The labor force participation rate, a key indicator of workforce engagement, stands at 48.7% in Yavapai County.
At the forefront of this analysis is the unemployment rate, holding steady at 3.5%, with a marginal 0.1% increase year over year. This stability reflects the resilience of Yavapai County’s economy in the face of economic pressures, providing a foundation for continued prosperity.
Central to the narrative is the labor force size, which has experienced a notable 2.4% increase year over year, reaching 110,347 individuals actively engaged in the workforce. This uptick signifies population growth and a burgeoning workforce, laying the groundwork for expanded economic activity and innovation.
In February 2024, total employment in Yavapai County stood at 70,700, reflecting a modest 1.3% increase year over year. While this growth is encouraging, it prompts a closer examination of employment distribution across demographic segments to ensure inclusivity and equal opportunity.
The labor force participation rate, a key indicator of workforce engagement, stands at 48.7% in Yavapai County. Delving deeper into age-specific participation rates unveils intriguing patterns. Notably, the 35-54 age group boasts the highest participation rate at 82.1%, underscoring the importance of prime working-age individuals in driving economic activity.
Conversely, the 16-19 age cohort exhibits a lower participation rate of 42.9%, signaling potential challenges in youth engagement and workforce entry. Addressing barriers to entry and providing pathways for skill development and employment opportunities for young adults is essential for fostering a vibrant and inclusive labor market.
As we look ahead, projections indicate a 1.5% increase in employment from 2021 to 2031, underscoring the county’s commitment to sustainable economic development. The rise in business establishments by 5.0% in 2023 further exemplifies entrepreneurial dynamism and the potential for job creation within emerging sectors.
Against demographic shifts, with a total population of 249,081 experiencing a consistent 1.4% year-over-year increase, Yavapai County stands at a crossroads of opportunity and challenge. Harnessing the demographic dividend and leveraging the talents of a diverse workforce will be instrumental in driving innovation and prosperity for generations to come.
The story of labor force participation in Yavapai County is one of resilience, adaptability and opportunity, with the county primed to chart a course toward sustainable growth and prosperity for all its residents.
These increases in overall employment and work access are attributed to the work of many leaders in the county, including city and town economic practitioners, universities and colleges of higher education and workforce development partnerships under the ARIZONA@WORK-Yavapai County umbrella. QCBN
By Teri Drew
Teri Drew is the executive director of the Yavapai County Workforce Development Board.
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