over the location of Sam’s Club in the Crossroads Mall. This new location will be a retail store in the front and a distribution warehouse in the back.
In addition, the City will see the opening of a new Best Western, Church’s Chicken, Crumb’l Cookies, Lindo Mexico and Bosa Donuts this year.
Catch up on more local news on Signals A Z.com.
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