It became a center for river shipping, steamboat transportation and milling, as immigrants streamed in via the steamboats and began settling Minnesota and Wisconsin. Millions of board feet of big white pine lumber were shipped down the St. Croix until the area became logged out and the railroads arrived. With the coming of the trains, the era of the steamboat waned and the flow of settlers diminished. Prescott's population decreased to 750 in 1930. In 1999, the population is 3,552 v.s.
Outdoor enthusiasts can enjoy a wide array of water recreation in Prescott.
There is power-boating, sailing and canoeing on the St. Croix River going north to Afton, Hudson and Stillwater. Prescott offers a public dock and boat launch with adjacent parking for vehicles with trailers, just a short walk from downtown. There are two public beaches and the city hosts a community festival in September, called Prescott Daze, featuring children's games, a parade, athletic tournaments, card playing tournaments, bingo, arts and crafts and food. For cross-country skiing fans, Prescott offers several nearby trails where you can glide along in a silence broken only by chirp of Chickadees, the bubbling of a brook or the whisper of pines. Ten minutes north of Prescott, Kinnickkinnic State Park has 2.5 miles of cross-country trails.