The Verde Valley economy is 94.4 percent recovered from the Great Recession, according to Tim Rounds of Rounds Consulting.
Rounds appeared before corporate, civic and philanthropic leaders in the Verde Valley at a breakfast event, “The Verde Valley: Success in Action,” at Clarkdale’s Clark Memorial Clubhouse, Friday, Oct. 21.
According to sponsor Verde Valley Regional Economic Organization, the presentation was intended to “provide public and private sector leaders with information about major issues facing our region and a platform to influence critical issues affecting economic growth and quality of life in the Verde Valley.”
Rounds delivered the good news of regional recovery with an note of surprise, saying, “This looks like some of the faster-growing communities.”
Speaking of the possibility of another economic downturn adversely affecting the region, Rounds said the data does not support a major looming blow to the Verde Valley: “Even if the economy slows a bit, you’re not going to be impacted like last time …. We are not going to see the same downturn again.”
Among the Verde Valley’s top industry sectors, Rounds listed hospitality, health care, retail, construction, manufacturing and the wine industry.
Accommodation and food service — particularly food preparation and serving — is the fastest-growing occupation sector in the Verde Valley. Perhaps unsurprisingly, the same sector also employs the most people, but came in low on the wage spectrum, paying employees just over $20,000 per year.
The highest paying jobs in the Verde Valley, rail transportation, pays over $90,000 per year on average, but also employs less than 50 individuals. Among the highest paying jobs, the federal government came in with the most employees at nearly 600 and an annual average salary approximately of approximately $70,000.
Every industry and occupation of Rounds’ analysis showed growth from 2015 — the result, in part, of the Verde Valley successfully focusing on what it does well and sustaining a narrative of growth.
“If a business is successful, it means the inputs support the output,” Rounds said. “If you continue to tell your story, I think you can be very successful.”
Rounds emphasized that, though communities often compete for resources and market at seeming cross purposes, it is important to identify where partnerships are best encouraged and make marketing materials match each other so that regional identity is accentuated across communities.
Asked whether he supports Proposition 206, the Minimum Wage and Paid Time Off Initiative, which would raise the minimum wage to $12 an hour by 2020, Rounds answered that he understood the “human-being perspective” but preferred job training programs to encourage increased employment opportunities.
“I’m opposed to it from an economist’s standpoint,” Rounds said. “Costs will go up. Nothing’s for free …. Small businesses are going to be impacted.”
