Lake Havasu Economic Development
About Lake Havasu City
Lake Havasu City is situated in Mohave County, Arizona and encompasses 42 square miles. Its population is 55.090 people (2018). Lake Havasu's economic development is determined by its geographical situation. It's located on the eastern shore of Lake Havasu on the Colorado River border of California and Arizona and isolated from the other cities in Mohave County.
LH City, home to the historic London Bridge, attracts 835,000 visitors annually. With 60 continuous miles of lake and river waterways, LH City is a popular destination for tourists. It offers various activities for visitors to pursue, from water-related recreation at area lakes and refuges to special seasonal events or historical and cultural site tours. Nowadays, the tourism and hospitality industries are vitally crucial to the economic growth and stability of the US economy.
The economy of Lake Havasu City
The economy of LH City employs 20,800 people.
The largest industries are:
- Health Care and Social Assistance (2,789 people);
- Retail Trade (2,696 people);
- Accommodation and Food Services (2,542 people);
- Construction (1,752);
- Manufacturing (1,529).
The highest paying industries are:
- Utilities ($62,344),
- Transportation & Warehousing, & Utilities ($53,854)
- Transportation & Warehousing (52,854).
Lake Havasu City’s economic plan
Lake Havasu City’s economic plan, known as Vision 20/20, includes five pillars and has the aim to eliminate demographic starvation and its associated problems:
Pillar One is the Entrepreneur Outreach Network. It provides entrepreneurs with the tools they need to start a successful business.
Pillar Two focuses on strengthening education for students.
Pillar Three, tourism, ties into the second pillar as a new culinary institute. It will provide employers with a skillful workforce.
Pillar Four, water education and research to ensure the health and sustainability of Lake Havasu City's namesake water source.
Pillar Five is community engagement.
Pleased by the success of the town hall that created the five pillars, Lake Havasu City hopes to replicate the model so the city can continue to grow and flourish.